It wasn’t until 1792, after the United States Constitution became the law of the land, that the federal government engaged with the idea of creating a federal mint and regulating the money used in the United States. The Constitution and the Coinage Act of 1792 (the Mint Act) Once the colonies became an independent country, America had to figure out its own monetary system in order to build a strong foundation for the nation’s finances to grow and thrive. Many people also survived using the barter system. The Spanish piece of eight was used even in colonies not controlled by Spain because it was trusted throughout the Western Hemisphere. During the colonial era of the United States, most people survived by using the coin of the realm of the colonizing country.
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