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25th Mar '13 5:02:42 PM oknazevad

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Paper money, called &#147;bills” in the U.S., start at the dollar. One-dollar coins exist, but the paper one-dollar bill is far more popular. The next denomination up is the little-used $2 bill, which can sometimes lead to confusion as the younger generation does not always recognize it as legal tender. Next are the $5 and $10 bills. The $20 bill is probably the most commonly used in basic transactions, being the standard bill for ATM bank withdrawals, and is also known as a “yuppie food stamp.” Next up are the $50 and $100 bills. They're easy to misplace, what with being a thin strip of cottony paper, so don't! Unlike some other countries, American bills are all the same size and until recently all the same color (Black on white on the front. Green on white on the back. Hence greenbacks) In recent years redesigns have made some bills slightly more colorful as part of anti-counterfeiting measures, though still nowhere as colorful as Euro (or Canadian) bills.[[hottip:*:Many Americans call Canadian bills especially "Monopoly Money" because the fake money used in the board game is also distinctively colored by denomination.]]

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Paper money, called “bills” in the U.S., start at the dollar. One-dollar coins exist, but the paper one-dollar bill is far more popular. The next denomination up is the little-used $2 bill, which can sometimes lead to confusion as the younger generation does not always recognize it as legal tender. Next are the $5 and $10 bills. The $20 bill is probably the most commonly used in basic transactions, being the standard bill for ATM bank withdrawals, and is also known as a “yuppie food stamp.” Next up are the $50 and $100 bills. They're easy to misplace, what with being a thin strip of cottony paper, so don't! Unlike some other countries, American bills are all the same size and until recently all the same color (Black on white on the front. Green on white on the back. Hence greenbacks) In recent years redesigns have made some bills slightly more colorful as part of anti-counterfeiting measures, though still nowhere as colorful as Euro (or Canadian) bills.[[hottip:*:Many Americans call Canadian bills especially "Monopoly Money" because the fake money used in the board game is also distinctively colored by denomination.]]

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Through most of U.S. history, there were four types of bills issued by the US government - ''silver'' and '' gold certificates'', ''United States Notes'', and ''Federal Reserve Notes''. The first two were specie-backed currency, meaning that their value was backed by an equivalent amount of the specific precious metal in their name. Because of the large number of gold certificates in circulation in 1933, there was a fear that a national panic would result in everybody trying to redeem their gold certificates at the same time, bankrupting the U.S. gold reserves; it was for this reason that private ownership of non-jewelry gold was outlawed. That law was not lifted until the 1960s. United States Notes, and Federal Reserve Notes before 1963, were redeemable in “lawful money,” which was never defined by Congress; the only difference between these two types of paper money was that one was issued by the U.S. Treasury and the other was issued by the Federal Reserve. Modern Federal Reserve Notes, which have been the only sort of paper money issued by the US Government since 1963, are ''fiat'' currency - their value is not backed by any hard resource, but by the "full faith and credit" of the U.S. Government.

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Through most of U.S. history, there were four types of bills issued by the US government - ''Silver Certificates'', ''Gold Certificates'', ''United States Notes'', and ''Federal Reserve Notes''.

The first two were specie-backed currency, meaning that their value was backed by an equivalent amount of the specific precious metal in their name. Because of the large number of gold certificates in circulation in 1933, there was a fear that a national panic would result in everybody trying to redeem their gold certificates at the same time, bankrupting the U.S. gold reserves; it was for this reason that private ownership of non-jewelry gold was outlawed. That law was not lifted until the 1960s.

United States Notes, and Federal Reserve Notes before 1963, were redeemable in “lawful money,” which was never defined by Congress; the only difference between these two types of paper money was that one was issued directly by the U.S. Treasury and was severely limited in the amount issued, and the other was issued by the Federal Reserve, the United State's decentralized central bank. Additionally, there were ''National Bank Notes'', bills issued by federally chartered banks that were backed by bonds deposited with the Treasury. After 1929, when US bills were shrunk to their current size and designs standardized for all five types, the color of the Treasury seal on the face could identify the type; gold certificates had yellow seals, silver certificates blue, US Notes red, Federal Reserve notes green and National Bank Notes brown.

Modern Federal Reserve Notes, which have been the only sort of paper money issued by the US Government since 1963, are ''fiat'' currency - their value is not backed by any hard resource, but by the "full faith and credit" of the U.S. Government.

15th Jan '13 5:19:42 PM Lenoxus

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27th Nov '12 3:01:15 PM tracer

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27th Nov '12 2:56:55 PM tracer

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