United States Currency

The United States Currency as everyone knows is the dollar. Here are some things and facts I have found about our currency:

*The US currency is the most used currency in international transactions
*It is a fiat currency (money declared by a government to be the official currency)
-even though it is fiat currency other countries use it as their official currency or their “de facto currency” (not legal tender but used by most of the population)
examples: Lebanon, Zimbabwe, Iraq, Panama, Somalia
*Denominations equal or greater than a dollar are emitted as Federal Reserve Notes
*Denominations less than a dollar are emitted as US Coins
*Made from 75% cotton fiber paper and 25% linen
* Inflation = .74%
*Nicknames:
-buck
-paper
-scrillas
-bones
-dough
-greens
-greenbacks
- (name of person on it)
* $ = two vertical bars with a cloth band in the shape of an “S”
*The US Dollar was created and defined by the Coinage Act of 1792
* Backed by gold
*The dollar is less than a euro
Exchange rate as of 15 min ago: US $1 = € 0.7115
€1 = US $ 1.4055
http://www.dollars2euro.com/ updates it every 15 minutes
* The Bureau of Engraving and Printing is the printer of the money
*The Central Bank is the Federal Reserve Bank-Ben S. Bernanke
* The Mint is the United State Mint (where the money is made)
*During fiscal year 2007, the Bureau of Engraving and Printing (BEP) produced approximately 38 million notes a day with a face value of approximately $750 million.
*95% of the notes printed each year are used to replace notes already in, or taken out of circulation.
*The first paper currency issued by the U.S. Department of the Treasury were Demand Notes Series 1861.
*You could get a $5,000 fine or 15 years in prison if you are found counterfeiting currency.
*The U.S. technically makes money when it prints more because of seigniorage. This means that it takes a few cents to make a quarter but in circulation it is 25 cents. This puts extra funds in the Treasury and goes towards education, health care, and defense.
*The life expectancy of a circulating coin is 30 years, while paper money usually only lasts for 18 months.

Works Cited: www.federalreserve.gov and www.moneyfactory.gov and www.usmint.gov