United States dollar

Overview

The U.S. dollar is most commonly divided into 100 cents (symbol ¢). In another division, there are 1,000 mills to a dollar; additionally, an amount of ten dollars has been referred to as an eagle. However, only cents are in everyday use as divisions of the dollar; "eagle" and "mill" are largely unknown to the general public, though mills are sometimes used in matters of tax levies. 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. (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 twenty dollars.

Related Topics:
Cent - Mills - Eagle - Tax - U.S. coins - Federal Reserve notes - Fractional Currency

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U.S. coins are produced by the United States Mint. U.S. dollar banknotes have been printed by the Bureau of Engraving and Printing for the Federal Reserve since 1914. They began as large-sized notes. In 1928, they switched to small-sized notes, for reasons that are yet to be explained. A logical explanation would be to reduce costs in producing bills, by allowing more bills to be printed on the same amount of paper.

Related Topics:
United States Mint - Banknote - Bureau of Engraving and Printing - Federal Reserve - 1914 - Large-sized note - 1928 - Small-sized note

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Notes above the $100 denomination ceased being printed in 1946 and were officially withdrawn from circulation in 1969. These notes were used primarily either 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 unnecessary. 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. See History of the American dollar for more info about the currency's history.

Related Topics:
1946 - 1969 - Organized crime - President - Richard Nixon - Large denomination bills in U.S. currency - History of the American dollar

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