Dollar used to run in silver coins, not notes, today ‘coin’ is deposited in 180 countries, when was its first currency printed on paper
On April 2, 1792, for the first time dollars were minted in the form of silver coins.
After this American banks started printing their currency instead of silver.
For the first time, paper currency came into circulation in the form of demand notes under the control of the government.
New Delhi. The story of the birth of the world’s strongest currency dollar is also very interesting. Earlier it used to run only in coins, due to which the method of transaction was quite limited. Then after about 150 years, paper dollar was printed for the first time and today its coin runs in 180 countries of the world. Earlier this currency printed on paper was called greenback. It is not that today all dollars are printed only on paper. Some dollars are also in the form of coins. The whole story of the change that has happened since the birth of the American dollar is very interesting.
Transactions were done with pieces of silver, tobacco and land
Before paper notes came into circulation, the dollar also used to run in the form of silver coins. Before the year 1792, there was a big confusion regarding currency in front of American citizens. Tobacco leaves and pieces of land were also used for buying goods and transactions. But, there would have been a big crisis in the transaction during the journey. After this, on April 2, 1792, for the first time, the dollar came into circulation and it was minted in the form of silver coins. Then the US Mint was created in the form of the Coinage Act and it was also given the responsibility of minting coins and increasing their circulation around the world. People would bring silver and Mint would convert it into coins and give it to them.
read this also – 1 day’s earning in lakhs, the whole world believes in the iron of his talent, the British are also ready to pay the asked salary
The jugaad didn’t work again…
Actually, the jugaad of molding the dollar in silver did not work much and due to its lack, new difficulties started to arise. American banks started printing their currency instead of silver, whose permanent solution was found in 1861 and the idea of printing paper currency started. In this way, for the first time, paper currency came into circulation in the form of demand notes under the control of the government.
why the dollar was called greenbacks
Despite government approval, the biggest difficulty in printing dollars in paper form was with ink. However, the chemist made such an ink that could not be erased. This green colored ink was applied on the reverse side of the note and this is the reason why dollar notes were initially called greenbacks. Now you must be wondering how much the initial note was worth. Paper currency was printed for the first time in denominations of 5, 10 and 20 dollars. Then a year later in 1862, for the first time 1 dollar note was printed.
Many designs changed, now 3D is used
Dollar currency has been designed many times till now. In the year 2013, 100 dollar note was redesigned and 3D ribbon was added to it. Cents began to be used to introduce currency of less than 1 dollar. There are 100 cents in 1 dollar. 50 cents were called half dollar, 25 quarter dollar and 10 cent dime and 5 cent coin was called nickel, while 1 cent is known as penny.
read this also – Jeff Bezos on the way to Zuckerberg! Second round of layoffs in Amazon too, 9000 employees will be laid off
Dollar runs in many countries, but only one boss
By the way, dollar is the currency of many countries and all the countries including Australia, New Zealand, Singapore run their currencies in dollars only. Despite this, only US dollar ‘coin’ runs in 180 countries. If we look at the world’s currency collection, then only 66 percent of the share is of dollars. Countries all over the world today assess the importance of their currency in relation to the dollar.
First read breaking news in Hindi News18 Hindi| Read today’s latest news, live news updates, most reliable Hindi news website News18 Hindi.
Tags: american news, business news in hindi, Currencies, dollars, foreign policies
FIRST PUBLISHED : March 21, 2023, 13:54 IST