United States dollar
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| + | [[File:SPAIN,_FERDINAND_VI_-8_REALES_or_PIECE_OF_EIGHT_1759_b_-_Flickr_-_woody1778a.jpg|left|thumb|200px|The original "dollar," so primitive it wasn't even American yet.]] | ||
The origin of the US dollar can be traced all the way back to the [[Massachusetts]] Bay Colony which issued paper currency to pay for things like military expeditions.<ref>[http://www.advfn.com/currencies/usd/about/USDollar.html ADVFN: US dollar]</ref> It was named after, and valued upon, the Spanish Milled Dollar -- the famous "piece of eight" (so called because one Spanish Dollar was worth 8 Spanish Reals). | The origin of the US dollar can be traced all the way back to the [[Massachusetts]] Bay Colony which issued paper currency to pay for things like military expeditions.<ref>[http://www.advfn.com/currencies/usd/about/USDollar.html ADVFN: US dollar]</ref> It was named after, and valued upon, the Spanish Milled Dollar -- the famous "piece of eight" (so called because one Spanish Dollar was worth 8 Spanish Reals). | ||
Revision as of 01:36, 30 May 2013
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The U.S. dollar (logographically, $) is the currency of the United States and has been the de facto worldwide reserve currency since soon after World War II. This international prominence reflected the United States' newfound economic might, due mostly to not having its heavy industry bombed out of existence as was the case with most of the rest of the developed world.
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History
The origin of the US dollar can be traced all the way back to the Massachusetts Bay Colony which issued paper currency to pay for things like military expeditions.[1] It was named after, and valued upon, the Spanish Milled Dollar -- the famous "piece of eight" (so called because one Spanish Dollar was worth 8 Spanish Reals).
During the American Revolution, the Continental Congress issued the Continental currency but that succumbed to frequent counterfeiting and poor financial backing.[2] The dollar as a unit for American money was established in 1785 and was made into an organized monetary system seven years later.[3] The greenback paper notes weren't introduced until the Civil War.[4]
The U.S. was on a gold standard through much of its history, but the value of the dollar has not been tied to gold in any way since 1971. Since 1963, all paper money issued in the United States has been Federal Reserve notes. Since 1970, no coin minted for circulation in the U.S. has contained any silver. Currently, the dollar is fiat currency.
Denominations
Coins come in...
- Pennies[5] ($0.01) with Abraham Lincoln on them
- Nickels ($0.05) with Thomas Jefferson on them
- Dimes ($0.10) with Franklin Roosevelt on them
- Quarters ($0.25) with George Washington on them
- Half-dollars ($0.50) with John F. Kennedy on them (uncommon)
- Dollars with Susan B. Anthony, Sacagawea, or the U.S. presidents on them (uncommon)
Bills come in...
- $1 with George Washington on them
- $2 with Thomas Jefferson on them (uncommon)
- $5 with Abraham Lincoln on them
- $10 with Alexander Hamilton on them
- $20 with Andrew Jackson on them
- $50 with Ulysses S. Grant on them
- $100 with Benjamin Franklin on them
After $100, there are/were a number of bills that existed with higher numbers largely for trading large amounts of money[6]
- $500: William McKinley
- $1,000: Grover Cleveland
- $5,000: James Madison
- $10,000: Salmon P. Chase
- $100,000: Woodrow Wilson
Oops...
President George W. Bush aptly managed the decline of the dollar. Apparently oil-fueled trade deficits and abominably expensive and unnecessary wars weren't a good idea.[7] During his term, the dollar dropped a whopping 41% against the Euro.[8] Heckuva job.
By late 2007, the US dollar had slid to being worth less than the Canadian dollar (US$1.10 = Can$1.00!), and the British pound was back up to US$2.10, from lows in the US$1.50 range in "the worst of times." [9]
Conservatism's BFF
The dollar is an important staple of conservatism. It is a primary factor in the success of large corporations (another BFF) and its unhindered accumulation is a great motive for corporate abuse economic prosperity.
See also
External links
Footnotes
- ↑ ADVFN: US dollar
- ↑ ADVFN: US dollar
- ↑ ADVFN: US dollar
- ↑ ADVFN: US dollar
- ↑ Strictly speaking, pennies are "cents," nickels are "five cent pieces," and quarters are "quarter dollars." Dimes are officially called dimes, though, from the French disme (tenth).
- ↑ [http://www.moneyfactory.gov/uscurrency/largedenominations.html Government source
- ↑ The Nation: Wall Street, Iraq and the Declining Dollar (2007)
- ↑ Bloomberg: Bush's Dollar Drop Maps Loss of U.S. Clout at Final G-8 Summit (2008)
- ↑ Telegraph:Pound could fall to $1.50, analysts predict