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Dollars
and Cents – US Currency Facts and Trivia
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Money
does matter!!!
A majority of people immigrate
to the US to start earning in Dollars. Some of the fundamentals
of US currency, the design and its significance are presented
here.
What is the origin
of $ as currency symbol in US?
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One funny explanation
is, it is the letters U and S superimposed (abbreviation
for Uncle Sam?), because the original dollar sign had
two vertical lines, not one.
But the actual theory
is, dollar sign is an abbreviation for 'pesos'. The
Spanish dollar, also known as the peso de 8 reals, was
the principal coin in circulation in the United States
up until 1794, when US began minting its own dollars.
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It is only appropriate that
an Irish immigrant to the United States be the one credited
with originating the dollar sign. Oliver Pollock sailed the
high seas at the age of twenty-three, and settled in Carlisle,
Pennsylvania. This young entrepreneur rapidly established
himself as a wealthy and influential West Indies trader. Pollock
moved his operation to Louisiana, where he amassed even more
wealth as a trader, and as a plantation owner. His success
enabled him to provide supplies to the Patriots’ cause in
the Revolutionary War, and to maintain close contact and a
degree of influence with Congress. Pollock’s success allowed
him easily to purchase military supplies to support "the
cause," as the Spanish Empire had an outpost in New Orleans,
Louisiana. In his dealings with the Spaniards, Pollock used
their currency, the peso.
In true Spanish tradition,
Pollock used an abbreviation for pesos, yet his penmanship
made the abbreviation appear to be the transposition of the
letters "p" and "s." In handwriting, "pesos"
was usually abbreviated lowercase "ps", with s above
and to the right of the p and with the hook on the latter
written with one or two deep strokes. As time went on, the
p and s tended to get mashed together and the result is $.
The dollar sign and the ps
abbreviation were used interchangeably from around 1775 until
the end of the century, after which the latter faded from
view.
[Information Source: Prof.
Florian Cajori - author of "A History of Mathematical
Notations"
Where is currency
printed?
Since 1862 all U.S. currency
has been printed in Washington, D.C., but to help meet increasing
demand, a second printing facility was opened in Fort Worth,
Texas, in 1991. Fort Worth now produces about half the nation's
currency.
Front and backs
of currency coins
| Denomination |
Front |
Back |
| 1 Cent (Penny) |
Abraham Lincoln |
Lincoln Memorial |
| 5 Cents (Nickel) |
Thomas Jefferson |
Monticello |
| 10 Cents (Dime) |
Franklin D. Roosevelt |
Torch |
| 25 Cents (Quarter) |
George Washington |
50 States Design |
| 50 Cents |
John F. Kennedy |
Presidential Coat of Arms |
| 1 Dollar |
Sacagawea |
Bald Eagle |
Motto appearing
on every coin
"Mind Your Business"
- this motto was the first one printed on US coins. But now
the motto is different. "In God We Trust" - found
on all US coins, this phrase was first used in 1864 during
the Civil War. It was dropped for a period, then later restored
by Congress "E Pluribus Unum" (in Latin it means
"From many, One"), this phrase (part of Great Seal
of the United States) also appears on every coin.
Front and backs
of currency notes
| Denomination |
Front |
Back |
| $1 |
George Washington |
ONE between obverse and
reverse of Great Seal of U.S |
| $2 |
Thomas Jefferson |
The Signing of the Declaration
of Independence |
| $5 |
Abraham Lincoln |
Lincoln Memorial |
| $10 |
Alexander Hamilton |
U.S. Treasury Building |
| $20 |
Andrew Jackson |
White House |
| $50 |
Ulysses Grant |
U.S. Capitol |
| $100 |
Benjamin Franklin |
Independence Hall
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Currency note measurement
and material
Currency note measures 2.61
inches wide by 6.14 inches long, and the thickness is 0.0043
inches.
Currency paper is composed of 25 percent linen and 75 percent
cotton. Red and blue synthetic fibers of various lengths are
distributed evenly throughout the paper. Before World War
I these fibers were made of silk.
Federal Reserve
branches
There are 12 Federal Reserves
in US. The Serial number of currency note has the following
prefix as per Federal Reserve it’s attached to.
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| Code |
Federal
Reserve |
| A1 |
Boston |
| B2 |
New York
City |
| C3 |
Philadelphia |
| D4 |
Cleveland |
| E5 |
Richmond |
| F6 |
Atlanta |
| G7 |
Chicago |
| H8 |
St. Louis |
| I 9 |
Minneapolis |
| J10 |
Kansas
City |
| K11 |
Dallas |
| L12 |
San Francisco |
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You
may also be Interested in the following links:
- FAQs
about United States Paper Currency: US Treasury Learning
Vault including Biographies, Secretaries, Treasurers, Duties,
Functions, Treasury History, Tours, Treasury Building, Frequently
Asked Questions
-
FAQs: Currency: Buying, Selling & Redeeming Denominations
Legal Tender Status Portraits & Designs Production & Circulation
- U.S.
Department of the Treasury : Bureau of Engraving and Printing
- Government
Redeems Damaged Currency: The Treasury Department’s
Bureau of Engraving and Printing (BEP) in Washington, DC
examines and reimburses businesses and individuals for their
damaged or mutilated paper money. BEP’s free mutilated currency
service is prominently posted on its web site. This service
is often of particular interest to victims of fires, tornadoes,
floods, and other acts of nature. The BEP’s Office of Currency
Standards handled more than 26,000 mutilated currency claims
and sent out reimbursement checks for over $97 million in
fiscal year 2005. If currency is only wet and not damaged
in any other way, it should be separated as soon as possible,
and placed between paper towels. When they are dry, the
notes should be taken to a local commercial bank or Federal
Reserve Bank where new currency notes for the same amount
will be exchanged.
- Official
U.S. Treasury - FAQs: Portraits & Designs of Currency:
Answers to questions including Why were certain individuals
chosen to be pictured on our paper currency? What portraits
are found on United States paper currency that is in circulation
today? Whose portraits were included on currency notes that
are no longer produced?
- United
States dollar - Wikipedia: Several countries use the
U.S. dollar as their official currency, ... Over time, for
convenience, the US currency symbol evolved as people would
simply...
- You
may also be interested in GaramChai.com's finance
and investments section
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