which statement correctly describes america's money system between 1776 and 1789?

History · High School · Thu Feb 04 2021

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 Between 1776 and 1789, America's money system was quite chaotic and lacked uniformity. During this period, which encompasses the end of the Revolutionary War and the years leading up to the adoption of the U.S. Constitution, the economy suffered from a lack of a central monetary policy and a stable currency. States issued their own currencies, and there was an abundance of foreign coins and currency in circulation as well. This period also saw the Continental Congress issuing the Continental currency, which sharply depreciated, giving rise to the phrase "not worth a Continental." The lack of a cohesive monetary system contributed to economic instability and inflation, leading to the need for a strong central government and a uniform currency, which was later addressed in the Constitution and the subsequent establishment of the First Bank of the United States.