U.S. Currency In History

In the 1860s, Congress authorized the use of postage stamps for change, which was later replaced by a glueless stamp. This was known as:

postal currency

agency of the United States Government which oversees the maintenance of the currency of the nation

treasury department

A "war-time" money was once printed that was good only in Hawaii.

true

A counterfeit is an imitation of the genuine money, created with the intent to defraud.

true

Every state could have their own paper money during the Free Banking Era.

true

If you went to a teller in the bank to get $50 in cash from your account, she might ask you in what denominations you would like the cash, such as tens or fives. Denomination means a unit of particular value in a currency system.

true

In 1945, $10,000 bills were discontinued for public use by the Board of Governors of the Federal Reserve System.

true

The moving of money throughout the country, from business to business and person to person is called circulation.

true

The First Bank of the United States was started in _____.

1791

The Free Banking Era was in the

1800s

1800s era publications printed and passed out to help people identify counterfeits

bank note reporters

The unity of the U.S. currency was lost with the Korean War.

false

central banking system of the U.S.; duties include regulation of local banks

federal reserve system

1837-1863 time span when banks were free to print and circulate their own dollars

free banking era

slang term for dollar bills, because of the green ink used to print the money

greenbacks