ECONOMICS
FEDERAL RESERVE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Bank Notes
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U.S. Notes
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Greenbacks
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Continentals
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Detailed explanation-1: -Beginning in 1775, the Continental Congress issued currency to finance the Revolutionary War. These notes, called Continentals, had no backing in gold or silver.
Detailed explanation-2: -Continentals refers to paper currency issued by the Continental Congress in 1775 to help fund the American Revolutionary War. Continentals quickly lost value, partly because they were not backed by a physical asset like gold or silver, but also due to the fact that too many bills were printed.
Detailed explanation-3: -Continental currency, serial no. 41479, issued by Congress on 10 May 1775 for four dollars. Signed by S. Morris and Thomas Morris.
Detailed explanation-4: -The first paper money issued by the government were “demand notes” commonly referred to as “greenbacks.” In 1862, Congress retired the demand notes and began issuing United States notes, also called legal tender notes.
Detailed explanation-5: -Paul Revere of Boston engraved the plates for the first of these bills, which were known as Continental Currency.