United States Dollar

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{{Infobox Currency| currency_name_in_local = dólar estadounidense dólar amerikanu dólar americano | image_1 =USDnotes.jpg| image_title_1 = $1 to $100 notes| image_2 = USCOINS.jpg| image_title_2 = United States coins| iso_code = USD| using_countries = the United States, the British Indian Ocean Territory,accepted alongside GBP; see The World Factbook or the Foreign and Commonwealth Office. the British Virgin Islands, East Timor, Ecuador, El Salvador, the Marshall Islands, Federated States of Micronesia, Palau, Panama, Turks and Caicos Islands, Republika Srpska, Romania, and the Insular area| inflation_rate = 2.5% (United States only)| inflation_source_date = The World Factbook, 2006 est.| pegged_by = Aruban florin, Bahamian dollar, Bahraini dinar, Barbadian dollar, Belize dollar, Bermudian dollar, Cayman Islands dollar, Cuban convertible peso, Djiboutian franc, East Caribbean dollar, Eritrean nakfa, Hong Kong Dollar, Jordanian dinar, Lebanese pound, Maldivian rufiyaa, Netherlands Antillean gulden, Omani rial, Qatari riyal, Saudi riyal, United Arab Emirates dirham, Venezuelan bolívar, Romanian leu| subunit_ratio_1 = 1/10| subunit_name_1 = Dime (United States coin)| subunit_ratio_2 = 1/100| subunit_name_2 = Cent (currency)| subunit_ratio_3 = 1/1000| subunit_name_3 = Mill (currency)| symbol = $ or USDollar sign| symbol = $ or USDollar sign| symbol_subunit_2 = ¢ or c| symbol_subunit_3 = ₥| nickname = Buck, Clam, Dead President, Bone, Coin, Frog, Ducket, Cabbage, Green, Potato, Cash, and Greenback. Also, Washingtons, Jeffersons, Lincolns, Benjamins, and Hamiltons are used based on denomination RATE-EXCHANGE.org - US Currency / US Dollar, also peso in Puerto Rico.], Nickel (United States coin), Dime (United States coin), Quarter (United States coin) | rarely_used_coins = Half dollar (United States coin), Dollar (United States coin)|| coin_article = Coins of the United States dollar| frequently_used_banknotes = United States one-dollar bill, United States five-dollar bill, United States ten-dollar bill, United States twenty-dollar bill| rarely_used_banknotes = United States two-dollar bill, United States fifty-dollar bill, United States one hundred-dollar bill| banknote_article = Federal Reserve Note| issuing_authority = Federal Reserve Bank| printer_website = www.moneyfactory.gov| mint = [United States Mint.... This is the new design revealed on September 20, 2007....The dollar (ISO 4217 USD) is the unit of currency of the United States. It is normally abbreviated as the dollar sign, $, or as USD or US$ to distinguish it from other dollar-denominated currencies and from others that use the $ symbol. The U.S. dollar is divided into 100 cent (currency)s.

Adopted by the United States on July 6, 1785, Journals of the Continental Congress --Wednesday, JULY 6, 1785. the U.S. dollar is the currency most used in international transactions. The Implementation of Monetary Policy - The Federal Reserve in the International Sphere Several countries use the U.S. dollar as their official currency, and many others allow it to be used in a de facto capacity. In 1995, over US $380 1000000000 (number) were in circulation, two-thirds of which was outside the United States. By 2005, that figure had doubled to nearly $760 billion, with an estimated half to two-thirds being held overseas,http://www.federalreserve.gov/paymentsystems/coin/default.htm representing an annual growth rate of about 7.6%. However, as of December 2006, the dollar was surpassed by the euro in terms of combined value of cash in circulation. The value of euro notes in circulation had risen to more than €610 billion, equivalent to US$802 billion at the exchange rates at the time.http://www.ft.com/cms/s/18338034-95ec-11db-9976-0000779e2340.html

Overview The U.S. dollar uses the decimal system, consisting of 100 equal cents (symbol ¢). In another division, there are 1,000 mill (currency) or ten dimes to a dollar; additionally, the term Eagle (coin) was used in the Coinage Act of 1792 for the denomination of ten dollars, and subsequently was used in naming gold coins. In the second half of the 19th century there were occasional discussions of creating a $50 gold coin, which was referred to as a "Half Union," thus implying a denomination of 1 Union = $100. However, only cents are in everyday use as divisions of the dollar; "dime" is used solely as the name of the Dime (U.S. coin) with the value of 10¢, while "eagle" and "mill" are largely unknown to the general public, though mills are sometimes used in matters of tax levies and gasoline prices. When currently issued in circulating form, denominations equal to or less than a dollar are emitted as Coins of the United States dollar while denominations equal to or greater than a dollar are emitted as Federal Reserve Note (with the exception of gold, silver and platinum coins valued up to $100 as legal tender, but worth far more as bullion). (Both one-dollar coins and notes are produced today, although the note form is significantly more common.) In the past, paper money was occasionally issued in denominations less than a dollar (Treasury (Coin) Note) and gold coins were issued for circulation up to the value of Double eagle.

U.S. coins are produced by the United States Mint. U.S. dollar banknotes are printed by the Bureau of Engraving and Printing, and, since 1914, have been issued by the Federal Reserve. The "large-sized notes" issued before 1928 measured 7.42 inches by 3.125 inches; small-sized notes, introduced that year, measure 6.14 inches by 2.61 inches.

Notes above the $100 denomination ceased being printed in 1946 and were officially withdrawn from circulation in 1969. These notes were used primarily either in inter-bank transactions or by organized crime; it was the latter usage that prompted President Richard Nixon to issue an executive order in 1969 halting their use. With the advent of electronic banking, they became less necessary. Notes in denominations of $500, $1,000, $5,000, $10,000, and $100,000 were all produced at one time; see large denomination bills in U.S. currency for details.

Etymology The name Thaler (from German language thal, or nowadays usually Tal, "valley", cognate with "dale" in English) came from the Germany coin Guldengroschen ("great guilder", being of silver but equal in value to a gold guilder), minted from the silver from a rich mine at Joachimsthal - Jáchymov (St. Joachim's Valley) in Bohemia (then part of the Holy Roman Empire, now part of the Czech Republic).

For further history of the name, see Dollar.

Nicknames The colloquialism buck (much like the English "quid") is often used to refer to dollars of various nations, including the U.S. dollar. This term, dating to the 18th century, may have originated with the colonial fur trade. Greenback is another nickname originally applied specifically to the 19th century Demand Note dollars created by Abraham Lincoln to finance the costs of the United States Civil War for the Northern United States. The original note was printed in black and green on the back side. It is still used to refer to the U.S. dollar (and not to the dollars of other countries).

Grand (currency), sometimes shortened to simply G, is a common term for the amount of $1,000. The suffix K (from "kilo") is also commonly used to denote this amount (such as "$10K" being pronounced "Ten kay" to mean $10,000). Banknotes' nicknames are usually the same as their values (such as five, twenty, etc.) The $5 bill has been referred to as a "fin" or a "fiver" or a "five-spot", and the $10 bill as a "sawbuck", a "ten-spot", or a "Hamilton", the $20 Bill as a "double sawbuck" or a "Jackson", the $1 bill is sometimes called a "single", the $2 bill a "deuce" or a "Tom" and the $100 bill is nicknamed a "Benjamin", "Benjie", or "Frank" (after Benjamin Franklin, who is honored on the note) or a C-note (C being the Roman numeral for 100) or a Century Note. Occasionally these will be referred to as "dead presidents", although neither Hamilton ($10) nor Franklin ($100) were President. $100 notes are occasionally referred to as 'large' in banking ("twenty large" being $2,000, etc.). The newer designs are sometimes referred to as "Bigface" bills.

In Panama, the translation of buck is palo (lit. stick); a nickname for the balboa (dollar). For example: Esto vale 20 palos ("This is worth 20 bucks").

Dollar sign The symbol $, usually written before the numerical amount, is used for the U.S. dollar (as well as for many other currencies). An example would be "$45", which is read as "forty-five dollars".

History The first dollar coins issued by the United States Mint were of the same size and composition as the Spanish dollar and even after the American Revolutionary War the Spanish and U.S. silver dollars circulated side by side in the United States. The coinage of various English colonies also circulated. The lion dollar was popular in the Dutch New Netherland Colony (New York), but the lion dollar also circulated throughout the English colonies during the Seventeenth and early Eighteenth centuries. Examples circulating in the colonies were usually fairly well worn so that the design was not fully distinguishable, thus they were sometimes referred to as "dog dollars". The Lion Dollar: Introduction

Private banks issued currency backed by Spanish and U.S. silver and gold coinage, although the federal government did not do so until the American Civil War.

The U.S. dollar was originally specified by the Coinage Act of 1792 to be a unit of weight (471.25 grains of troy silver (about 30.54 g of silver)) and not one of money as it is thought of today. The value of gold or silver contained in the dollar was then converted into relative value in the economy for the buying and selling of goods. This allowed the value of things to remain fairly constant over time, except for the influx and outflux of gold and silver in the nation's economy. According to an evaluation of data from the U.S. Department of Treasury, the cost of goods and services remained relatively consistent between 1635 and 1913, around a level of roughly 25 times the buying power of the U.S. dollar in 2006.

For articles on the currencies of the colonies and states, see Connecticut pound, Delaware pound, Georgia pound, Maryland pound, Massachusetts pound, New Hampshire pound, New Jersey pound, New York pound, North Carolina pound, Pennsylvania pound, Rhode Island pound, South Carolina pound and Virginia pound.

Continental currency See also Continental currencyIn 1775, the United States and the individual states began issuing "Continental Currency" denominated in Spanish dollars and (for the issues of the states) the £sd currencies of the states. The dollar was valued relative to the states' currencies at the following rates:

{]|align=center|5 Shillings|-|Connecticut, Massachusetts, New Hampshire, Rhode Island, Virginia, [Maryland, New Jersey, [Pennsylvania, [North Carolina|align=center|32½ Shillings|}

The continental currency suffered from printing press inflation and was replaced by the silver dollar at the rate of 1 silver dollar = 1000 continental dollars.

Silver and gold standards From 1792, when the Mint Act was passed, the dollar was pegged to silver and gold at 371.25 grain (measure) of silver, 24.75 grains of gold (15:1 ratio). 1834 saw a shift in the gold standard to 23.2 grains, followed by a slight adjustment to 23.22 grains in 1837 (16:1 ratio).

In 1862, paper money was issued without the backing of precious metals, due to the American Civil War. Silver and gold coins continued to be issued and in 1878 the link between paper money and coins was reinstated.

In 1900, the bimetallic standard was abandoned and the dollar was defined as 23.22 grains of gold, equivalent to setting the price of 1 troy ounce of gold at $20.67. Silver coins continued to be issued for circulation until 1964, when all silver was removed from dimes and quarters, and the half dollar was reduced to 40% silver. Silver half dollars were last issued for circulation in 1969.

Gold coins were withdrawn in 1933 and the gold standard was changed to 13.71 grains, equivalent to setting the price of 1 troy ounce of gold at $35. This standard persisted until 1968. Between 1968 and 1975, a variety of pegs to gold were put in place. The price was at $42.22 per ounce before January 1, 1975 saw the U.S. dollar freely float on Foreign exchange market.

United States coins Official United States coins have been produced every year from 1792 to the present. In normal circulation today, there are coins of the denominations 1¢ ( Cent, also referred to as a Penny), 5¢ (Nickel), 10¢ (Dime), 25¢ (Quarter Dollar officially, or simply Quarter in common usage), 50¢ (Half Dollar officially, sometimes referred to as a Fifty-Cent Piece; uncommon), and $1 (Dollar officially, but frequently referred to as a Dollar Coin; uncommon). Federal Reserve Notes exist as $1, $2 (uncommon), $5, $10, $20, $50, and $100 denominations. Prior to 1934 there were also $500, $1,000, $5,000, $10,000, and $100,000 bills made. According to http://www.highdenomination.com/Gold_Details.asp?id=904 there were 42,000 $100,000 notes printed, all of which were gold certificates and are accounted for. They were never intended for general circulation and are illegal to own.

United States dollar coins have not been very popular in the United States.CNN Money Congress tries again for a dollar coin. Written by Gordon T. Anderson. Published April 25, 2005. Silver dollars were minted intermittently from 1794 through 1935; a copper-nickel dollar of the same large size, featuring President Dwight D. Eisenhower, was minted from 1971 through 1978. Gold dollars were also minted in the 1800s. The Susan B. Anthony Susan B. Anthony dollar coin was introduced in 1979; these proved to be unpopular because they were often mistaken for quarters, due to their nearly-equal size, their milled edge, and their similar color. Minting of these dollars for circulation was suspended in 1980 (collectors' pieces were struck in 1981), but, as with all past U.S. coins, they remain legal tender. As the number of Anthony dollars held by the Federal Reserve and dispensed primarily to make change in postal and transit vending machines had been virtually exhausted, additional Anthony dollars were struck in 1999. In 2000, a new $1 coin featuring Sacagawea was introduced, which corrected some of the mistakes of the Anthony dollar by having a smooth edge and a gold color, without requiring changes to vending machines that accept the Anthony dollar. However, this new coin has failed to achieve the popularity of the still-existing $1 bill and is rarely used in daily transactions. The failure to simultaneously withdraw the dollar bill and weak publicity efforts have been cited by coin proponents as primary reasons for the failure of the dollar coin to gain popular support.

In February 2007, the US Mint, under the Presidential $1 Coin Act of 2005,Pub. L. No. 109-145, 119 Stat. 2664 (Dec. 22, 2005). introduced a new $1 US Presidential dollar coin. Based on the success of the "50 State Quarters" series, the new coin will feature a rotating portrait of deceased presidents in order of their inaugurations, starting with George Washington, on the obverse side. The reverse side will feature the Statue of Liberty. To allow for larger, more detailed portraits, the traditional inscriptions of "E Pluribus Unum," "In God We Trust," the year of minting or issuance, and the mint mark will be inscribed on the edge of the coin instead of the face. This feature, similar to the edge inscriptions seen on the British Pound coin, is not usually associated with US coin designs. The third required inscription, "Liberty", has been eliminated, with the Statue of Liberty serving as a sufficient replacement. In addition, due to the nature of US coins, this will be the first time there will be circulating US coins of different denominations with the same President featured. (Abraham Lincoln/Cent (United States coin), Thomas Jefferson/Nickel (United States coin), Franklin D. Roosevelt/Dime (United States coin), George Washington/Quarter (United States coin) and John F. Kennedy/Half dollar (United States coin).) Another unusual fact about the new $1 coin is Grover Cleveland will have two coins with his portrait issued due to the fact he was the only US President to be elected to two non-consecutive terms. The United States Mint Pressroom

Early releases of the Washington coin included error coins shipped primarily from the Philadelphia mint to Florida and Tennessee banks. Highly sought after by collectors, and trading for as much as $850 each within a week of discovery, the error coins were identified by the absence of the edge impressions "E PLURIBUS UNUM IN GOD WE TRUST 2007 P". The mint of origin is generally accepted to be mostly Philadelphia, although identifying the source mint is impossible without opening a mint pack also containing marked units. Edge lettering is minted in both orientations with respect to "heads", some amateur collectors were initially duped into buying "upside down lettering error" coins. Godless DollarsSome cynics also erroneously point out that the Federal Reserve makes more profit from dollar bills than dollar coins because they wear out in a few years, whereas coins are more permanent. The fallacy of this argument arises because new notes printed to replace worn out notes which have been withdrawn from circulation bring in no net revenue to the government to offset the costs of printing new notes and destroying the old ones. As most vending machines are incapable of making change in banknotes, they commonly accept only $1 bills, though a few will give change in dollar coins.

The United States has minted other coin denominations at various times from 1792 to 1935: half-cent, 2-cent, 3-cent, 20-cent, $2.50, $3.00, $5.00, $10.00, $20.00 and $50.00. Technically, all these coins are still legal tender at face value, though they are far more valuable today for their numismatic value, and for gold and silver coins, their precious metal value. In addition, an experimental $4.00 coin was also minted, but never placed into circulation and is properly considered to be a pattern rather than an actual coin denomination. The $50 coin mentioned was only produced in 1915 for the Panama-Pacific International Exposition (1915) celebrating the opening of the Panama Canal. Only 1,128 were made, 645 of them were octagonal; this remains the only US coin that was not round as well as the largest and heaviest US coin ever.

From 1934 to present the only denominations produced for circulation have been the familiar penny, nickel, dime, quarter, half dollar and dollar. The nickel is the only coin still in use today that is essentially unchanged (except in its design) from its original version. Every year since 1866, the nickel has been 75% copper and 25% nickel, except for 4 years during World War II when nickel was needed for the war.

Since 1982 the United States Mint has also produced many different denominations and designs specifically for collectors and speculators. There are silver, gold and platinum bullion coins, called "American Eagle bullion coins," all of which are legal tender though their use in everyday transactions is non-existent. The reason for this is that they are not intended for use in transactions and thus the face value of the coins is much lower than the worth of the precious metals in them. The American Silver Eagle bullion coin is issued only in the $1 (1 troy ounce) denomination and has been minted yearly starting in 1986. The American Gold Eagle bullion coin denominations (with gold content), minted since 1986, are: $5 (1/10 troy oz), $10 (1/4 troy oz), $25 (1/2 troy oz), and $50 (1 troy oz). The American Platinum Eagle bullion coin denominations (with platinum content), minted since 1997, are: $10 (1/10 troy oz), $25 (1/4 troy oz), $50 (1/2 troy oz), and $100 (1 troy oz). The silver coin is 99.9% silver, the gold coins are 91.67% gold (22 carat (purity)), and the platinum coins are 99.95% platinum. These coins are not available from the Mint for individuals but must be purchased from authorized dealers. In 2006 The Mint began direct sales to individuals of uncirculated bullion coins with a special finish, and bearing a "W" mintmark. The Mint also produces high quality "proof coin" coins intended for collectors in the same denominations and bullion content which are available to individuals.

The largest denominations of currency currently printed or minted by the United States are the $100 bill and the $100 one troy ounce Platinum Eagle.

Value Factors influencing the price Borrowing costs, economic growth:The minutes to the August 8 2006 meeting, at which the Federal Open Market Committee kept short-term interest rates unchanged for the first time in more than two years, supported the view that U.S. borrowing costs have peaked. The dollar fell on the news on August 29 2006, and has continued lower August 30 2006, largely ignoring news the Federal government of the United States has revised its estimate of second-quarter economic growth 2006 up to 2.9% from the initial 2.5%.

Time-relative value This chart shows the amount of USD, in a particular year, that could purchase an equivalent amount of goods that were worth $1.00 in 1980.

Big Mac Index

==Suit by sightless over U.S. banknote design==, allowing the blind to determine the value of the note.On Tuesday, November 28, 2006 U.S. District Judge James Robertson (judge) ordered the United States Department of the Treasury to change U.S. banknotes to make it easier for Blindness and visually impaired people to determine their denominations.

Ruling on a lawsuit filed in 2002 by the American Council of the Blind, Judge Robertson accepted the plaintiff's argument that current practice violates Section 504 of the 1973 Rehabilitation Act. (Ruling as PDF file) The Treasury is appealing the decision.

The plaintiff's attorney was quoted as saying "It's just frankly unfair that blind people should have to rely on the good faith of people they have never met in knowing whether they've been given the correct change."

Government attorneys estimated that the cost of such a change ranges from $75 million in equipment upgrades and $9 million annual expenses for punching holes in bills to $178 million in one-time charges and $50 million annual expenses for printing bills of varying sizes. Article about the Court Order from the [San Francisco Chronicle

See also

Fiat currency
Gold as an investment
Silver as an investment
:Category:Historical currencies of the United States
Where's George?
Economy of the United States

References External links

U.S. Bureau of Engraving and Printing
The U.S. Treasury's Coins & Currency portal
American Currency Exhibit at the San Francisco Federal Reserve Bank
U.S. Treasury page with images of all current banknotes
Summary of BEP Production Statistics
U.S. Currency and Coin Outstanding and in Circulation
PaperMoneyGuide - Information for collectors of US Currency
Relative values of the US dollar, from 1790 to 2005
Wheres George Currency Tracking Project

{{Standard numismatics external links| dollarization_1_url =| dollarization_1_name =| gfd_1_url = United_States| gfd_1_name = United States of America| show_gfd_excel = Y-->

Images of U.S. currency and coins

U.S. Bureau of Engraving: Banknotes
U.S. Mint: Image Library

{{Standard numismatics external links| world_coin_gallery_1_url = usa| world_coin_gallery_1_name = United States of America| banknote_world_1_url = united_states| banknote_world_1_name = United States of America-->

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