The History Of Dollar Quiz!

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.

Explanation
The image on the one-dollar bill of the US is that of George Washington. He was the first president of the United States and is considered one of the founding fathers of the country. His image on the one-dollar bill symbolizes his significant role in the establishment of the nation and his leadership during the American Revolution.

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.

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.

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.

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.

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.

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.

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.

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.