American Currencies
While some countries around the world use more than one currency, when looking at American currencies, there is just one – the United States dollar. With the official code of USD and the symbol of $, the dollar is divided into 100 cents. Of all international transactions made, the American dollar is by far the most used. In fact, along with the United States using the US dollar, some other countries also use the US dollar as the official currency. In addition, some countries use the US dollar as the de facto currency. Then when looking at some of the British Overseas Territories, the US dollar is used.
Under control of the United States of America Constitution, Congress has the power to produce coin money, which is to be made of copper alloy or pure silver. For American currency in the form of coins, they are marked as “legal tender” to be used for paying debt. Coins made of copper alloy are known as the Sacagawea Dollar whereas coins produced of pure silver are called the American Silver Eagle. In addition, Congress has control over the production of other American currency in coin form, which range in denomination from one hundredth of one dollar to 50 dollars.
When using the word “dollar” associated with the American currency, it is referenced the Spanish milled dollar, which is a coin worth eight Spanish units of currency known as Reales. However, in 1792, an Act was adopted by Congress whereby other coins could be produced, which includes “units or dollars.” Therefore, the American currency is always expressed in units or dollars, which must conform to regulations set forth by the United States court system.
American currencies, which includes both coins and paper money goes by a decimal system. This means the United States dollar is comprised of 100 cents, as well as ten dimes and four quarters. For American currency, any denomination that equals less than $1 would be in coin form whereas money more than a dollar would be in the form of paper money, which are considered notes by the Federal Reserve. The only exception would be coins that can value up to $100 made of silver, gold, or platinum.
Then in 1854, the Secretary of the Treasury at that time suggested gold coins be made in denominations of $25, $50, and $100, which were called a Quarter Union, Half Union, and Union respectively. American currency in the form of paper money is made today using cotton fiber paper. Since 1914, this currency has been printed by the Bureau of Engraving and Printing and issued by the Federal Bank. However, the design has changed dramatically over the years with an increase in counterfeiting. Today, the US dollar in paper form is quite complex, which has helped tremendously.
One confusion for some people in other countries is that because of the different names by which the United States dollar has been called over the year, there are several American currencies but again, there is just one in coin and paper form. For instance during the 18th century, American currency was often called Quid and then in the 19th century, the Greenback and Demand Note. Then a nickname given to American currency of $1,000 or greater is “G” or Grand.
Other common nicknames associated with American currency includes “fifty large” for $50,000, “fin”, “five spot”, or “fiver” for the $5 bill, “ten spot”, “Hamilton”, or “sawbuck for the $10 bill, and “Jackson” or “double sawbuck” for $20. Other nicknames for American currency is for the $2 bill, which is seldom used, is called the “TJ”, “Jefferson”, or deuce” and for the $100 bill, the “Franklin”, “Benji”, and “Benjamin”.
