currency was printed than the precious metal reserved by the government so it became almost worthless. By 1792, the growth in population and commerce in the US caused the new government to look for ways to issue a strong, stable, central monetary policy. Congress was given the power to create and establish that system and passed the Coinage Act that made the dollar the primary monetary unit. The act was based on the use of gold and silver as backing for the dollar, but due to the scarcity of those commodities
The history of the penny dates back to 1787. The official name for the penny was the “one cent piece” but people kept referring to it by the name of the British coin equivalent , the pence, and the name stuck. In 1792, the United States Mint was created to regularly manufacture these newly designed pieces of currency: the penny, the quarter, dime, and nickel, and put them into circulation. The original batch of pennies produced contained 11,178 pennies made entirely of 100% copper. The first
George Washington, we’ve all heard of him but few people can fully understand him and what he did for our great country. He is said to have had wooden teeth, but he really didn’t, they were just cow’s teeth and ivory. They were less comfortable than wood though, and they distorted the shape of his mouth. One of George Washington’s many quotes was this “ It is impossible to rightly govern a nation without God and the Bible.”(George Washington)(Brainy Quote) George Washington was born on February
miningco.com/business/financeservices/gi/dynamic/offsite.htm?site=http://www.jmu.edu/polisci/madison/hamil19.htm%23Origins>(accessed 12-12-99) Del Mar, Alexander. “History Of Monetary Systems: Chapter XVII: Bank Suspension Since The Era Of Private Coinage” History of the World, 01-01-1992 Foner, Eric., Garraty, John A (eds) “Banking” The Reader’s Companion to American History, Houghton Mifflin: New York, 1991., pg. 191 Flaherty, Edward. 1997. A Brief History of Banking in the United States <http://odur