Question

What were some challenges to North Carolina’s banking system in the early 1800s? Check all that apply.

Money did not have national value.
There was too much paper currency.
There were too few coins in circulation.
Rural areas did not have many banks.
Bartering and trading were very common.
There were very few banks in urban areas.

Answer 1

The following were the challenges faced by North Carolina’s banking system in the early 1800s:

There was too much paper currency -

The paper currency that was in circulation, which was actually a promissory note, had become a very common method of payment.

The problem of the storage and reciprocation of this currency had already started to become a huge problem.

Rural areas did not have many banks -

Though substantially large populations also lived in the rural areas, the network of banks had not yet reached rural areas. As a result, a large faction of the population was being left out of the banking system.

Bartering and trading were very common -

Though the system of paper money had bee introduced already, many people still continued to use the same old bartering system in which the exchanged commodities for commodities.

Answer 2

Statements that describes challenges to North Carolina’s banking system in the early 1800s are;

B:There was too much paper currency.

D:Rural areas did not have many banks.

E:Bartering and trading were very common.

• In 1800s, North Carolina’s banking system can be said to be in the struggling stage because there so much challenges facing the system unlike today that there are so much improvement.

• During this period, Bartering and trading are still rampant which was old system that people has adapted with, In in circulation there are so much paper currency, the regulation system wasn't that perfect.

• And also there are limited banks available for people.

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