Whatever Happened to Penny Candy?

Quiz #4

1. List at least three of the six characteristics of good money (extra credit for
listing more than three):

• small
• easy to move
• widely desired
• corrosion-proof
• scarce
• hard to copy

2. Throughout the centuries, what two metals have had the characteristics of
good money?

• gold
• silver

3. What is a silver certificate?

Slips of paper representing one-dollar bank notes which could be

exchanged for silver if you took them to the U.S. Treasury.

4. Does a silver certificate have a legal tender statement?

No.

5. What replaced the silver certificate?

Federal Reserve Notes

6. What happens if someone owes you money, and you refuse to accept
Federal Reserve Notes in payment of the debt?

The debt is cancelled.