The History Of Dollar Quiz!

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  • 1/10 Questions

    Whose image is on the one-dollar bill of the US?

    • George Washington
    • Barack Obama
    • Abe Lincoln
    • Richard Nixon
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About This Quiz

The dollar is the official currency of the United States, wide known fact. How deep runs your knowledge of this fact? Have fun with this quiz.

The History Of Dollar Quiz! - Quiz

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  • 2. 
    In what year was the Mint Act passed? - ProProfs

    In what year was the Mint Act passed?

    • 1792

    • 1777

    • 1988

    • 1888

    Correct Answer
    A. 1792
    Explanation
    The Mint Act was passed in 1792. This act established the United States Mint and authorized the production of coins. It was signed into law by President George Washington and played a crucial role in the development of the country's monetary system. The Mint Act standardized the coinage system and established the dollar as the official currency of the United States.

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  • 3. 
    What is the subunit of the dollar? - ProProfs

    What is the subunit of the dollar?

    • Cent

    • Gold

    • Pence

    • Coin

    Correct Answer
    A. Cent
    Explanation
    The subunit of the dollar is called a cent. In the United States, one dollar is equivalent to 100 cents. This subunit is commonly used for smaller denominations of currency, such as coins.

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  • 4. 
     The first American dollar coins was issued by the? - ProProfs

     The first American dollar coins was issued by the?

    • FIRS

    • IRS

    • United States Mint

    • Federal Reserve

    Correct Answer
    A. United States Mint
    Explanation
    The correct answer is United States Mint. The United States Mint is responsible for producing and circulating coins in the United States. They are the ones who issued the first American dollar coins. The IRS (Internal Revenue Service) is the agency responsible for collecting taxes, while the Federal Reserve is the central banking system in the United States.

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  • 5. 
    The American dollar coin was initially based on the value and look of the? - ProProfs

    The American dollar coin was initially based on the value and look of the?

    • Pennies

    • Lira

    • Spanish dollar

    • Euro

    Correct Answer
    A. Spanish dollar
    Explanation
    The American dollar coin was initially based on the value and look of the Spanish dollar. The Spanish dollar, also known as the piece of eight, was a widely used currency during the colonial period in America. It had a similar weight and silver content to the American dollar coin, which made it a suitable model for the new currency. Additionally, the Spanish dollar had a distinctive design with a portrait of the Spanish monarch on one side and a shield on the other, which influenced the design of the early American dollar coins.

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  • 6. 
    What was issued by Congress to finance the War of 1812? - ProProfs

    What was issued by Congress to finance the War of 1812?

    • Bills

    • Treasury Notes

    • Reserve Bills

    • Coin

    Correct Answer
    A. Treasury Notes
    Explanation
    During the War of 1812, Congress issued Treasury Notes to finance the war. Treasury Notes are a form of government debt that can be sold to the public to raise funds. These notes are backed by the full faith and credit of the government and can be redeemed for their face value at a later date. Issuing Treasury Notes allowed Congress to raise the necessary funds to support the war effort without immediately depleting the country's coin reserves or increasing taxes.

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  • 7. 
    Which of these is found on the Spanish dollar? - ProProfs

    Which of these is found on the Spanish dollar?

    • Hairy eagle

    • Pillars of Hercules

    • Waterfalls

    • Forest

    Correct Answer
    A. Pillars of Hercules
    Explanation
    The Pillars of Hercules is the correct answer because they were a symbol commonly found on the Spanish dollar. The Pillars of Hercules refer to the two promontories, one on the European side (Rock of Gibraltar) and the other on the African side (Mount Acha), that mark the entrance to the Strait of Gibraltar. These pillars were an important symbol in ancient mythology and were often depicted on coins, including the Spanish dollar.

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  • 8. 
    In what year was paper money issued without the backing of precious metals? - ProProfs

    In what year was paper money issued without the backing of precious metals?

    • 1862

    • 1888

    • 1766

    • 1900

    Correct Answer
    A. 1862
    Explanation
    In 1862, paper money was issued without the backing of precious metals. This means that the currency was not directly linked to a specific amount of gold or silver, as it had been in the past. Instead, the value of the paper money was based on the trust and confidence of the government issuing it. This marked a significant shift in monetary policy and allowed for more flexibility in the creation and management of currency.

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  • 9. 
    The Legal Tender Act of 1862 led to the issuing of? - ProProfs

    The Legal Tender Act of 1862 led to the issuing of?

    • Notes

    • US Reserves

    • United States Notes

    • US Bills

    Correct Answer
    A. United States Notes
    Explanation
    The Legal Tender Act of 1862 resulted in the issuance of United States Notes. This act authorized the US government to print and circulate paper currency that would be accepted as legal tender for all debts, public and private. These notes were not backed by gold or silver, but rather by the faith and credit of the US government. The issuance of United States Notes helped to finance the Civil War and provided a more stable currency during a time of economic uncertainty.

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  • 10. 
    In what year was the Specie Payment Resumption Act paased? - ProProfs

    In what year was the Specie Payment Resumption Act paased?

    • 1822

    • 1890

    • 1888

    • 1875

    Correct Answer
    A. 1875
    Explanation
    The correct answer is 1875. The Specie Payment Resumption Act was passed in 1875. This act required the U.S. Treasury to resume the redemption of paper currency in gold, which had been suspended during the Civil War. The goal of the act was to stabilize the economy and restore confidence in the value of the currency. By requiring the redemption of paper money in gold, the act aimed to ensure that the currency had a tangible backing and was not simply based on government promises.

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  • Current Version
  • Mar 19, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Jan 31, 2018
    Quiz Created by
    Jaksiboy
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