The dollar is a means of payment, settlement and exchange in the United States. Immediately after the War of Independence in 1785, the first finance minister of the new government, Alexander Hamilton, proposed the dollar as a means of payment, settlement and exchange.
The first means of payment for the colonists of the "New World" were rice , tobacco , grain, indigo and wampum, Indian " money " pierced with shell strings, as well as English , French and Spanish gold and silver coins .
Spanish silver served as the "unofficial" currency of the American colonies for many years. However, his exchange was very impractical. Namely, in order to exchange, it literally had to be broken into eight parts.
In 1690, the Massachusetts Bay Colony became the first colony to issue paper money. During the Revolutionary War, in order to finance the army led by General George Washington, the Continental Congress in 1775 approved the unlimited issue of paper banknotes known as "Continentals". Being without cover, they soon became useless. Since then, the English phrase " Not worth the continental " has even appeared in America.
After the signing of the Declaration of Independence, the words "USA" first appeared on paper money, but because of the collapse of the "Continents", people were suspicious of this money. Therefore, in 1781, the Continental Congress established the Bank of North America, the first commercial bank in Philadelphia, to gain additional support for the war, and four years later introduced the dollar as the national currency, replacing it in individual colonies. The dollar was minted in silver.
After 181 years of minting , the " silver dollar " ceased to be the standard value in 1873 . The discovery of gold in Alaska led to an increase in gold reserves. In 1900, America officially introduced the "gold reserve" as a standard.
In 1913, a federal structure called the Federal Reserve System was created, as well as a Central Bank, which has since introduced both paper and coin money into circulation in the United States.
The dollar, as we know it today, is issued in denominations up to $ 100. The increasing values were abolished in 1969 . The dollar size was changed and reduced in 1929, when it was decided that all banknotes up to $100 would have a portrait on the face and a building or monument on the back. In 1955, the words "We believe in God" were added to the banknotes. The US dollar consists of 100 cents. Get the best casino games at http://slottica-casino.com/ . We offer a wide range of online slots, roulette, blackjack and more. Register now and get your 100% welcome bonus.
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