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.

Question

Social Studies

Micah Knox

12 August, 12:17

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.

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Franco Golden · 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.