National dollar day is celebrated om 8 august as U.S. monetary system was established in 1785. it was not until 1792 the country established a national mint and the it stretches 1856 for U.S treasury to print dollar bills.
National Dollar Day: National Dollar Day is celebrated every year in United States on 8 August U.S. monetary system in 1785. The first dollar bill ever printed didn’t had the face of George Washington but it featured Salmon P. Chase wh0 was Secretary of Treasury of President Lincoln on 1856.
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National Dollar Day History & Significance
When europeans set their colonies to America the only monetary mode as either bata system or coins. Eventually the money colonials braught with tem was finished and the british government prevented the,m to make their ownThe colonialdecided to trade in bata system with native and among themselves. But we all know limitation of Bata system if we you have studiedhigh school Economic but i am not your cranky high school teacher so i will give you the information.
limitation of Bata system
1.Lack of double coincidence of wants- Which means if you want to buy a specific amount commodity from a particular person at a specific quatity of good may return but the the seller dosent need that commodity you are offering then ther will be no trade. Who am i teaching enonomics here is simple explaination i want Garries cow in exchange of my goats but garry dont need goats he want something else thats where mony steps in.
2. life span of certain goods- if you buy a cow in exchange of bananas bananas wont last long. Commodities are incompatible
3. Difficulty in making deferred payments- It was hard to pay later. In modern buisness deffered payment play a very important roles
4.Difficulty in storing value- you can understand what it meand if you know how to read.
Bata was a big problem n economy so the colonials introduced their own dollar at par with spanish dolar but that also was going to be a big problem as every colony has it own dollar for example new york has it own set of currency and las vegas it’s own with different value an that too created alot of confusion, and the great britain being the great britain banned colonies from maling their own currencies. Colonies should thank britain atleast they use to se themas humans atleast. And thus started the great war of independence and the United states needed something to stabalize their ecomomyso they declared new york dollar as their oofficial currency but it’s congress common, complcating easy things is the sole reason that group of old people are there, they restricted the control of federation over economy.
And it was not until 1792 the country established a national mint and the it stretches 1856 for U.S treasury to print dollar bills. the very first American dollar bill on existence featured Salmon P. Chase wh0 was Secretary of Treasury of President Lincoln on 1856. Thus National dollar day is celebrated om 8 august as U.S. monetary system was established in 1785.
