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The History of The United States Dollar

The History of The United States Dollar. Its mean, refers to more than 200 years since the Continental Congress of the United States authorized the issuance of the US Dollar September 8, 1786.  The term 'dollar' had already been in common usage since the colonial period when it referred to eight-real coin– Spanish dollar-- used by the Spanish throughout New Spain.

The History of The United States Dollar. After several monetary systems were proposed for the early republic, the dollar was approved by Congress to be released in a variety of denominated coins and currency bills.

By the end of 1778, Continental Currency retained only between 1/5 to 1/7 of its original face value. By 1780, Continental bills - or Continentals - were worth just 1/40th of their face value. Congress tried to reform the currency by removing the old bills from circulation and issuing new ones, but this met with little or no success.

 By May 1781, Continentals had become so worthless they ceased to circulate as money. Benjamin Franklin noted that the depreciation of the currency had, in effect, acted as a tax to pay for the war. In the 1790s, after the ratification of the United States Constitution, Continentals could be exchanged for treasury bonds at 1% of face value. The History of The United States Dollar. (Wikipedia)

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