US$
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The United States dollar (sign: $; code: USD) is the official currency of the United States of America. The U.S. dollar 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. It is divided into 100 cents.
The U.S. dollar is the currency most used in international transactions and is one of the world's reserve currencies.10 Several countries use it as their official currency, in many others it is the de facto currency,11 and it is also used as the sole currency in some British Overseas Territories.
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Overview
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The Constitution of the United States of America provides that the United States Congress shall have the power "To coin Money".12 As an exercise of that power, Congress enacted Section 5112 of Title 31 of the United States Code. Section 5112 provides that United States dollars shall be issued in two forms: (1) a coin made of a copper alloy and (2) a coin made of pure silver.13 Those coins are both designated in Section 5112 as "legal tender" in payment of debts.13 The Sacagawea dollar is one example of the copper alloy dollar. The pure silver dollar is known as the American Silver Eagle. Section 5112 also provides for the minting and issuance of other coins, which have values ranging from one-hundredth of one dollar to fifty dollars.13 These other coins are more fully described in Coins of the United States dollar.
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".14 That provision of the Constitution is made specific by Section 331 of Title 31 of the United States Code.15 The sums of money reported in the "Statements" are currently being expressed in U.S. dollars (for example, see the 2009 Financial Report of the United States Government).16 The U.S. dollar may therefore be described as the unit of account of the United States.
The word "dollar" is one of the words in the first paragraph of Section 9 of Article 1 of the U.S. Constitution. In that context, "dollars" is a reference to the Spanish milled dollar, a coin that had a monetary value of 8 Spanish units of currency, or reales. In 1792 the U.S. Congress adopted legislation titled An act establishing a mint, and regulating the Coins of the United States. Section 9 of that act authorized the production of various coins, including "DOLLARS OR UNITS—each to be of the value of a Spanish milled dollar as the same is now current, and to contain three hundred and seventy-one grains and four sixteenth parts of a grain of pure, or four hundred and sixteen grains of standard silver". Section 20 of the act provided, "That the 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". In other words, this act designated the United States dollar as the unit of currency of the United States.
The U.S. dollar bill uses the decimal system, consisting of 100 equal cents (symbol ¢). In another division, there are 1,000 mills or ten dimes to a dollar, or 4 quarters to a dollar. However, only cents are in everyday use as divisions of the dollar; "dime" is used solely as the name of the 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 U.S. coins while denominations equal to or greater than a dollar are emitted as Federal Reserve notes (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 (fractional currency) and gold coins were issued for circulation up to the value of $20 (known as the "double eagle," discontinued in the 1930s). The term eagle was used in the Coinage Act of 1792 for the denomination of ten dollars, and subsequently was used in naming gold coins. In 1854, James Guthrie, then Secretary of the Treasury, proposed creating $100, $50 and $25 gold coins, which were referred to as a "Union," "Half Union," and "Quarter Union,"17 thus implying a denomination of 1 Union = $100.
Today, USD notes are made from cotton fiber paper, unlike most common paper, which is made of wood fiber. 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 (188 mm) by 3.125 inches (79.4 mm); small-sized notes, introduced that year, measure 6.14 inches (156 mm) by 2.61 inches (66 mm) by 0.0043 inches (0.11 mm).
Etymology
In the 16th century, Count Hieronymus Schlick of Bohemia began minting coins known as Joachimstalers (from German thal, or nowadays usually Tal, "valley", cognate with "dale" in English), named for Joachimstal, the valley where the silver was mined (St. Joachim's Valley, now Jáchymov; then part of the Holy Roman Empire, now part of the Czech Republic).18 Joachimstaler was later shortened to the German Taler, a word that eventually found its way into Danish and Swedish as daler, Dutch as daalder, Ethiopian as talari, Italian as tallero, Flemish as daelder, and English as dollar.18 Alternatively, thaler is said to come from the German coin Guldengroschen ("great guilder", being of silver but equal in value to a gold guilder), minted from the silver from Joachimsthal.
Nicknames
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The colloquialism buck (much like the British term "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 Civil War for the North. The original note was printed in black and green on the back side. It is still used to refer to the U.S. dollar (but not to the dollars of other countries). Other well-known names of the dollar as a whole in denominations include "greenmail", "green", and "dead presidents", (the last because late presidents are represented on the bills).
Grand, 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" to mean $10,000). In street slang, when someone refers to a "large" or "stack", they are usually referring to any amount of $1,000, such as "fifty large", meaning $50,000. Banknotes' nicknames are 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;" 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," or a "buck," the $2 bill a "deuce," "Tom," "Jefferson," or a "T.J." and the $100 bill is nicknamed a "Benjamin," "Benji," or "Franklin" (after Benjamin Franklin, who is pictured on the note), C-note (C being the Roman numeral for 100), Century Note, or "bill" ("two bills" being $200, etc.). The dollar has also been referred to as a "bone" or "bones" (i.e., twenty bones is equal to $20) or a "bean". The newer designs are sometimes referred to as "Bigface" bills, or "Monopoly Money". Some people refer to U.S. money as "cha-chingers," "bucks," "green-backs," and also "smackers."
In Panama, the equivalent of buck is "palo" (literally "stick"). In Ecuador, the dollar is referred to as "lata". Puerto Ricans, both in Puerto Rico and in the U.S., may refer to the dollar as a peso. In French-speaking areas of Louisiana, the dollar is referred to as a piastre which is pronounced "pee-as", and cents by the French holdover of sous, pronounced "soo." In Mexico, in some places prices in dollars are referred to as "en americano" ("in American"). (In Mexico, peso is used primarily for the Mexican peso.) In Peru, a nickname for the U.S. dollar is coco, which is a pet name for Jorge (George in Spanish), a reference to the portrait of George Washington on the $1 note.
Dollar sign
The symbol $, usually written before the numerical amount, is used for the U.S. dollar (as well as for many other currencies). The sign's ultimate origins are not certain, though it is possible that it comes from the Pillars of Hercules which flank the Spanish Coat of arms on the Spanish dollars that were minted in the New World mints in Mexico City, Potosí, Bolivia, and in Lima, Peru. 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".19
Another explanation is that this symbol for peso was the result of a late eighteenth-century evolution of the scribal abbreviation "ps." The p and the s eventually came to be written over each other giving rise to $.202122
A fictional possibility suggested is that the dollar sign is the capital letters U and S typed one on top of the other. This theory, popularized by novelist Ayn Rand in Atlas Shrugged 23, does not consider the fact that the symbol was already in use before the formation of the United States.24
History
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The first dollar coins issued by the United States Mint (founded 1792) were similar in size and composition to the Spanish dollar. The Spanish, U.S. silver dollars, and Mexican silver pesos circulated side by side in the United States, and the Spanish dollar and Mexican peso remained legal tender until 1857. 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 worn so that the design was not fully distinguishable, thus they were sometimes referred to as "dog dollars".25
The U.S. dollar was created and defined by the Coinage Act of 1792. It specified a "dollar" to be based in the Mexican peso at 1 dollar per peso and between 371 and 416 grains (27.0 g) of silver (depending on purity) and an 'eagle" to be between 247 and 270 grains (17 g) of gold (again depending on purity). The choice of the value 371 grains arose from Alexander Hamilton's decision to base the new American unit on the average weight of a selection of worn Spanish dollars (and later Mexican peso). Hamilton got the treasury to weigh a sample of Spanish dollars and the average weight came out to be 371 grains. A new Spanish dollar was usually about 377 grains in weight, and so the new U.S. dollar was at a slight discount in relation to the Spanish dollar. The gold equivalent of the Spanish dollar in sterling was ₤1 = $4.80, whereas the gold equivalent of the U.S. dollar was ₤1 = 4.86⅔. This exchange rate with sterling remained right up until Britain abandoned the gold standard in 1931.
The Coinage Act of 1792 set the value of an eagle at 10 dollars, and the dollar at 1/10th eagle. It called for 90% silver alloy coins in denominations of 1, 1/2, 1/4, 1/10, and 1/20 dollars; it called for 90% gold alloy coins in denominations of 1, 1/2, 1/4, and 1/10 eagles.
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.
The early currency of the USA did not exhibit faces of presidents, as is the custom now. In fact, George Washington was against having his face on the currency, a practice he compared to the policies of European monarchs. 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 generic native Americans. The last coins to be converted to profiles of historic Americans were the dime (1946) and the Dollar (1971).
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
In 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:
| State | Value of Dollar in State Currency |
|---|---|
| Georgia | 5 Shillings |
| Connecticut, Massachusetts, New Hampshire, Rhode Island, Virginia | 6 Shillings |
| Delaware, Maryland, New Jersey, Pennsylvania | 7½ Shillings |
| New York, North Carolina | 8 Shillings |
| South Carolina | 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
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From 1792, when the Mint Act was passed, the dollar was pegged to silver at 371.25 grains, or 24.75 grains (1.604 g) of gold. Many historianswho? erroneously assume gold was standardized at a fixed rate in parity with silver, however there is no evidence of Congress making this law. This has to do with Alexander Hamilton's suggestion to Congress of a fixed 15:1 ratio of silver to gold, respectively. The gold coins that were minted however, were not given any denomination whatsoever and traded for a market value relative to the Congressional standard of the silver dollar. 1834 saw a shift in the gold standard to 23.2 grains (1.50 g), followed by a slight adjustment to 23.22 grains (1.505 g) in 1837 (16:1 ratio).citation needed
In 1862, paper money was issued without the backing of precious metals, due to the Civil War. Silver and gold coins continued to be issued and in 1878 the link between paper money and coins was reinstated. This disconnection from gold and silver backing also occurred during the War of 1812. The use of paper money not backed by precious metals had also occurred under the Articles of Confederation from 1777 to 1788. With no solid backing and being easily counterfeited, the continentals quickly lost their value, giving rise to the phrase "not worth a continental". This was a primary reason for the "No state shall... make any thing but gold and silver coin a tender in payment of debts" clause in article 1, section 10 of the United States Constitution.
The Gold Standard Act of 1900 abandoned the bimetallic standard and defined the dollar as 23.22 grains (1.505 g) 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 confiscated in 1933 and the gold standard was changed to 13.71 grains (0.888 g), 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 August 15, 1971citation needed saw the U.S. dollar freely float on currency markets.
According to the Bureau of Engraving and Printing, the largest note it ever printed was the $100,000 Gold Certificate, Series 1934. These notes were printed from December 18, 1934 through January 9, 1935, and were issued by the Treasurer of the United States to Federal Reserve Banks only against an equal amount of gold bullion held by the Treasury. These notes were used for transactions between Federal Reserve Banks and were not circulated among the general public.
Coins
Official United States coins have been produced every year from 1792 to the present.
- Half-cent 1792 - 1857
- Penny 1793–present
- 2-cent 1864–1873
- 3-cent 1851-1873
- Half Dime 1792-1873 (Not to be confused with the Nickel below also worth 5 cents)
- Nickel 1866–present
- Dime 1792–present
- 20-cent 1875-1878
- Quarter 1796–present
- Half dollar 1794–present
- Dollar coin (United States) 1794–present
- Quarter Eagle ($2.5 gold coin) 1792-1929
- Three-dollar piece 1854-1889
- Half Eagle ($5 gold coin) 1795-1929
- Eagle ($10 gold coin) 1795-1929
- Double Eagle ($20 gold coin) 1850-1933
Collector coins for which everyday transactions are non-existent.26
- American Eagles originally were not available from the Mint for individuals but had to 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.
- * American Silver Eagle $1 (1 troy ounce) silver bullion coin 1986-Present
- * American Gold Eagle $5 (1/10 troy oz), $10 (1/4 troy oz), $25 (1/2 troy oz), and $50 (1/4 troy oz) Gold bullion coin 1986-Present
- * American Platinum Eagle ($10, $25, $50, and $100 platinum coin) 1997–present
- United States commemorative coins - special issue coins
- * $50.00 (Half Union) 1915
- * Presidential Proofs (see below) 2007-present
Technically, all these coins are still legal tender at face value, though some are far more valuable today for their numismatic value, and for gold and silver coins, their precious metal value. From 1965 to 1970 the Kennedy half dollar was the only circulating coin with any silver content though the Mint still makes what it calls Silver Proof sets for collectors.
In addition, an experimental $4.00 (Stella) 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 which were octagonal; this remains the only U.S. coin that was not round as well as the largest and heaviest U.S. 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.
Collector coins
The United States Mint produces Proof Sets specifically for collectors and speculators. Silver Proofs tend to be the standard designs but with the dime, quarter, half dollar, and in some cases the dollar having silver content. Another type of proof set is the Presidential Dollar Proof Set where four special $1 coins are minted each featuring a president.
- 2007 had George Washington, John Adams, Thomas Jefferson, and James Madison
- 2008 had James Monroe, John Quincy Adams, Andrew Jackson, and Martin Van Buren
- 2009 had William Henry Harrison, John Tyler, James K. Polk, and Zachary Taylor
- 2010 has Millard Fillmore, Franklin Pierce, James Buchanan, and Abraham Lincoln
- 2011 is to have Andrew Johnson, Ulysses S. Grant, Rutherford B. Hayes, and James A. Garfield
Dollar coins
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The first United States dollar was minted in 1794. Known as the Flowing Hair Dollar, it contained 416 grains of "standard silver" (89.25% silver and 10.75% copper), as specified by Section 13 27 of the Coinage Act of 1792. It was designated by Section 9 of that Act as having "the value of a Spanish milled dollar".
Dollar coins have not been very popular in the United States.28 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 19th century. The 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, (the Sacagawea dollar) 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. There are indications that the dollar coin's failure was also due to the reluctance of armored transport companies to make the necessary adjustments to handle the new coins, and the government's reluctance to mandate it.29 The result of the armored carriers' unwillingness to handle the new coins was that they virtually never reached merchants in quantities sufficient to be given out as change on a routine basis, or for retail clerks to become used to handling them.
In February 2007, the U.S. Mint, under the Presidential $1 Coin Act of 2005,30 introduced a new $1 U.S. Presidential dollar coin. Based on the success of the "50 State Quarters" series, the new coin features a sequence of presidents in order of their inaugurations, starting with George Washington, on the obverse side. The reverse side features 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 £1 coin, is not usually associated with U.S. coin designs. The inscription "Liberty" has been eliminated, with the Statue of Liberty serving as a sufficient replacement. In addition, due to the nature of U.S. coins, this will be the first time there will be circulating U.S. coins of different denominations with the same President featured on the obverse (heads) side. (Lincoln/penny, Jefferson/nickel, Franklin D. Roosevelt/dime, Washington/quarter and Kennedy/half dollar.) 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 U.S. President to be elected to two non-consecutive terms.31
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.32 Some 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.
Mint marks
Most U.S. coins bear a mint mark as part of the design, usually found on the front of the coin near the date although in the past it was more commonly found on the reverse. The Philadelphia Mint issues coins bearing a letter P (or no mark at all), while the Denver Mint uses a letter D. The San Francisco Mint uses an S, though no coins have been released from that mint for general circulation since 1980. It does, however, continue to strike proof coins for collectors. The West Point Mint uses a W, though this is rarely seen as the West Point mint generally only makes high denomination coins (with face values over $1.00) which are not meant for everyday use. A CC mark, for the Carson City Mint, was used for a short time in the mid-19th century, but the mint at that location was only a temporary establishment. The New Orleans Mint used a mint mark O. It operated from the 1830s until the American Civil War, and again from 1879 to 1909. The letter D was also used for coinage of the Dahlonega Mint from 1837 to 1861, and C was used for the Charlotte Mint during the same timespan. The latter two mints struck gold coins only.
Banknotes
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The U.S. Constitution provides that Congress shall have the power to "borrow money on the credit of the United States".33 Congress has exercised that power by authorizing twelve private companies—the Federal Reserve Banks—to issue Federal Reserve Notes. Those notes are "obligations of the United States" and "shall be redeemed in lawful money on demand at the Treasury Department of the United States, in the city of Washington, District of Columbia, or at any Federal Reserve bank."34 Federal Reserve Notes are designated by law as "legal tender" for the payment of debts.35 Congress has also authorized the issuance of more than 10 other types of banknotes, including the United States Note36 and the Federal Reserve Bank Note. The Federal Reserve Note is the only type that remains in circulation since the 1970s.
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.
- $1 and $2 color: White and rich gray
- $5 color: Gray and some purple
- $10 color: Light yellow
- $20 color: Light green
- $50 color: Deep blue and purple
- $100 color: Rich light blue (Series 2009 redesign is scheduled for release on February 10, 2011) 37
Currently printed denominations are $1, $2, $5, $10, $20, $50, and $100. Notes above the $100 denomination ceased being printed in 1946 and were officially withdrawn from circulation in 1969. These notes were used primarily 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. These notes are now collector's items and are worth more than their face value to collectors.
The design of the notes has been accused of being unfriendly to the visually impaired. A U.S. District Judge ruled on November 28, 2006 that the American bills gave an undue burden to the blind and denied them "meaningful access" to the U.S. currency system. The judge ordered the Treasury Department to begin working on a redesign within 30 days.38
Means of issue
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New dollars are issued when the Federal Reserve elects to fund the purchase of debt, primarily U.S. Treasury Bonds, by creating new reserves rather than financing the purchase with existing reserves. When the bond issuer spends the money, new dollars enter circulation.
In theory, Federal Reserve Notes are like checks: liabilities drawn on the Federal Reserve Bank. The Fed offsets these liabilities by holding U.S. Treasury Bonds as assets, which are backed by the U.S. Government's ability to levy taxes and repay.
When compared to hard money backed by gold or silver, this debt-based approach has the advantage of making the currency elastic, giving the government a means of expanding or contracting the money supply in response to changing economic conditions. The disadvantage of this approach is inflation. The money supply must be continually expanded in order to finance interest payments on the debt by which it is issued. This devalues the currency, causing inflation.
Value
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The 5th paragraph of Section 8 of Article 1 of the U.S. Constitution provides that the U.S. Congress shall have the power to "coin money" and to "regulate the value" of domestic and foreign coins. Congress exercised those powers when it enacted the Coinage Act of 1792. That Act provided for the minting of the first U.S. dollar and it declared that the U.S. dollar shall have "the value of a Spanish milled dollar as the same is now current".39
The table to the right shows the equivalent amount of goods that, in a particular year, could be purchased with $1. The table shows that from 1774 through 2009 the U.S. dollar has lost about 96.4% of its buying power.40
The decline in the value of the U.S. dollar corresponds to price inflation, which is a rise in the general level of prices of goods and services in an economy over a period of time.41 A consumer price index (CPI) is a measure estimating the average price of consumer goods and services purchased by households. The United States Consumer Price Index, published by the Bureau of Labor Statistics, is a measure estimating the average price of consumer goods and services in the United States.42 It reflects inflation as experienced by consumers in their day-to-day living expenses.43 A graph showing the U.S. CPI relative to 1982-1984 and the annual year-over-year change in CPI is shown at right.
The value of the U.S. dollar declined significantly during wartime, especially during the American Civil War, World War I, and World War II.44 The Federal Reserve, which was established in 1913, was designed to furnish an "elastic" currency subject to "substantial changes of quantity over short periods," which differed significantly from previous forms of high-powered money such as gold, national bank notes, and silver coins.45 Over the very long run, the prior gold standard kept prices stable - for instance, the price level and the value of the U.S. dollar in 1914 was not very different from the price level in the 1880s. The Federal Reserve initially succeeded in maintaining the value of the U.S. dollar and price stability, reversing the inflation caused by the First World War and stabilizing the value of the dollar during the 1920s, before presiding over a 30% deflation in U.S. prices in the 1930s.46
Under the Bretton Woods system established after World War II, the value of the U.S. dollar was fixed to $35 per ounce, and the value of the U.S. dollar was thus anchored to the value of gold. Rising government spending in the 1960s, however, led to doubts about the ability of the United States to maintain this convertibility, gold stocks dwindled as banks and international investors began to convert dollars to gold, and as a result the value of the dollar began to decline. Facing an emerging currency crisis and the imminent danger that the United States would no longer be able to redeem dollars for gold, gold convertibility was finally terminated in 1971 by President Nixon, resulting in the "Nixon shock."47
The value of the U.S. dollar was therefore no longer anchored to gold, and it fell upon the Federal Reserve to maintain the value of the U.S. currency. The Federal Reserve, however, continued to increase the money supply, resulting in stagflation and a rapidly declining value of the U.S. dollar in the 1970s. This was largely due to the prevailing economic view at the time that inflation and real economic growth were linked (the Phillips curve), and so inflation was regarded as relatively benign.47 Between 1965 and 1981, the U.S. dollar lost two thirds of its value.40
In 1979, President Carter appointed Paul Volcker Chairman of the Federal Reserve. The Federal Reserve tightened the money supply and inflation was substantially lower in the 1980s, and hence the value of the U.S. dollar stabilized.47
Over the thirty-year period from 1981 to 2009, the U.S. dollar lost over half its value.40 This is because the Federal Reserve has targeted not zero inflation, but a low, stable rate of inflation - between 1987 and 1997, the rate of inflation was approximately 3.5%, and between 1997 and 2007 it was approximately 2%. The so-called "Great Moderation" of economic conditions since the 1970s is credited to monetary policy targeting price stability.47
There is ongoing debate about whether central banks should target zero inflation (which would mean a constant value for the U.S. dollar over time) or low, stable inflation (which would mean a continuously but slowly declining value of the dollar over time, as is the case now). Although some economists are in favor of a zero inflation policy and therefore a constant value for the U.S. dollar,46 others contend that such a policy limits the ability of the central bank to control interest rates and stimulate the economy when needed.48
International use
The dollar is also used as the standard unit of currency in international markets for commodities such as gold and petroleum (the latter sometimes called petrocurrency is the source of the term petrodollar). Some non-U.S. companies dealing in globalized markets, such as Airbus, list their prices in dollars.
The U.S. dollar is the world's foremost reserve currency. In addition to holdings by central banks and other institutions, there are many private holdings, which are believed to be mostly in one-hundred-dollar banknotes (indeed, most American banknotes actually are held outside the United States). All holdings of U.S.-dollar bank deposits held by non-residents of the United States are known as "eurodollars" (not to be confused with the euro), regardless of the location of the bank holding the deposit (which may be inside or outside the U.S.).
Economist Paul Samuelson and others (including, at his death, Milton Friedman) have maintained that the overseas demand for dollars allows the United States to maintain persistent trade deficits without causing the value of the currency to depreciate or the flow of trade to readjust. But Samuelson recently has said he now believes that at some uncertain future period these pressures will precipitate a run against the U.S. dollar with serious global financial consequences.49
The dollar as international reserve currency
The U.S. dollar is an important international reserve currency along with the euro. The euro inherited this status from the German mark, and since its introduction, has increased its standing considerably, mostly at the expense of the dollar. Despite the dollar's recent losses to the euro, it is still by far the major international reserve currency, with an accumulation more than double that of the euro.
In August, 2007, two scholars affiliated with the government of the People's Republic of China threatened to sell its substantial reserves in American dollars in response to American legislative discussion of trade sanctions designed to revalue the Chinese yuan.50 The Chinese government denied that selling dollar-denominated assets would be an official policy in the foreseeable future.
Former Federal Reserve Chairman Alan Greenspan said in September 2007 that the euro could replace the U.S. dollar as the world's primary reserve currency. It is "absolutely conceivable that the euro will replace the dollar as reserve currency, or will be traded as an equally important reserve currency."51
| '95 | '96 | '97 | '98 | '99 | '00 | '01 | '02 | '03 | '04 | '05 | '06 | '07 | '08 | '09 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| US dollar | 59.0% | 62.1% | 65.2% | 69.3% | 70.9% | 70.5% | 70.7% | 66.5% | 65.8% | 65.9% | 66.4% | 65.7% | 64.1% | 64.1% | 62.2% |
| Euro | 17.9% | 18.8% | 19.8% | 24.2% | 25.3% | 24.9% | 24.3% | 25.2% | 26.3% | 26.4% | 27.3% | ||||
| Pound sterling | 2.1% | 2.7% | 2.6% | 2.7% | 2.9% | 2.8% | 2.7% | 2.9% | 2.6% | 3.3% | 3.6% | 4.2% | 4.7% | 4.0% | 4.3% |
| Japanese yen | 6.8% | 6.7% | 5.8% | 6.2% | 6.4% | 6.3% | 5.2% | 4.5% | 4.1% | 3.9% | 3.7% | 3.2% | 2.9% | 3.1% | 3.0% |
| German mark | 15.8% | 14.7% | 14.5% | 13.8% | |||||||||||
| French franc | 2.4% | 1.8% | 1.4% | 1.6% | |||||||||||
| Swiss franc | 0.3% | 0.2% | 0.4% | 0.3% | 0.2% | 0.3% | 0.3% | 0.4% | 0.2% | 0.2% | 0.1% | 0.2% | 0.2% | 0.1% | 0.1% |
| Other | 13.6% | 11.7% | 10.2% | 6.1% | 1.6% | 1.4% | 1.2% | 1.4% | 1.9% | 1.8% | 1.9% | 1.5% | 1.8% | 2.2% | 3.1% |
| Sources: 1995-1999, 2006-2009 IMF: Currency Composition of Official Foreign Exchange Reserves Sources: 1999-2005 ECB: The Accumulation of Foreign Reserves |
|||||||||||||||
U.S. Dollar Index
The U.S. Dollar Index (Ticker: DXY) is the creation of the New York Board of Trade (NYBOT). It was established in 1973 for tracking the value of the USD against a basket of currencies, which, at that time, represented the largest trading partners of the United States. It began with 17 currencies from 17 nations, but the launch of the euro subsumed 12 of these into one, so the USDX tracks only six currencies today.
| Euro | 57.6% |
| Japanese yen | 13.6% |
| Pound sterling | 11.9% |
| Canadian dollar | 9.1% |
| Swedish krona | 4.2% |
| Swiss franc | 3.6% |
| Source: NYBOT, " US Dollar Index", pg.3 (PDF) | |
The Index is described by the NYBOT as "a trade weighted geometric average".52 The baseline of 100.00 on the USDX was set at its launch in March 1973. This event marks the watershed between the wider margins arrangement of the Smithsonian regime and the period of generalized floating that led up to the Second Amendment of the Articles of Agreement of the IMF. Since 1973, the USDX has climbed as high as the 160s and drifted as low as the 70s.
The USDX has not been updated to reflect new trading realities in the global economy, where the bulk of trade has shifted strongly towards new partners like China and Mexico and oil-exporting countries while the United States has de-industrialized.
Dollarization and fixed exchange rates
Other nations besides the United States use the U.S. dollar as their official currency, a process known as official dollarization. For instance, Panama has been using the dollar alongside the Panamanian balboa as the legal tender since 1904 at a conversion rate of 1:1. Ecuador (2000), El Salvador (2001), and East Timor (2000) all adopted the currency independently. The former members of the U.S.-administered Trust Territory of the Pacific Islands, which included Palau, the Federated States of Micronesia, and the Marshall Islands, chose not to issue their own currency after becoming independent, having all used the U.S. dollar since 1944. Two British dependencies also use the U.S. dollar: the British Virgin Islands (1959) and Turks and Caicos Islands (1973).
Some countries that have adopted the U.S. dollar issue their own coins: See Ecuadorian centavo coins, Panamanian Balboa and East Timor centavo coins.
Some other countries link their currency to U.S. dollar at a fixed exchange rate. The local currencies of Bermuda and the Bahamas can be freely exchanged at a 1:1 ratio for USD. Argentina used a fixed 1:1 exchange rate between the Argentine peso and the U.S. dollar from 1991 until 2002. The currencies of Barbados and Belize are similarly convertible at an approximate 2:1 ratio. In Lebanon, one dollar is equal to 1500 Lebanese pound, and is used interchangeably with local currency as de facto legal tender. The exchange rate between the Hong Kong dollar and the United States dollar has also been linked since 1983 at HK$7.8/USD, and pataca of Macau, pegged to Hong Kong dollar at MOP1.03/HKD, indirectly linked to the U.S. dollar at roughly MOP8/USD. Several oil-producing Arab countries on the Persian Gulf, including Saudi Arabia, peg their currencies to the dollar, since the dollar is the currency used in the international oil trade.
The People's Republic of China's renminbi was informally and controversially pegged to the dollar in the mid-1990s at ¥ 8.28/USD. Likewise, Malaysia pegged its ringgit at RM3.8/USD in 1997. On July 21, 2005 both countries removed their pegs and adopted managed floats against a basket of currencies. Kuwait did likewise on May 20, 2007,53 and Syria did likewise in July 2007.54 However, after three years of slow appreciation, the Chinese yuan has been de facto re-pegged to the dollar since July 2008 at a value of ¥6.83/USD; although no official announcement had been made, the yuan has remained around that value within a narrow band since then, similar to the Hong Kong dollar.
Belarus, on the other hand, pegged its currency, the Belarusian ruble, to a basket of foreign currencies (U.S. dollar, euro and Russian ruble) in 2009.55
In some countries such as Peru and Uruguay, the USD is commonly accepted although not officially regarded as a legal tender. In Mexico's border area and major tourist zones, it is accepted as if it were a second legal currency. Many Canadian merchants also accept U.S. dollars, albeit sometimes only at face value. In Cambodia, U.S. notes circulate freely and are preferred over the Cambodian riel for large purchases,5657 with the riel used for change to break 1 USD. After the U.S. invasion of Afghanistan, U.S. dollars are accepted as if it were legal tender. Prices of most big ticket items such as houses and cars are set in U.S. dollarscitation needed.
Dollar versus euro
| Year | Highest ↑ | Lowest ↓ | ||||
|---|---|---|---|---|---|---|
| Date | Rate | Date | Rate | |||
| 1999 | 03 Dec | €0.9985 | 05 Jan | €0.8482 | ||
| 2000 | 26 Oct | €1.2118 | 06 Jan | €0.9626 | ||
| 2001 | 06 Jul | €1.1927 | 05 Jan | €1.0477 | ||
| 2002 | 28 Jan | €1.1658 | 31 Dec | €0.9536 | ||
| 2003 | 08 Jan | €0.9637 | 31 Dec | €0.7918 | ||
| 2004 | 14 May | €0.8473 | 28 Dec | €0.7335 | ||
| 2005 | 15 Nov | €0.8571 | 03 Jan | €0.7404 | ||
| 2006 | 02 Jan | €0.8456 | 05 Dec | €0.7501 | ||
| 2007 | 12 Jan | €0.7756 | 27 Nov | €0.6723 | ||
| 2008 | 27 Oct | €0.8026 | 15 Jul | €0.6254 | ||
| 2009 | 04 Mar | €0.7965 | 03 Dec | €0.6614 | ||
| 2010 | 08 Jun | €0.8374 | 13 Jan | €0.6867 | ||
| Source: Euro exchange rates in USD, ECB | ||||||
Not long after the introduction of the euro (€ ; ISO 4217 code EUR) as a cash currency in 2002, the dollar began to depreciate steadily in value, as it did against other major currencies.58 From 2003 to 2005, this depreciation continued, reflecting a widening current account deficit. Although the current account deficit began to stabilize in 2006 and 2007, depreciation persisted.58 The fallout from the subprime mortgage crisis in 2008 prompted the Federal Reserve to lower interest rates in September 2007,59 and again in March 2008,60 sending the euro to a record high of $1.6038, reached in July 2008.61
In addition to the trade deficit, the U.S. dollar's decline was linked to a variety of other factors, including a major spike in oil prices.62 Economists such as Alan Greenspan suggested that another reason for the decline of the dollar was its decreasing role as a major reserve currency. Chinese officials signaled plans to diversify the nation's $1.9 trillion reserve in response to a falling U.S. currency which also set the dollar under pressure.6364
However, a sharp turnaround began in late 2008 with the onset of the global financial crisis. As investors sought out safe-haven investments in U.S. treasuries and Japanese government bonds from the financial turmoil, the Japanese yen and United States dollar sharply rose against other currencies, including the euro.65 At the same time, however, many countries such as China,66 India and Russia announced their intentions to diversify their foreign reserve portfolios away from the U.S. dollar.67
The European sovereign debt crisis that unfolded in 2010 sent the euro falling to a four-year low of $1.1877 on June 7, as investors considered the risk that certain Eurozone members may default on their government debt.68 The euro's decline in 2008-2010 had erased half of its 2000-2008 rally.61
Exchange rates
Historical exchange rates
| 1970* | 1980* | 1985* | 1990* | 1993 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Euro | - | - | - | 0.8343 | 0.8551 | 0.9387 | 1.0832 | 1.1171 | 1.0578 | 0.8833 | 0.8040 | 0.8033 | 0.7960 | 0.7293 | 0.6791 | 0.7176 |
| Japanese yen | 357.6 | 240.45 | 250.35 | 146.25 | 111.08 | 113.73 | 107.80 | 121.57 | 125.22 | 115.94 | 108.15 | 110.11 | 116.31 | 117.76 | 103.39 | 93.68 |
| Pound sterling | 0.4164 | 0.448470 | 0.861370 | 0.6207 | 0.6660 | 0.6184 | 0.6598 | 0.6946 | 0.6656 | 0.6117 | 0.5456 | 0.5493 | 0.5425 | 0.4995 | 0.5392 | 0.6385 |
| Canadian dollar | 1.081 | 1.168 | 1.321 | 1.1605 | 1.2902 | 1.4858 | 1.4855 | 1.5487 | 1.5704 | 1.4008 | 1.3017 | 1.2115 | 1.1340 | 1.0734 | 1.0660 | 1.1412 |
| Mexican peso | - | 22.8001 | 206.971 | 2,679.51 | 3.1237 | 9.553 | 9.459 | 9.337 | 9.663 | 10.793 | 11.290 | 10.894 | 10.906 | 10.928 | 11.143 | 13.498 |
| Renminbi yuan | 2.46 | 1.5 | 2.7957 | 4.7339 | 5.7795 | 8.2781 | 8.2784 | 8.2770 | 8.2771 | 8.2772 | 8.2768 | 8.1936 | 7.9723 | 7.6058 | 6.9477 | 6.8307 |
| Singapore dollar | - | - | 2.179 | 1.903 | 1.6158 | 1.6951 | 1.7361 | 1.7930 | 1.7908 | 1.7429 | 1.6902 | 1.6639 | 1.5882 | 1.5065 | 1.4140 | 1.4543 |
| Source: Last 4 years 2005-2002 2003-2000 1996-1999 1993-1996 1990 1970-1992 1970-1985 Canada, China, Mexico 1. Mexican peso values prior to 1993 revaluation. |
||||||||||||||||
See also
References
- ^ U.S. Dollar and Pakistani rupee are widely accepted.
- ^ Alongside Cambodian Riel
- ^ Alongside East Timor centavo coins
- ^ Alongside Ecuadorian centavo coins
- ^ U.S. dollar is widely used alongside the Lebanese Pound at a fixed exchange rate of 1:1,500
- ^ Alongside Panamanian balboa coins
- ^ Alongside Zimbabwean dollar (suspended indefinitely from 12 April 2009), Euro, Pound Sterling, South African rand and Botswana pula. The U.S. Dollar has been adopted as the official currency for all government transactions.
- ^ Alongside Bermudian dollar)
- ^ Salvadoran colón is now used only by some banks in few electronic transactions.
- ^ "The Implementation of Monetary Policy - The Federal Reserve in the International Sphere" (PDF). http://www.federalreserve.gov/pf/pdf/pf_4.pdf. Retrieved 2010-08-24.
- ^ Benjamin J. Cohen, The Future of Money, Princeton University Press, 2006, ISBN 0-691-11666-0; cf. "the dollar is the de facto currency in Cambodia", Charles Agar, Frommer's Vietnam, 2006, ISBN 0-471-79816-9, p. 17
- ^ "Paragraph 5 of Section 8 of Article 1 of the Constitution of the United States of America". Topics.law.cornell.edu. http://topics.law.cornell.edu/constitution/articlei#section8. Retrieved 2010-08-24.
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- ^ "2009 Financial Report of the United States Government" (PDF). http://www.gao.gov/financial/fy2009/09frusg.pdf. Retrieved 2010-08-24.
- ^ Mehl, B. Max. "United States $50.00 Gold Pieces, 1877", in Star Rare Coins Encyclopedia and Premium Catalogue (20th edition, 1921)
- ^ a b National Geographic. June 2002. p. 1. Ask Us.
- ^ Nussbaum, Arthur (1957). A History of the Dollar. New York: Columbia University Press..
- ^ Cajori, Florian ([1929]1993). A History of Mathematical Notations (Vol. 2). New York: Dover, 15–29. ISBN 0-486-67766-4
- ^ Aiton, Arthur S. and Benjamin W. Wheeler (May 1931). "The First American Mint", The Hispanic American Historical Review 11 (2), 198 and note 2 on 198.
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- ^ Rand, Ayn. Atlas Shrugged. 1957. Signet. 1992. p628
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- ^ CNN Money Congress tries again for a dollar coin. Written by Gordon T. Anderson. Published April 25, 2005.
- ^ http://www.gao.gov/new.items/d02896.pdf
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- ^ Godless Dollars
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- ^ U.S. Treasury website which tells of redesign of $100 bill Accessed May 15, 2010.
- ^ CNNMoney.com (2006-11-29). "Judge rules paper money unfair to blind". http://money.cnn.com/2006/11/28/markets/treasury_ruling/index.htm?postversion=2006112818. Retrieved 2008-02-17.
- ^ "Section 9 of the Coinage Act of 1792". Memory.loc.gov. http://memory.loc.gov/cgi-bin/ampage?collId=llsl&fileName=001/llsl001.db&recNum=371. Retrieved 2010-08-24.
- ^ a b c "Measuring Worth - Purchasing Power of Money in the United States from 1774 to 2009". http://www.measuringworth.com/ppowerus/. Retrieved 2010-04-22.
- ^ Oliver Blanchard (2000). Macroeconomics (2nd ed.), Englewood Cliffs, N.J: Prentice Hall, ISBN 0-13-013306-X
- ^ "Consumer Price Index Frequently Asked Questions". http://www.bls.gov/cpi/cpifaq.htm#Question_1. Retrieved 2010-07-17.
- ^ "Consumer Price Index Frequently Asked Questions". http://www.bls.gov/cpi/cpifaq.htm#Question_12. Retrieved 2010-07-17.
- ^ Milton Friedman, Anna Jacobson Schwartz. A monetary history of the United States, 1867-1960. p. 546. ISBN B000OL2K26.
- ^ Friedman 189-190
- ^ a b "Central Banking--Then and Now". http://www.minneapolisfed.org/publications_papers/pub_display.cfm?id=3723. Retrieved 2010-07-17.
- ^ a b c d "Controlling Inflation: A Historical Perspective". http://www.dallasfed.org/research/swe/1993/swe9304b.pdf. Retrieved 2010-07-17.
- ^ "U.S. Monetary Policy: The Fed's Goals". http://www.frbsf.org/publications/federalreserve/monetary/goals.html. Retrieved 2010-07-17.
- ^ "China, U.S. should adjust approach to economic growth". English.people.com.cn. 2005-12-26. http://english.people.com.cn/200512/26/eng20051226_230852.html. Retrieved 2010-08-24.
- ^ Evans-Pritchard, Ambrose (2007-08-08). "China threatens 'nuclear option' of dollar sales.". The Daily Telegraph (London). http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/08/07/bcnchina107a.xml. Retrieved September 26, 2007.
- ^ "Reuters". Euro could replace dollar as top currency - Greenspan. http://www.reuters.com/article/bondsNews/idUSL1771147920070917. Retrieved September 17, 2007.
- ^ NYBOT, "U.S. Dollar Index", pg.2
- ^ "Kuwait pegs dinar to basket of currencies". Forbes. 2007-05-20. http://www.forbes.com/markets/feeds/afx/2007/05/20/afx3739653.html. Retrieved 2007-06-06.
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- ^ "New exchange rate will make Belarusian exports competitive, NBRB vows". State Customs Committee of the Republic of Belarus. 2009-01-06. http://gtk.gov.by/en/news?id=1587. Retrieved 2009-01-24.
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- ^ a b "Euro Weakens on Concerns Over Europe Spending Cuts". Bloomberg. 2008-06-01. http://www.bloomberg.com/news/2010-05-31/euro-declines-on-concerns-spending-cuts-to-rein-in-debt-will-damp-recovery.html.
- ^ "Oil Rises to Record on Weakening Dollar, Morgan Stanley Outlook". Bloomberg. 2008-06-06. http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aMJRL55kYvJY.
- ^ Jeffrey Frankel. "What's Ahead: Decade of the Dollar, the Euro, or the RMB?". http://www.google.com/search?q=cache:YJGwvYpXxJQJ:ksghome.harvard.edu/~jfrankel/AthensDecade%24euroRMB-J.doc+Decade+of+the+Dollar,+the+Euro,+or+the+RMB&hl=en&ct=clnk&cd=1&gl=us. Retrieved November 7, 2007.
- ^ Adam S. Posen, "The Rise of the Euro: Currency Is Emerging as Rival to the Dollar," The Ripon Review July 2005
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- ^ "Euro Climbs Most Versus Dollar in Two Weeks on Outlook for Global Growth". Bloomberg. 2008-06-10. http://www.bloomberg.com/news/2010-06-09/euro-trades-near-four-year-low-before-ecb-meeting-kiwi-advances-on-rates.html.
- ^ "FRB: G.5A Release- Foreign Exchange Rates, Release Dates". Federalreserve.gov. http://www.federalreserve.gov/releases/g5a/. Retrieved 2010-08-24.
- ^ a b 1970-1992. 1980 derived from AUD-USD=1.1055 and AUD-GBP=0.4957 at end of Dec 1979: 0.4957/1.1055=0.448394392; 1985 derived from AUD-USD=0.8278 and AUD-GBP=0.7130 at end of Dec 1984: 0.7130/0.8278=0.861319159
External links
| Wikimedia Commons has media related to: United States dollar |
- U.S. Bureau of Engraving and Printing
- U.S. Currency and Coin Outstanding and in Circulation
- U.S. Treasury page with images of all current banknotes
- American Currency Exhibit at the San Francisco Federal Reserve Bank
- Relative values of the US dollar, from 1790 to 2006
- Summary of BEP Production Statistics
- The U.S. Treasury's Coins & Currency portal
- U.S. Currency tracking experiment
- 50 Factors that Affect the Value of the US Dollar – Currency Trading.net
Images of U.S. currency and coins
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- China Equity Market Value May Overtake US - 24/7 Wall St.
- Almost every analysis about competition between the US and China puts the People's Republic in the lead. China has more people, lower labor costs, more efficient protectionism, a better currency value and a growth in technology prowess. Mayhill Fowler
- Mayhill Fowler: He Is Not One of Us
- In consideration of Obama's atypical American upbringing, I marvel at the O-team's former confidence that the public would be satisfied with their candidate's sparse remarks in public about his parents. The Huffington Post News Editors
- U.S. Interpreters In Afghanistan Can't Speak Afghan Languages ...
- More than one quarter of the translators working alongside American soldiers in Afghanistan failed language proficiency exams but were sent onto the battlefield anyway, according to a former employee of the company that holds contracts ... US Magazine Team
- News - Britney Spears Slams Bodyguard's Sexual Harassment Claims ...
- "Someone is trying to take advantage of the Spears family," she says after her bodyguard's shocking lawsuit. US Magazine Team
- News - Katie Holmes: I Don't Think I'll Have Another Baby - Moms ...
- "I was a bit of an only child, and I liked it!" she says. The Huffington Post News Editors
- U.S. Open Spider Monkey Tries To Predict Tennis Matches
- Meet Grandpa, the 34-year-old psychic spider monkey, who had a perfect 4-0 record when picking random matches at the US Open heading into Wednesday. I'd introduce him to Paul, but part of me feels that the octopus foresaw this genius of ... Brian Holcombe
- Youth is the theme as U.S. road world championship teams take ...
- Tyler Farrar is the likely leader of the nine-man US men team for the world's road race. A cast of young riders, and perhaps Christian Vande Velde, US Magazine Team
- News - Judge Tells Snooki She's a "Lindsay Lohan Wannabe" for ...
- The Jersey Shore star is also derided as "rude and self-indulgent" as she faces the music in court. The Huffington Post News Editors
- Vanguard Team Of U.S. Veterans Brings Aid to Pakistan
- A small group of military veterans are using the training and logistics skills they learned at war to conduct humanitarian missions in remote areas of the world, CNN reports. unknown
- Why the U.S. is still the center of Canada's economic universe ...
- Trade data this morning shows why the United States is still a key driver of Canada's economy, despite much focus recently on the robustness of domestic demand and trade with emerging markets. While exports to countries other than the ... Barry Ritholtz
- US Infrastructure Report Card: “D” | The Big Picture
- Yesterday on XM Sirius, we discussed Infrastructure. One of the callers was a civil engineer who suggested we take a look at the US Infrastructure Report. Council on Foreign Relations
- A Conversation with U.S. Secretary of State Hillary Rodham Clinton ...
- Secretary of State Hillary Clinton discusses US diplomatic relations. US Magazine Team
- News - Mike Tyson to Be a Dad for the Eighth Time! - Moms & Babies ...
- His rep confirms that his wife is expecting a boy early next year. Kerri Shannon
- China Overtakes The US In Total Renewable Energy Investments ...
- China for the first time has overtaken the United States as the most attractive country for renewable energy investment, according to a quarterly index ranking. Jay Yarow
- Apple Is Losing 20% Of U.S. iPhone 4 Sales To Antennagate
- Not being on Verizon is a much bigger problem, though. US Magazine Team
- News - Miley Cyrus Goes Clubbing With Ashley Greene - Movies, TV ...
- A source tells Us they had a blast, but didn't act "too crazy" Darren Murph
- Apple Peel 520 coming to US shores shortly for an undisclosed ...
- Build it, and they will come. We suspect the same is true with shipping papers. Go Solar USA most certainly hopes so, as it has. editors
- US-AFGHANISTAN: Calls for Change of Strategy Grow Louder — Global ...
- Calling for an accelerated timetable for reducing the U.S. military presence there, the “Afghanistan Study Group”, which also urged intensified efforts to reach a negotiated solution with the Pashtun-based Taliban, echoed many of the ... US Magazine Team
- News - Ashley Tisdale: I'm in the Best Shape of My Life! - Healthy ...
- The Hellcats star shares her diet and fitness secrets with Us. Dominic Haber
- US loses competitiveness to Sweden | TopNews United States
- After losing its position, US now stands at the fourth position on the list which is prepared by looking at various parameters and then ranks the nation based on their relative competitive advantage. Switzerland continues to be on the ... 247wallst
- US Global Competitiveness Takes A Drop - 24/7 Wall St.
- The US is no longer one of the most competitive economies in the world, according to the World Economic Forum. The United States fell two places to fourth place, overtaken by Sweden and Singapore in the rankings of the World Economic ... Brad McCarty
- Google: Net censorship is bad for US trade
- Google: Net censorship is bad for US trade. Nicole Eggenberger
- Angelina Jolie Condemns U.S. Church's Quran Burning Plan While in ...
- Angelina Jolie is currently in Pakistan, trying to help draw attention to the flood victims of the nation, and says she's disappointed that back home in the 201009. unknown
- Djokovic, Federer advance at U.S. Open - KansasCity.com
- Maybe Novak Djokovic is growing up. Yes, he was muttering to himself and gesticulating wildly during his 7-6 (7-2), 6-1, 6-2 victory over 17th-seeded Gael Monfils in the US Open quarterfinals Wednesday in Flushing Meadows, NY. Christian Zibreg
- T-Mobile US to carry iPhone 3GS later this year, but not iPhone 4 ...
- Sep. 8, 2010 - Apple might offer the iPhone through T-Mobile US later this year. Oddly enough, the Deutsche Telekom-owned carrier reportedly won't sell the iPhone 4, unknown
- U.S.-China Trade Tensions May Be Close to Boiling Over - Real Time ...
- US lawmakers could soon replace feisty rhetoric with action on China and its currency policy. The Huffington Post News Editors
- Carnivorous Plants Dwindling Across U.S. From Poaching And Habitat ...
- There's something eerily animal-like about venus flytraps -- touch the trigger hairs and their maws snap shut around an insect, grinning greedily. Flytraps (Dionaea muscipula) are only native to a small area that straddles the border ... Lindsay Sakraida
- U.S. Open, Day 10: Federer, Back at His Intimidating Best -- The ...
- U.S. Open, Day 10: Federer, Back at His Intimidating Best. Photo: Matthew Stockman/Getty Images. Before last night's quarterfinal showdown between Roger Federer and Robin Soderling, the Swiss Maestro had begun to show flashes of his ... Whitney Snyder
- Caroline Wozniacki's U.S. Open Outfit: Is Dress Too Short? (PICTURES)
- Caroline Wozniacki is enjoying a terrific US Open. On Monday, the 20-year-old sensation ousted Maria Sharapova to advance to the quarterfinals. Zarkonnen
- US soldiers "killed Afghan civilians for sport and collected ...
- I so hope the US Army will come out strongly and show soldiers that this is unacceptable. I don't know if they will. When military culture gets this rotten, it corrupts soldiers. This should never have been allowed to happen. ... unknown
- US Marines rescue German ship from pirates - The Local
- US Marines rescued on Thursday a German-owned ship seized by pirates a day earlier, as part of multinational operations to stem piracy in the Gulf of Aden off Somalia, the US Fifth Fleet said. Michael O'Brien
- US Leaving Iraq in Worse Shape Than Saddam by Michael O'Brien ...
- MNSTC-I was commanded by a US Army 3-star general named Martin Dempsey when I arrived there in July 2006. Under his command was a US Navy captain in the civil engineers. By his own admission, the captain had never run a construction ... Stable Hand
- The Jawa Report: US Marines 1 Somalia Pirates 0
- U.S. Navy photo by Petty Officer 2nd Class William Farmerie. In other awesome news via Creeping Sharia: Kurt Westergaard was praised for his bravery by German Chancellor Angela Merkel. BERLIN—German Chancellor Angela Merkel praised the ... Vincent Fernando, CFA
- Economists Slash U.S. GDP Forecasts Yet Again
- There's high unemployment as far as the eye can see. Sean Trende
- What Yesterday's Polls Told Us - Real Clear Politics – TIME.com
- What Yesterday's Polls Told Us Posted by Sean Trende | Email This | Permalink | Email Author. Senate. Florida - CNN/Time parachuted in with five polls of registered voters yesterday. The first poll was of the Florida Senate race, ... Steve
- Fidel: Socialism Doesn't Even Work For Us | Sweetness & Light
- Buried in this giddy recounting of his dream date with Fidel, Jeffry Goldberg of The Atlantic reveals an interesting admission: Fidel: 'Cuban Model Doesn't. Tom Warren
- Neowin.net - Microsoft launches Redu, aimed at U.S. education reform
- News, Reviews & Betas which includes large community peer support. John Terrett
- Stopping US Muslim backlash | Al Jazeera Blogs
- Many delegates attending the interfaith meeting in central DC went on later in the afternoon to discuss anti-Muslim bigotry with the US attorney-general, Eric Holder, at the department of justice. ... The Associated Press
- U.S. highway deaths fall to lowest level since 1950 | NOLA.com
- The number of people dying on the nation's roads has fallen to its lowest level in six decades, helped by a combination of seat belts, safer cars and tougher enforcement of drunken driving laws. The Transportation Department said late ... US Magazine Team
- News - "Terrified" Bristol Had to "Stop and Breathe" at DWTS ...
- An insider tells Us her pro partner Mark Ballas was "bummed" Palin wasn't "more dance-inclined" Gregory White
- New U.S. Trade Deficit Numbers Show We Might Be Turning...German?
- Suddenly, we're exporting more and importing less. Dan Amira
- Marines Recapture Ship From Pirates, Remind Us That Pirates Still ...
- Which is too bad, because the one good thing about the pirates is that it made us feel great when we defeated them, as when that team of snipers saved Maersk Alabama captain Richard Phillips. And in these Dark Times we live in, ... Jesus Diaz
- Science Research Cuts Will Ruin Us All
- The Western World keeps cutting its science research budget because of the economic crisis. As China rises—funneling tons of money into science—our obtuse politicians don't realize that, without pure research, they are sentencing us to ... dvieira
- Media Wednesday: Flo TV Reminds us of the 2000 Holiday Bowl ...
- Media Wednesday: Flo TV Reminds us of the 2000 Holiday Bowl. Domsicecream_tiny by dvieira on Sep 8, 2010 9:22 PM PDT in Oregon Ducks Football Comment 5 comments. Better late than never! Media Wednesday brings you a direct result of the ... Janet Daley
- US nutter plans to burn copies of the Koran: can one idiot really ...
- caption id="attachment_100052989" align="alignnone" width="460" caption="Pastor Terry Jones outside his Gainesville, Florida, church (Photo: AFP)"][/caption] Terry Jones, the "pastor" of a minuscule (congregation 50 - presumably on a ... Perez Hilton
- The VMAs Are Upon Us! | PerezHilton.com
- CLICK HERE to browse through a pHOto gallery of all the MTV Video Music Awards nominees! CLICK HERE to browse through a pHOto gallery of all the MTV Video Music Awards nominees! CLICK HERE to... Joe Weisenthal
- Correlation Breakdown: The Yen Is Now Whipping US Treasuries In ...
- A major split between two formerly closely-linked assets. The Huffington Post News Editors
- 'Medal Of Honor,' Video Game That 'Kills' U.S. Troops, Banned By ...
- WASHINGTON — Military bases across the US have banned the sale of a new video game that lets a player pretend to be a Taliban fighter and "shoot" US troops in Afghanistan. "Medal of Honor" by Electronic Arts, a major game developer ... By DEALBOOK
- Carlyle Hires Head of U.S. Equity Opportunity Group - NYTimes.com
- The Carlyle Group said Wednesday that it has hired Rodney Cohen as the head of its new United States equity opportunity group, which will focus on investments in small to mid-sized companies. Brian Holcombe
- U.S. Cycling This Week: Head to PA to start the UCI cyclocross ...
- This weekend's Nittany Lion Cross is the first UCI cyclocross race of the season, while an hour away, the Univest Grand Prix closes out the UCI Americ. asiegel05
- 2010 U.S. Open TV Schedule, Quarterfinals Edition: Rafael Nadal ...
- Who should you watch on Day 11 of the 2010 US Open? We'll help you decide. AFP
- US fighting a losing war in Afghanistan: Mullah Omar | AAJ News
- The strategy pivots on a surge of 30000 extra troops ordered up by US President Barack Obama in December in an attempt to bring a cohesiveness to the battle which military commanders and politicians had said was missing. ... unknown
- NewsDaily: U.S. slips in WEF's competitiveness rankings
- Switzerland remains the world's most competitive economy, while the United States has fallen from second to fourth after losing the top spot last year, according to the World Economic Forum's annual rankings issued on Thursday. Hugh Collins
- Economists Cut U.S. Growth Forecast for Third Straight Month ...
- A panel of economists cut its forecast for US economic growth for the rest of 2010 for the third month in a row. The latest Blue Chip Economic Indicators report said that lower-than-expected consumer spending, business investment and ... The Huffington Post News Editors
- U.S. Embassies Brace For Retaliation Over Quran Burning
- WASHINGTON — The State Department has ordered US embassies around the world to assess their security ahead of a Florida church group's planned weekend burning of the Muslim holy book amid fears it could spark anti-American violence. unknown
- Titanium Maximum Security – Internet Software Protection - Trend ...
- Titanium Maximum Security software provides automated Internet protection from the cloud securing your computer from virus spyware and malicious websites and protecting your sensitive information when surfing the Internet while ... chrystacherrie@annarbor.com
- Crash slowing morning commute on US-23 north of Ann Arbor ...
- A dispatcher with the Washtenaw County Sheriff's Department said emergency personnel are dealing with a one-car crash at southbound US-23 and North Territorial Road. The crash on the shoulder is not blocking any lanes but is slowing ... The Huffington Post News Editors
- Fourth U.S. Drone Strike In Pakistan In 24 Hours Kills 5
- DERA ISMAIL KHAN, Pakistan — A suspected American missile strike killed five alleged militants in northwestern Pakistan early Thursday, an intelligence official said, the fourth such attack on suspected insurgent targets there in 24 ... admin
- US Military “Leaders”: Their Continued Ignorance and Pandering to ...
- In the past I have pointed out how top US Military. Kevin O'Neil
- Free CTA rides for seniors? Tell us what you think - CTA Tattler
- Regular readers know that I've always been critical of free rides for all senior citizens. It's costing us too much money to sustain. I think we should go back to half fare for all seniors. But what do you think? Take this click poll. ... noreply@blogger.com (Michael Shedlock)
- Mish's Global Economic Trend Analysis: 65% Fear Double-Dip, 71 ...
- For a discussion of whether or not the recession has ended, please see NBER Likely to say "Recession Ended" July 2009; Assessing the Real Time Probability US Back in Recession At this juncture, the debate as to whether the recession has ... uspost
- Toys R Us stores for Holiday Season | US Post Today.
- US retailer Toys R Us, which has filed for an initial public offering, said it plans to open about 600 temporary stores in malls and shopping centers nationwide, doubling the number of store locations for the holiday season. ... Gregg Opelka
- » The Milwaukee Paradox: Claiming to Unite Us, Obama—Once Again ...
- In the Alinsky-Obama world paradigm, it's always Us (the working downtrodden) versus Them (the non-working, reckless greedy). In the A-O paradigm, the housing bubble was unilaterally caused by rapacious brokers and bankers, ... The Huffington Post News Editors
- Karzai Seeks To Limit Role Of U.S. Corruption Investigators
- Afghan President Hamid Karzai intends to impose rules restricting international involvement in anti-corruption investigations, a move that US officials fear will hobble efforts to address the endemic graft that threatens support for his ... ccolton
- Federer Fights Off Wind To Reach US Open Semis « CBS New York ...
- On a wind-swept day at the US Open that had everyone complaining about the conditions, Roger Federer simply embraced them. News, Sports, Weather, Traffic and the Best of NY. AZ
- What US NEWS said about Islam? | AZ Articles
- “In fact, religion experts say Islam is the second-largest religion in the United States… Islam has 5 million to 6 million members, followed by Judaism, with approximately 4.5 million….. And Islam is believed to be fastest-growing ... jkavcnn
- Source: Iran will release one U.S. hiker – This Just In - CNN.com ...
- Iran says it will release one of the three American hikers detained for more than a year on Saturday, a day after the conclusion of the Islamic holy month of Ramadan, according to an official at the ministry of culture and Islamic ... The Associated Press
- US loses ground in competitiveness report | Raw Story
- The U.S. has slipped down the ranks of competitive economies, falling behind Sweden and Singapore due to huge deficits and pessimism about government, a global economic group said Thursday. Switzerland retained the top spot for the ... unknown
- US Losing War in Afghanistan: Taliban Leader Asharq Alawsat ...
- Mullah Omar was one of the leaders of the Taliban regime that ruled Afghanistan with an iron fist from 1996 to the end of 2001, when it was driven out of power by the US invasion. He has been underground since then. ... Jonathan Loesche
- Jacksonville Jaguars: It's finally upon us - Big Cat Country
- As the Jaguars open the 2010 season, it hopefully begins to close a dark period for the team. unknown
- Russia and US Reach New Nuclear Deal « World Video News
- While the US and Russia appear to be off to a new start with this agreement, questions remain about what the new START Treaty means for nuclear security. Ivan Oelrich from the Federation of American Scientists and Greg Theilmann, ... unknown
- Kansans to join readings of US Constitution | State & Regional ...
- Public readings of the US Constitution will take place in Wichita and Topeka on Sept. 18 in a nationwide one-day event that organizers say is meant to revitalize civic culture. Scott Lucas
- Israel-Palestine: Time to Move Beyond a US-Centred Approach ...
- On 1 September, Charles Freeman --- former State Department and Defense Department official, US Ambassador to Saudi Arabia, and nominee in 2009 to head the. By CAROL VOGEL
- Art Team Represents U.S. at 2011 Venice Biennale - NYTimes.com
- The artistic team of Jennifer Allora and Guillermo Calzadilla will represent the United States at the 2011 Venice Biennale. The duo, who have been working together since 1995 and live in San Juan, P.R., were chosen by the Federal ... Sinead Carew
- Do US Open organizers really think the iPad is dangerous ...
- The organizers of the US Open pride themselves on using technology to help tennis fans enjoy the sport more both inside and outside the stadium. The event's tech boasts include an augmented reality iPhone app that IBM developed for the ... streetknowledge
- US soldiers accused of forming 'kill team' and murdering Afghan ...
- US soldiers accused of forming 'kill team' and murdering Afghan citizens for sport. September 9, 2010 streetknowledge Leave a comment Go to comments. I hate to keep posting these stories about what type of stuff is going on in our wars ... Dan Butcher
- Toys "R" Us unveils multichannel mobile CRM tactics - Mobile ...
- Toys “R” Us has launched a new iPhone application that integrates QR codes and content such as videos and rewards into a daily retail shopping experience to enhance its marketing and loyalty initiatives. ... Sean Trende
- RealClearPolitics - What Yesterday's Polls Told Us
- Senate. Florida - CNN/Time parachuted in with five polls of registered voters yesterday. The first poll was of the Florida Senate race, and it finds Republican Marco Rubio leading Independent Charlie Crist and Democrat Kendrick Meek 36 ... Danny King
- U.S. Job Openings Rise in July, Up 30% Since Last Year - DailyFinance
- The number of US job openings in July increased 30% from a year earlier, signaling that companies may be starting to hire again, according to the US Labor Department. unknown
- U.S. Marine commandos overwhelm Somali pirates | Richmond Times ...
- MANAMA, Bahrain -- US Marine commandos stormed a pirate-held cargo vessel off the Somalia coast today, reclaiming control of the ship and taking nine prisoners without firing a shot, the US Navy said. The Navy declined to give specific ... unknown
- Nadal breezes into U.S. Open quarterfinals - Tennis- nbcsports ...
- Rafael Nadal won his 18th consecutive Grand Slam match by beating fellow Spaniard Feliciano Lopez 6-3, 6-4, 6-4 in the fourth round of the US Open. unknown
- U.S. stocks end four-day win streak Market Snapshot - MarketWatch
- US stocks decline as investors seek safer havens to plant their money, with worries flaring up about Europe's banks. US Magazine Team
- News - Bethenny Frankel Tells Us: I Quit The Real Housewives of ...
- After three seasons, she exclusively tells Us Weekly the show no longer brings her "joy" Witold Rybczynski
- US Open Tennis 2010 Results Highlights Schedules and Latest ...
- US Open Tennis 2010 Results Highlights Schedules and Latest Updates – The final leg of the US Open 2010 Tennis Championship is leading its way and nearing the big stages. The US Open Tennis 2010 main attractions for today are top seed ... US Magazine Team
- News - Danielle Staub: Why I Left Real Housewives - Movies, TV ...
- "I'm way too good for this," she tells UsMagazine.com. unknown
- Artist Pair from Puerto Rico To Represent U.S. In Venice Biennial ...
- If the Venice Biennial is the Olympics of the contemporary art world, then the US has just picked its next gold-medal contenders. Jennifer Allora and Guillermo Calzadilla, an artist duo based in Puerto Rico, were chosen today to ... Colby Hall
- U.S. Interpreters In Afghanistan | Brian Ross | Video | Mediaite
- The US military may have officially ended combat operations in Iraq, but the war in Afghanistan is still ongoing. And while many are still questioning both our mission and endgame in that theater, it appears that our troops may be even ... Antony Loewenstein
- US-led “peace talks” going the way Israel hopes (ie. nowhere ...
- But then came the occupation, which turned us into the evil Goliath, the cruel oppressor, a darkness on the nations. And now we are paying the price of presenting ourselves as righteous and causing disappointment.” ... RSharma
- Apple Peel to Hit US Markets Soon: Turns Your iPod into iPhone
- iPod Touch has just come one step closer to become a phone. With a retina display and camera, iPod Touch is already dangerouslyclose to iPhone, but if you. Debbie Goffa
- U.S. Open: Vera Zvonareva safely into semifinals, joins Clijsters ...
- Vera Zvonareva played cautiously in the wind, holding back on trying to make outsized winners and figuring out that having the wind at her back sometimes is a good thing. The 26-year-old Zvonareva, who had played in her first Wimbledon. unknown
- "The US must allow the same level of sovereignty for others as for ...
- In this exclusive interview to RT Politics the well-known Russian economist Mikhail Delyagin points out that many suggestions advocated by American experts are actually a repetition of what the Soviet Union used to have. unknown
- US to fight early release of ex-Ill. gov. Ryan - KansasCity.com
- Federal prosecutors say they will oppose former Illinois Gov. George Ryan's attempts to be released early from prison. Mike Melanson
- Three Quarters of U.S. Internet Users Fall Victim to Cybercrime
- Chances are, if you use the Internet, you are going to get hacked - it's that simple. The New York Times told us yesterday that even a strong ... admin
- A Letter From Marco About The Passing Of - Marco Rubio for US Senate
- By the late 1970's, the hotels on the beach were struggling and my dad left Miami for Las Vegas to find work and set us up to move there. He found a job working as a bar boy at a new hotel called Sam's Town. ...