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Basic History of Money Trivia Quiz

History questions about the monetary system. This is for people who like money!

A multiple-choice quiz by MyGirl2000. Estimated time: 4 mins.

Author
MyGirl2000

Time
4 mins

Type
Multiple Choice

Quiz #
337,359

Updated
Dec 03 21

# Qns
10

Difficulty
Average

Avg Score
7 / 10

Plays
882

Last 3 plays: Guest 190 (8/10), Guest 186 (6/10), Guest 186 (5/10).

One at a Time - Single Page - Timed Game

Question 1 of 10

1. Before money was invented, people used a different process to exchange goods and services. What is this system of trading called? Hint

Barter

Quid pro quo

Bart 'n' Mart

K-Mart

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Question 2 of 10

2. About 1200-1100 BC metal objects of value were introduced as money. By 700 BC there were coins with specific values at Aegina, and by 650 B.C. at Ephesus, Lydia. What was the reason for using metal coins? Hint

The metals used for coins were of significant intrinsic value

All of these

Coins made comparing values easy

Coins could be issued in multiples and fractions of a standard unit

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Question 3 of 10

3. Up to the 19th century the silver standard was used for most currencies. What does the word 'Sterling' refer to in 'Pound Sterling'? Hint

The weight of a one pound coin

An earlier silver standard of the British currency

Notes issued by the Bank of Scotland

Pound coins minted in Stirling Castle

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Question 4 of 10

4. The first paper currencies were used in China from the 9th to 15th century. Legal tender or in common form, paper currency, is used for meeting a financial obligation. In what year was the U.S. Legal Tender Act passed? Hint

1872

1918

1900

1862

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Question 5 of 10

5. Currencies often use symbols to identify them. The origin of the US dollar sign of an 'S' and two line marks placed vertically on it is unknown.

True

False

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Question 6 of 10

6. When was the motto 'In God We Trust' first used on United States Coins? Hint

1886

1864

1909

1953

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Question 7 of 10

7. Britain adopted the gold standard in 1816. In the United States, what act was enacted in the year 1900, that established the gold standard for the US Dollar? Hint

International Currency Exchange Act

Currency Standard Act

Gold Standard Act

Silver Standard Act

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Question 8 of 10

8. Today monetary transfers are carried out efficiently by computer. What is cash that is exchanged in the way called? Hint

Digital Cash

Exchange Cash

Bank Cash

Ready Cash

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Question 9 of 10

9. Some people wonder if our money is safe when making monetary exchanges on the computer. What is the advantage of electronic digital cash over traditional real cash? Hint

It has many errors

It tempts hackers

It is precise, simple, and convenient for money management

It is used for compulsive shopping

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Question 10 of 10

10. The US money uses pictures on its paper bills (notes). The United States issued a new 100 dollar bill in 2011. What person is pictured on the bill? Hint

William Jefferson Clinton

James Earl Carter Jr.

Benjamin Franklin

George W. Bush

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Quiz Answer Key and Fun Facts

1. Before money was invented, people used a different process to exchange goods and services. What is this system of trading called?

Answer: Barter

Bartering is trading goods and services without money. This system of exchange may very well date back to the early pre-history of humankind. This system is not unknown today. For example, in many school playgrounds articles are swapped.

Answer: All of these

All of these are true. Most alternatives were difficult to carry and transport. In the past, tea, tobacco, cattle and other items were sometimes used but were cumbersome.

3. Up to the 19th century the silver standard was used for most currencies. What does the word 'Sterling' refer to in 'Pound Sterling'?

Answer: An earlier silver standard of the British currency

In Anglo-Saxon times a penny weighed 1/240th of a pound of silver. The Sterling standard (925/1000 silver) was first adopted for English coins in 1154. In the centuries that followed, the silver content was often reduced and sometimes raised again. Until 1816 the value of the British pound was legally defined in terms of silver.

Answer: 1862

Despite the fact that U.S. dollar bills existed before this, on March 10, 1862, paper money, as legal tender, was first legally issued in the United States. This was called 'The Legal Tender Act of 1862'. Abraham Lincoln was president at this time. The notes were called 'Greenbacks', and they were to finance the Civil War.

5. Currencies often use symbols to identify them. The origin of the US dollar sign of an 'S' and two line marks placed vertically on it is unknown.

Answer: False

The sign was first used for the Spanish Dollar (pieces of eight). The Spanish coat of arms surrounded by the pillars of Hercules (Straits of Gibraltar) is similar. The double vertical parallel lined 'S' is the original dollar sign, which was later shortened to the single vertical line on the 'S'. Thus the '$' symbol today does indeed have an origin. Later, the traditional dollar sign was sometimes deliberately written as if it stood for a U on top of an S.

6. When was the motto 'In God We Trust' first used on United States Coins?

Answer: 1864

The U.S. motto was stated as 'In God We Trust' in 1956. The Act for coinage to use this motto passed April 22, 1986. However, 'In God We Trust' had been used on some coins much earlier, the first time being on the two-cent coin in 1864.

7. Britain adopted the gold standard in 1816. In the United States, what act was enacted in the year 1900, that established the gold standard for the US Dollar?

Answer: Gold Standard Act

The Gold Standard Act led to the establishment of the Central Bank in the United States. Previously, because of a strong silver lobby in the US, the US Dollar had been based on both gold and silver, which caused difficulties whenever the relative value of the two metals changed.

8. Today monetary transfers are carried out efficiently by computer. What is cash that is exchanged in the way called?

Answer: Digital Cash

Digital cash acts much like real cash. This type of cash is merely in a digital code. This is then used for various transactions on the computer.

9. Some people wonder if our money is safe when making monetary exchanges on the computer. What is the advantage of electronic digital cash over traditional real cash?

Answer: It is precise, simple, and convenient for money management

Digital cash allows for transactions that are precise, simple and convenient for use in everyday money management techniques. However, the digital cash will never replace the money you can hold in your hands.

10. The US money uses pictures on its paper bills (notes). The United States issued a new 100 dollar bill in 2011. What person is pictured on the bill?

Answer: Benjamin Franklin

Benjamin Franklin is still pictured on the new bill issued in 2010. Some minor changes were made to update the note.

Source: Author MyGirl2000

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