The History of the US Dollar
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- เผยแพร่เมื่อ 22 ก.ย. 2020
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How did the US dollar come to be the most ubiquitous, trusted and traded currency in the history of the world?
Two Cents was created by Katie Graham, Andrew Matthews, Philip Olson CFP® and Julia Lorenz-Olson and is brought to you by PBS Digital Studios. We love dropping some knowledge on all things personal finance and helping you make better money decisions.
sources:
Weatherford, Jack. "The History of Money." Three Rivers Press, 1997.
www.sporcle.com/blog/2019/03/...
www.biography.com/news/histor...
www.thoughtco.com/faces-on-us...
www.usmint.gov/learn/history/...
www.bbc.com/worklife/article/...
en.wikipedia.org/wiki/Dixie#:....
www.insider.com/us-dollar-bil....
en.wikipedia.org/wiki/Reserve....
Two Cents is hosted by Philip Olson, CFP® and Julia Lorenz-Olson
Directors: Katie Graham & Andrew Matthews
Written by: Philip Olson, CFP®
Executive Producer: Amanda Fox
Produced by: Katie Graham
Edited & Animated by: Dano Johnson
Images by: Shutterstock
Music by: APM - แนวปฏิบัติและการใช้ชีวิต
![มองหน้ากันไม่ติด (Awkward) - โอ๊ต ปราโมทย์ FEAT. MAIYARAP [Official MV]](http://i.ytimg.com/vi/4b02SY_r6Gw/mqdefault.jpg)
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In a few years yall going to have to adjust for inflation and call the channel 3 cents😁
Remember: They already have a 3rd cent.
😂
Jerone! You're here too
@@shaereub4450 can someone explain?
@@manaspradhan8041 go back to a few previous videos where they announced they were pregnant and also a few where the baby was in it.
I like this history lesson. If every history lesson would be hosted by you two, I'll start loving history 😁
ikr
Julia and Phillip should teach history and economics (online) lessons for students worldwide.
Definitely agree you should check out crash course history. Also recommend extra history. Both video series do a good job of talking about the larger surrounding history in an enjoyable way.
If only school was this interesting 🤔
They got that Ma & Pop feel, y'know?
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@Dorina Shyti you're lucky
I Lost $1500 trading with an unprofessional trader
Dulahi is really good and everyone loves genuine services, he has helped me recover all I lost trying to trade on my own
he's really amazing I still can't believe someone can be this exceptional when it comes to Bitcoin activities
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2:54
Has anyone really ever heard the saying "not worth a Continental" before?
nope
Of course! I've known that one since I was a child.
@@markhagerman3072 haha that's cool, I'm curious which part of the world you grew up in? I grew up in and live in Houston Texas, raised by parents from New Jersey and New York lol
I feel like I have
Heard it on the West Coast when a youngin
I just love Julia's Spanish pronunciation. Borderline perfect.
@Águila701 She's got a latin heritage, so I'm pretty sure it comes from her actually knowing spanish.
@@Anothernerdyloser314Is european spanish not latin american
@@vgjl1824 Are you trying to say that castellano is the same as Latin American Spanish?
@@luisviznews3836 Its spanish both
Timestamp?
Oh hello! Just a friendly reminder that you completely skimmed of the federal reserve banks and how the money is controlled today. I think it would have been good to add.
That was my comment as well. A major change that went unmentioned in this "history" video.
And how the Fed is instrumental in promoting wealth inequality by extending more credit to wealthy people than to poor people during times of crisis.
They also mention how inflation reduced the value of the one fiat, but failed to point out that the dollar has suffered the same fate, and the current dollar only has a value of about...2-5% of what it had when the Fed was created.
Their videos are usually only so long... to keep our attention. They are so knowledgeable, I’m sure they knew all this:)
@@MsPants1632 maybe, I like two cents and they have been straightforward before and I trust them, that said I am a little inclined to speculate that it was deliberate, as some messages in earlier videos have been a little on the no no side. But still a good video.
I just came here to say that:
The 10 dollar, founding father without a father, got a lot farther by being a lot smarter, by working a lot harder, by being a self starter
Cesar Aguilar no
I found this comment earlier than I expected
im confused.
This from the movie with Hugh Jackman right?
Not even close. Musical about Hamilton written by Lin Manuel Miranda
This is like a Ted Ed video. Nice
better!
Loved this - i'd be very keen to watch more "finance history" vids!
you may find the real history here th-cam.com/play/PLE88E9ICdiphYjJkeeLL2O09eJoC8r7Dc.html
“Salmon, like the fish”! Lovely Bones, anyone?
That book made me tear up so bad! :'''-(
Julia’s pronunciation (when she speak Spanish) is amazing!!! Thank you for taking the time to learn how to pronounce those words, we as native Spanish speakers (from Mexico) appreciate that so much! And incredible video by the way, keep up the good work guys!
Time stamp? I must have missed it.
@@Marco_Fabian37 0:59 & 1:05
Started watching a lot of y'all's old videos and it's been helpful! This video was helpful in a fun historical way too 😁 great work!
0:38
The British: *"Hippity hoppity gold is my property"*
1913 Roosevelt: I’ll try that.
The UN: Hippity Hoppity, your humanity is now my property
Gordon Brown: "Hippity hoppity I sell gold incompetently"
You forgot one big fact about Mr. Salmon P. Chase- one of the largest banks in the country is actually named after him. What an honor!
A history of central banking would be an awesome companion piece to this!
@Two Cents um... YES!!!
@Two Cents Oh shucks! I totally misunderstood you guys! I know very little about crypto and am only a passive investor. Should I still call?
@Two Cents Wait a minute... you aren't makers of this video, aren't you? Are you trying to impersonate this channel?
Hi, guys! I loved this video! I had always been curious about the dollar's history. I had no idea Mexico's Casa de Moneda had something to do with your currency. I'm from Mexico and that was really interesting to me. Thank you!!!
Another great video! If you haven't done a video about it already could you do a video with more info about the gold standard? History and pros and cons? Thanks for the great content!
🇨🇦 I love that conclusion. People use plastic cards & don’t feel the pain of losing nor disrespecting a coin or bill
I'm hearing a lot of decisions having been rationalised with "It gives the government more power"
From forcing people to use the currency, to permitting the limitless printing of it.
To a country founded on resistance to forced rule, this should be a red flag.
What's taking you guys forever to make another video? We have watched it all and we need more!!!
Awesome History Class
Thank You for making still making these videos. (Long Time Fan here)
And... Thanks! Someone finally mentioned La Casa de Moneda de México.
Btw, perfecta pronunciación. Sería genial si pudieran hacer un vídeo igual de Economía, pero relacionado con México. :3
I also find it interesting to think about how electronic money has come to be so prominent in our society. Less than 10% of our money exists as physical currency (cash and coin) and the rest exists solely as numbers in computers. Electronic currency also makes printing money easier as the fed doesn't have to actually print it. They just have to create it electronically.
I've recently been to Jáchymov (Joachimsthal). Friends have a holiday house there. It's a rather small place nowadays, and more known for its recent tragic history - political prisoners were forced to work in uranium mines during Communist times.
As a coin collector, it is great seeing historical background to US money introduced in one of your great videos. The pound was changed to bass 100 in 1969; it was base 60 where 240 pence equalled a pound, 20 shillings equalled a pound, 1 shilling = 12 pence
1971 it decimalised
@@shadowfan982 that’s right. They minted coins a bit earlier I think
You guys should make a video on different housing options such as apartments, condominiums, mobile/manufactured homes, and even van life! I love the videos you guys post! Keep it up.
Julia, you Latina girl? Your Spanish accent is on point!
Her name is Julia *Lorenz*-Olson
@@Anothernerdyloser314 That doesn't answer my question but thanks for playing!
I came here after the suggestion from 'Its Ok to be smart' and boy!! You blew my mind, the narrative and storytelling is just great. I enjoyed alot
why
Hey, could you help me out? I'm not completely sure I understand how your funding works. You have a Patreon so people can support you directly, but it looks like you're PBS employees? Or is PBS just another sponsor? Are you salaried employees of PBS who have a Patreon, who now also do in-video ads for companies like Target? How does it all work?
Well, even if they got paid they still need money for production costs. Patreon is for consumers to contribute to a show they like to keep it funded, and the other ads probably just supplement that - more money (theoretically) = higher quality content in the form of not only equipment, but research staff and writers, etc. The show's had pretty good growth, but it still has to justify it's existence through financial stability.
Most in-depth & digestible history on the US dollar I’ve ever seen. Planning to rewatch a few times to catch all the details.
You did a great job on explaining the history of money. A little disappointed you didn’t mention the federal reserve and the consequences of inflation from printing money- but that’s ok. Still a GREAT video! 🙌🏼
Great video! The only thing I was sad you skipped was Executive order 6102.
FYI:
Executive Order 6102 required all persons to deliver on or before May 1, 1933, all but a small amount of gold coin, gold bullion, and gold certificates owned by them to the Federal Reserve in exchange for $20.67 (equivalent to $408 in 2019)[5] per troy ounce. Under the Trading with the Enemy Act of 1917, as amended by the recently passed Emergency Banking Act of March 9, 1933, a violation of the order was punishable by fine up to $10,000,(equivalent to $198,000 in 2019)[5] up to ten years in prison, or both.
Then...
The Gold Reserve Act of 1934 made gold clauses unenforceable and authorized the President to establish the gold value of the dollar by proclamation. Immediately following its passage, Roosevelt changed the statutory price of gold from $20.67 to $35 per ounce, thereby devaluing the US dollar, which was based on gold. That price remained in effect until August 15, 1971, when President Richard Nixon announced that the US would no longer convert dollars to gold at a fixed value, thus abandoning the gold standard for foreign exchange (see Nixon Shock).
....and the American people were robbed blind..
I really enjoy you videos, they're always so informative 👏
For thousands of years people have had disagreements yet every year people believe the current disagreements are the largest and most important they have ever been.
I was taught the dollar symbol was the overlap of 'U' and 'S'. Overtime the bottom of the 'U' was dropped off, and then people being lazy only used 1 line instead of 2.
No, the sign predates the US. The Hercules Pillars are a more probable explanation but there are more theories.
Those early Greenbacks were really sweet idk why we ever went away from that design like damn
They got rid of the pouds and shillings to make life easier and kept the most complex imperial measurement 😂
The metric system is French and the US was nearly at war with France at the time...a big reason the Yanks help off on it.
@@itrthho But metric money is american! way more important than weights tbh.
I really appreciate the research you both put in your videos, you have earned my subscription!!!!!!!
Awesome video, Guys! Thanks for the history lesson. Never knew about the Dixeland/Dix connection! so cool!
Strange, we Americans adopted a decimal-based metric for our currency to make it easier, yet we couldn't get behind a decimal-based measurement system because...?
Because it's not easier. Pretty simple.
Very interesting video! As a history teacher, I appreciate the historical content!
As fascinating as this video was (and it really was fascinating ), now I really want to hear the story of how the dollar helped end slavery.
Thank you, guys. I learned a thing or two certainly worth more than a continental :)
you two are goals. thank you for succeeding in life.
You two make everything entertaining, bravo!
It’s kinda ironic how the US were the ones the use a sensible decimal number based system while Britain were using a confusingly proportioned system
You two left out the most important detail, the Federal Reserve, not Federal and has no reserves, and ohh, it is privately held. Oversight? I doubt it.
The Fed is overseen by 7 presidentially nominated governors. The governors also sit on the monetary policy setting FOMC. What you are talking about is how private member banks part of the Federal Reserve system must buy stock in their branch related to their assets and then they can use that stock to elect 6 of the 9 branch directors. Then the 12 branches rotate among the 5 remaining seats on the FOMC. The branches may be chartered as private corporations, but does an organization where the majority of leadership is appointed by the president sound like a private corporation to you?
You sir are an imbecile.
@@tylerpeterson4726 yep, it does sound privatized to me. Cronyism as is most often the case in today's world. Private and gov't in and out of each other's business in violation of the rights of the people.
@@tylerpeterson4726 lmfao just bc the president appoints doesnt mean shit.
Thank you, I was looking for this comment or I was gonna write it. Ppl need to learn of the scan that the system is. But it seems like people dont want to.
Money printing has been the most devastating effect for all humans that ever placed foot on earth.
Pieces of eight... Arr killed me :)
You are wrong about the $ sign. My great great grandfather from told my dad that bags or crates came with it saying like 10 US....eventually they put the U on top of the S to save room $.
I am not American. But I love your videos
This is a great video. Please do financial history from time to time. Maybe the history of the Pound Sterling and the Euro? Please please!!!
Yay! They got a sponsor! These videos take a lot of work to create.
Totally unrelated, but I recently cut my hair shorter and I was trying to figure out how to style it. Julia your hair always looks so nice! I’m taking notes 😂
This ties in nicely with a video I watched on Tubi last night all about the Federal Reserve.
The Spanish mill dollar is the pieces of 8 because they literally cut the coin into smaller parts, it was more refined than a British crown in its silver content.
"casa de modena" that was so cute. thanks for another video guys, we love you.
You guys are amazing! American's history is pretty cool!
I Love this channel!!! Keep the videos coming. I wish they were more frequent 😊
It should be noted that since passed in days before winter break in 1913 who is in control of the money supply is, despite its name, a private corporation called The Federal Reserve (though it has some regulations). They set the interest rates and more. And the significance of that change when the U.S. Government use to be in control of the money supply in the preceding years.
Love it! Another masterpiece!
from a year old subscriber
i like it if it covered other countries . im kinda sick without a local related economic lesson
*Loving the video!* Can we just appreciate how good the editing is??!!
always inspirational to smaller TH-camrs like myself 👍👍👍
Me, 5 years ago: Fiat currency is the worst!
Me, today, an intellectual: Printer go *brrrrrrrrrrrrrrrr*
Jumped from Civil War to World War. Skipped entirely the Federal Reserve Act!
Learned a lot and confirmed a lot that I sort of knew but wasn't sure. Love the references like 10 (Dix) = Dixie. One thing we should really consider is how printing huge quantities of paper money caused it to become worthless; especially now that we're simply putting zeroes into a computer and not actually printing it...not looking forward to when a 10 dollar bill buys 2 cents of goods.
Does anyone else see a lot of similarities between the Roman Republic and present-day US? Both started out by rebelling against kings, both started out small and then expanded to become major powers. As someone who loves the ancient republic, I kinda feel like America is the second coming of Rome. I just hope the people don't make the same mistakes this time.
*hears pamphlet written in colonial time
The back of my brain: "the Reynolds pamphlet"
Have you read this ish?
Great history lesson but its missing an important fact, in 1913 the dollar effectively became a private currency with the introduction of the fed. Maybe that's why Chase was so keen to rule that way when he was a judge.
Great topic and video!
fantastic video, incredibly interesting, and y'all present it all extremely well. Do you happen to know the name/artist of the painting featured at 2:35 ?
Wow this was so good!
btw as a British person we do not use Pounds schillings and pence not since 1971 our currency is decimal 100 pence in £1
Hello there guys, can you make a video about cooperatives? Any topic you wanted for it, thanks guys. Love watching your videos❤
Thanks guys ♥️
Love this channel..
Yes of course Yes
@Two Cents yeah ....Like hell😂
If only the measurement system follows the same logical divisions.
our measurement systems do follow logical divisions. 12 is divisible by 2, 3, 4, and 6; 16 is divisible by 2, 4, and 8. Ratios (particularly halves and doubles) are more convenient for every day life. It came about through an "evolution" of sorts after thousands of years of, well, every day life.
This was an interesting change of pace
Wow thank you guys!!!
OMG you both look so cute today
Great video! Thank you
@Two Cents Not me personally, but I'm sure many people are
I love the history of anything.
You guys should do a mini video on the two dollar bill
Thank You
I totally forgot that the "joy of everyday life" is defined by buying stuff at Target.
Before greenbacks, people used bank notes. Coins were scarce. Given that 50 cents was a good part of a day's wage, what did people use for small purchases? I can't imagine bank notes being used in this way.
Love it. My dad has US 1 dollar in such good quality. I only seen it on tv and cartoons and but seeing it in person in hogh quality was beatuatiful. Too bad my dad don't hqve a ben franklin 100 dollar bill would love to see
Can you make an episode about FED scam?
Thank you for your insight wow
It was the peso symbol before it was used for the U.S. Dollar. :-) (and still used for pesos today)
I love your content
Educational video ;) great
Love the video! Can you all cover Petrodollars now?!
Excellent video Team.
Hello Two Cents! Its been 4 weeks already. I am missing your new video notifications every time a new video you created was uploaded.
@Two Cents That would be very nice!
Where are you two?! I need more of your videos!
a great video!
They should have ended with: "and that is our dix"
Fun facts, thanks.
How do you get over the concept of: "Why am I so cheap with myself but not cheap with friends and family"