Posts Tagged ‘bill’

Facts About the One Dollar Bill

Wednesday, March 11th, 2009

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Did you know:

o that the 1st one dollar notes were issued by the Federal Government in 1862. They featured a portrait of Secretary of the Treasury Salmon P. Chase?

o that the first use George Washington’s portrait on one dollar notes was on the 1869 United States Notes?

o that the inclusion of “In God We Trust” on all currency was required by law in 1955. It first appeared on paper money in 1957, on one dollar Silver Certificates, and on all Federal Reserve Notes starting in 1963?

o that the first one dollar Federal Reserve Notes were issued in 1963. It had George Washington on the face and the Great Seal on the back? This remains unchanged.

o that of all the notes printed by the Bureau of Engraving and Printing, one dollar notes make up 45% of all currency made?

o that the life span of a one dollar bill is 21 months?

o that the face and back designs of all U.S. paper currency, except the backs of the one and two dollar bills were adopted in 1928?

o that George Washington is on the one dollar bill, Thomas Jefferson is on the $2, Abraham Lincoln is on the $5, Alexander Hamilton is on the $10, Andrew Jackson is on the $20, Ulysses Grant is on the $50, and Benjamin Franklin is on the $100?

o that notes of higher denominations, while no longer produced featured William McKinley on the $500, Grover Cleveland on the $1000, James Madison on the $5000, and Salmon Chase on the $10,000?

o Faceplate Numbers and Letters are the small numbers and letters that can be found in the lower right and upper left corners of a bill?

o In the left corner of the dollar bill is the Note Position Number? This consists of the Note Position Letter and a quadrant number. The Note Position Letter is followed by the Plate Serial Number. This identifies the plate the note was printed from. The Plate Serial Number for the back side of the note is in the lower-right corner.

o that bills that have a small “FW” in the lower right corner on the front of the bill indicate that the bill was printed at the Bureau of Engraving and Printing’s Western Currency Facility in Fort Worth, Texas?

All of these things contribute to what the dollar is today. You probably haven’t thought much about The Great Seal or the Note Position Letter and Plate Serial Number. If you take a closer look at that dollar in your pocket, you can trace it back to its exact location on the plate it was printed from. It may not be top on your list of things to do when you’re paying for your cup of coffee but someone could certainly track this dollar to its roots if they wanted to. Take a look, you might find something interesting yourself!

Dollar Bill versus Dollar Coin

Tuesday, December 16th, 2008

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dollar bill versus dollar coinThe United States Mint has made several attempts to introduce a coin which would replace the dollar bill. Each time, the end result has been mass production of coins which end up stored in vaults due to lack of demand. Many other countries, including Australia and our neighbor Canada, have replaced their “dollar bill” with a coin version. So why do Americans prefer the bill over the coin so much?

The U.S. Mint pumps out 3.4 billion fresh single dollar bills each year. The truth is, dollar bills wear out in about 18 months while the coins last approximately 30 years. While each coin is more expensive to produce than a bill, the difference in time spent in circulation would mean the overall cost of having a dollar coin instead of a bill over time would be much lower. With this huge of a difference, wouldn’t it be more economical as a nation to utilize the coins? In 2002, the Government Accountability Office stated that our nation could save $500 million a year in production costs if we switched to coins instead of bills. Given the fact that taxpayers could save several hundred million dollars per year just by implementing the dollar coin and phasing out the dollar bill, wouldn’t the appeal to everyone? So just exactly how much is it worth to be able to have a dollar bill instead of a dollar coin?

The many advantages of a dollar coin are not only from a tax savings perspective. Vending machines would be more accessible as individuals are more likely to put coins in a machine instead of dig out a dollar bill. Coins are better for the environment than bills. Less paper is used to print them, the last longer than bills, and less energy is spent producing them. Coins are also easier than bills to count than bills since they don’t stick together and they can be weighed, whereas the bill cannot. Coins are also healthier than bills. Since they aren’t fibrous like the bill, they don’t absorb as many germs or dirt. Coins are washable by simply running under soap and water, but bills are much more difficult to clean without risking damage to the bill.

Current complaints regarding the dollar coin are that it is too close in size to a quarter. People also do not like the added weight in their pockets compared to a dollar bill. Since paper money can be folded and shaped to fit nearly anywhere, it is easier to carry than the coin. Other disadvantages would include the upgrades required to implement the new coins.  Many cash registers and the aforementioned vending mentions would all require equipment upgrades in order to be able to accept the new dollar coin. Counterfeiting is much easier to regulate with bills than coins since new technology allows for special inks, watermarks, and paper. Coins are much easier to counterfeit, therefore, perhaps a savings in created in the form of economic stability.

All in all, there are both advantages and disadvantages to each form of money. However, given our nation’s current financial struggles, the American people may begin to push for every dollar savings they can which could result in a look at the bottom line. In addition, as the “Green Initiative” spreads, the idea of the coin may go further from an environmental perspective. Yet, the fact remains, many attempts have been made to implement a dollar coin into circulation without success. Americans are just hesitant to adopt this new standard and it could remain a difficult sell. Only time will tell what the future of our money looks like.