According to The American Numismatic Association, a congressionally chartered nonprofit dedicated to the study and collection of bills and coins, currency misprints are extremely rare, making them extremely valuable among collectors.
The U.S. dollar became an important international reserve currency after the First World War, and displaced the pound sterling as the world's primary reserve currency by the Bretton Woods Agreement towards the end of the Second World War. The dollar is the most widely used currency in international transactions,[3] and a free-floating currency. It is also the official currency in several countries and the de facto currency in many others,[4][5] with Federal Reserve Notes (and, in a few cases, U.S. coins) used in circulation.
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Article I, Section 8 of the U.S. Constitution provides that Congress has the power "[t]o coin money."[8] Laws implementing this power are currently codified in Title 31 of the U.S. Code, under Section 5112, which prescribes the forms in which the United States dollars should be issued.[9] These coins are both designated in the section as "legal tender" in payment of debts.[9] The Sacagawea dollar is one example of the copper alloy dollar, in contrast to the American Silver Eagle which is pure silver. Section 5112 also provides for the minting and issuance of other coins, which have values ranging from one cent (U.S. Penny) to 100 dollars.[9] These other coins are more fully described in Coins of the United States dollar.
Article I, Section 9 of the Constitution provides that "a regular Statement and Account of the Receipts and Expenditures of all public Money shall be published from time to time",[10] which is further specified by Section 331 of Title 31 of the U.S. Code.[11] The sums of money reported in the "Statements" are currently expressed in U.S. dollars, thus the U.S. dollar may be described as the unit of account of the United States.[12] "Dollar" is one of the first words of Section 9, in which the term refers to the Spanish milled dollar, or the coin worth eight Spanish reales.
[T]he money of account of the United States shall be expressed in dollars, or units...and that all accounts in the public offices and all proceedings in the courts of the United States shall be kept and had in conformity to this regulation.
Unlike the Spanish milled dollar, the Continental Congress and the Coinage Act prescribed a decimal system of units to go with the unit dollar, as follows:[14][15] the mill, or one-thousandth of a dollar; the cent, or one-hundredth of a dollar; the dime, or one-tenth of a dollar; and the eagle, or ten dollars. The current relevance of these units:
When currently issued in circulating form, denominations less than or equal to a dollar are emitted as U.S. coins, while denominations greater than or equal to a dollar are emitted as Federal Reserve Notes, disregarding these special cases:
Though the Dutch pioneered in modern-day New York in the 17th century the use and the counting of money in silver dollars in the form of German-Dutch reichsthalers and native Dutch leeuwendaalders ('lion dollars'), it was the ubiquitous Spanish American eight-real coin which became exclusively known as the dollar since the 18th century.[22]
The colloquialism buck(s) (much like the British quid for the pound sterling) 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 leather trade, or it may also have originated from a poker term.[23]
Greenback is another nickname, originally applied specifically to the 19th-century Demand Note dollars, which were printed black and green on the backside, created by Abraham Lincoln to finance the North for the Civil War.[24] It is still used to refer to the U.S. dollar (but not to the dollars of other countries). The term greenback is also used by the financial press in other countries, such asAustralia,[25] New Zealand,[26] South Africa,[27] and India.[28]
Piastre was the original French word for the U.S. dollar, used for example in the French text of the Louisiana Purchase. Though the U.S. dollar is called dollar in Modern French, the term piastre is still used among the speakers of Cajun French and New England French, as well as speakers in Haiti and other French-speaking Caribbean islands.
Another popular explanation is that it is derived from the Pillars of Hercules on the Spanish Coat of arms of the Spanish dollar. These Pillars of Hercules on the silver Spanish dollar coins take the form of two vertical bars (||) and a swinging cloth band in the shape of an S.[citation needed]
Yet another explanation suggests that the dollar sign was formed from the capital letters U and S written or printed one on top of the other. This theory, popularized by novelist Ayn Rand in Atlas Shrugged,[33] does not consider the fact that the symbol was already in use before the formation of the United States.[34]
The U.S. dollar was introduced at par with the Spanish-American silver dollar (or Spanish peso, Spanish milled dollar, eight-real coin, piece-of-eight). The latter was produced from the rich silver mine output of Spanish America, was minted in Mexico City, Potos (Bolivia), Lima (Peru), and elsewhere, and was in wide circulation throughout the Americas, Asia, and Europe from the 16th to the 19th centuries. The minting of machine-milled Spanish dollars since 1732 boosted its worldwide reputation as a trade coin and positioned it to be the model for the new currency of the United States.[citation needed]
Even after the United States Mint commenced issuing coins in 1792, locally minted dollars and cents were less abundant in circulation than Spanish American pesos and reales; hence Spanish, Mexican, and American dollars all remained legal tender in the United States until the Coinage Act of 1857. In particular, colonists' familiarity with the Spanish two-real quarter peso was the reason for issuing a quasi-decimal 25-cent quarter dollar coin rather than a 20-cent coin.[citation needed]
For the relationship between the Spanish dollar and the individual state colonial currencies, 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.[citation needed]
On July 6, 1785, the Continental Congress resolved that the money unit of the United States, the dollar, would contain 375.64 grains of fine silver; on August 8, 1786, the Continental Congress continued that definition and further resolved that the money of account, corresponding with the division of coins, would proceed in a decimal ratio, with the sub-units being mills at 0.001 of a dollar, cents at 0.010 of a dollar, and dimes at 0.100 of a dollar.[14]
Though a Spanish dollar freshly minted after 1772 theoretically contained 417.7 grains of silver of fineness 130/144 (or 377.1 grains fine silver), reliable assays of the period in fact confirmed a fine silver content of 370.95 grains (24.037 g) for the average Spanish dollar in circulation. [37]The new U.S. silver dollar of 371.25 grains (24.057 g) therefore compared favorably and was received at par with the Spanish dollar for foreign payments, and after 1803 the United States Mint had to suspend making this coin out of its limited resources since it failed to stay in domestic circulation. It was only after Mexican independence in 1821 when their peso's fine silver content of 377.1 grains was firmly upheld, which the U.S. later had to compete with using a heavier 378.0 grains (24.49 g) Trade dollar coin.
The early currency of the United States did not exhibit faces of presidents, as is the custom now;[38] although today, by law, only the portrait of a deceased individual may appear on United States currency.[39] In fact, the newly formed government was against having portraits of leaders on the currency, a practice compared to the policies of European monarchs.[40] The currency as we know it today did not get the faces they currently have until after the early 20th century; before that "heads" side of coinage used profile faces and striding, seated, and standing figures from Greek and Roman mythology and composite Native Americans. The last coins to be converted to profiles of historic Americans were the dime (1946), the half Dollar (1948), and the Dollar (1971).
After the American Revolution, the Thirteen Colonies became independent. Freed from British monetary regulations, they each issued sd paper money to pay for military expenses. The Continental Congress also began issuing "Continental Currency" denominated in Spanish dollars. For its value relative to states' currencies, see Early American currency.
Continental currency depreciated badly during the war, giving rise to the famous phrase "not worth a continental".[41] A primary problem was that monetary policy was not coordinated between Congress and the states, which continued to issue bills of credit. Additionally, neither Congress nor the governments of the several states had the will or the means to retire the bills from circulation through taxation or the sale of bonds.[42] The currency was ultimately replaced by the silver dollar at the rate of 1 silver dollar to 1000 continental dollars. This resulted in the clause "No state shall... make anything but gold and silver coin a tender in payment of debts" being written into the United States Constitution article 1, section 10.
Following the rise in the price of silver during the California Gold Rush and the disappearance of circulating silver coins, the Coinage Act of 1853 reduced the standard for silver coins less than $1 from 412.5 grains to 384 grains (24.9 g), 90% silver per 100 cents (slightly revised to 25.0 g, 90% silver in 1873). The Act also limited the free silver right of individuals to convert bullion into only one coin, the silver dollar of 412.5 grains; smaller coins of lower standard can only be produced by the United States Mint using its own bullion. 152ee80cbc
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