Cash Free essay! Download now
Home > GCSE > Business studies > Cash
You can download this essay for free. All you need to do is register and submit at least one of your essays to us.
Or you can purchase this essay for just $2 instantly without registering
Downloads to date:
| Words: 1435 | Submitted: 15-Apr-2015
97.8% | Number of pages: 5 | Filetype: Word .doc
This is what the first 3 pages of the essay look like
Descriptionthis essays is on American Cash
Currency is term designating all the circulating media of exchange of a country. In this sense, a currency includes coins and paper money. The term sometimes includes credit instruments. Coins are generally designated as metallic currency, and paper money and credit instruments, as paper currency. Further distinctions are made in the latter classification: Government notes are called government currency; bank notes are designated as bank currency; and checks drawn on bank deposits are called deposit currency.
This use of the term currency is of comparatively recent origin, dating from the period following World War I. Earlier uses of the term were more restricted. In countries in which the governments did not issue paper money, the term paper currency was applied exclusively to bank notes. In the United States and a number of other countries, on the contrary, the application of the term currency was limited to government-issued, legal-tender paper money. The change from the earlier, restricted meanings of the term to its modern significance resulted in part from the great increase, following World War I, in the use of credit instruments.
In the early days of this nation, before and just after the American Revolution, Americans used English, Spanish, and French currencies. The Massachusetts Bay Colony issued the first paper money in the colonies which would later form the United States. American colonists issued paper currency for the Continental Congress to finance the Revolutionary War. The notes were backed by the "anticipation" of tax revenues. Without solid backing and easily counterfeited, the notes quickly became devalued, giving rise to the phrase "not worth a Continental." The Continental Congress chartered the Bank of North America in Philadelphia as the nation’s first "real" bank to give further support to the Revolutionary War. Continental Congress adopted the dollar as the unit for national currency. At that time, private bank note companies printed a variety of notes.
After adoption of the Constitution in 1789, Congress chartered the First Bank of the United States until 1881 and authorized it to issue paper bank notes to eliminate confusion and simplify trade. The bank served as the U.S. Treasury’s fiscal agent, thus performing the first central bank functions. The federal monetary system was established with the creation of the U.S. Mint in Philadelphia. The first American coins were struck in 1793.
The Second Bank of the United States was chartered for 20 years until 1836. With minimum regulation, a proliferation of 1,600 state chartered, private banks issued paper money. State bank notes, with over 30,000 varieties of color and design, were easily counterfeited. That, along with bank failures, caused confusion and circulation problems. During the following three decades, sometimes referred to as the dark decades ...
Download this essay in full now!
Just upload at one of your essays to our database and instantly download your selection! Registration takes seconds
Comments and reviews
Reviews are written by members who have downloaded the essay
No comments yet. If you download the essay you can review it afterwards.