President Joe Biden laid a wreath at Arlington National Cemetery on Monday for Veterans Day as thousands marched through the streets of New York. Smaller parades were held across the nation to honor Americans who have served in the U.S. military.

The Veterans Day holiday began more than a century ago, albeit under a different name, as a celebration of the end of World War I. Over time its name and purpose evolved into a day of recognition for U.S. veterans of all wars as well as those currently serving in uniform.

It’s also day off for U.S. postal workers and other federal government employees, as well as many schoolchildren. Numerous stores and businesses offer giveaways and discounts.

Here’s a look at how the United States celebrates Veterans Day and how it started:

What’s the history behind Veterans Day?

It began as Armistice Day to celebrate the agreement between the Allied nations and Germany to cease all fighting during World War I that took effect at 11 a.m. on Nov. 11, 1918.

The U.S. marked its first Armistice Day under President Woodrow Wilson in 1919. Congress made Nov. 11 an official federal holiday in 1938.

A holiday dedicated to those who fought in what had been known as “the war to end all wars” got a reevaluation after World War II. In 1954, Congress changed the name to Veterans Day, reflecting a broader purpose to honor veterans of all wars.

Other changes weren’t so well received, according to the U.S. Department of Veterans Affairs’ website. Federal Veterans Day observances were moved to Mondays in the early 1970s, causing confusion as some states stuck with the Nov. 11 date.

In 1975, President Gerald Ford signed a law moving federal observances back to Nov. 11. The U.S. has celebrated Veterans Day on that date ever since.

How is Veterans Day commemorated?

Communities around the U.S. have held parades celebrating war veterans on Nov. 11 dating back to the first Armistice Day in 1919.

The nation’s largest Veterans Day parade is held in New York with a procession along Fifth Avenue in Manhattan. According to the United War Veterans Council, which organizes the parade, an estimated 20,000 marchers were taking part in 2024.

U.S. presidents lay a wreath during a ceremony at the Tomb of the Unknown Soldier at Arlington National Cemetery outside Washington. In remarks at the cemetery’s memorial amphitheater Monday, Biden said it had been his life’s honor to serve as commander in chief of “the finest fighting force in the history of the world.”

Other countries including the United Kingdom, Canada and Australia also honor veterans on or near Nov. 11. They call their day of commemoration Remembrance Day.

How does Veterans Day differ from Memorial Day?

While Veterans Day events tend to focus on giving thanks to all U.S. military veterans, both living and dead, Memorial Day observances traditionally have been about memorializing those killed during wars.

Memorial Day got its start after the Civil War, with the first national observance of what was then called Decoration Day on May 30, 1868. An organization of Union Army veterans called for decorating war graves with flowers.

Since 1971, the U.S. has marked Memorial Day on the last Monday in May rather than on May 30. The resulting three-day weekend has led to some complaints that the day’s true purpose of somber remembrance has been undermined by its more leisurely recognition as the unofficial start of summer.

What’s open and what’s closed on Veterans Day?

Because it’s a federal holiday, the U.S. Postal Service doesn’t deliver the mail on Veterans Day. Federal courts and other government offices are closed as well.

Most banks in the U.S. take the day off, as do many public schools.

The New York Stock Exchange and the Nasdaq remain open, though bond markets are closed.

Though some private businesses observe Veterans Day, most retailers remain open, with many offering special deals. Many restaurants offer free meals to veterans and current members of the military, who also benefit from Veterans Day discounts from retailers. Some zoos and museums waive admission, while certain shops give away haircuts and automobile oil changes, according to a list compiled by the Department of Veterans Affairs.