Posts Tagged ‘Coins’

The Story of Change- No not President Obama, I’m talking about money here!

Monday, March 2nd, 2009

1 Star2 Stars3 Stars4 Stars5 Stars (2 votes, average: 2.5 out of 5)
Loading ... Loading ...

The story of American money started more than three centuries ago. Before this, settlers mostly bartered goods for goods. Crops like tobacco and corn and pork and butter were widely used. Learning from the Native Americans who used stringed clamshell beads, or wampum, European colonists adopted the wampum among trades with the Native Americans and then, amongst themselves.

The Massachusetts Bay Colony contracted John Hull to begin minting coins. Hull set up a mint in Boston and began producing “NE” (New England) coins in 1652. The NE coins were very easy to counterfeit, only having NE on one side and XII on the other. The coin was redesigned from 1667-1682. Eventually as more and more people came to the New World and brought their money with them, the settlers and colonists relied on foreign money for buying and selling. Money from Europe, Mexico and South America could be found at any given time. These coins mixed in with the NE coins and wampum and were all used for purchasing, barter and trade.

Early in the 18th century, a large amount of copper coins were imported from England and Ireland for the purpose of making more coins for the colonies. In 1776, dollar-sized coins were produced with a sundial and the inscription “Mind Your Business” on the front and “American Congress We Are One” on the back. These pieces were struck in three different metals; those struck in pewter are scarce or rare, while the silver and brass examples as extremely rare. The Articles of Confederation, adopted on July 9, 1778, gave Congress the ability to place the value on the coins that were struck by each state. At that time, the states each had the right to strike their own coins, there was just no fluidity in their values until the Articles came about.

Finally in 1792 the U.S. Mint was established by Congress. The U.S. Mint makes all U.S. Coins and became an operating bureau of the Treasury Department in 1873. To this day, U.S. coins typically have a mint mark showing which mint it was produced by. The Philadelphia Mint has been the longest in continuous operation, since 1792. The Denver Mint began coin producing in 1906. The newest mints were the West Point, New York, and San Francisco which gained official status in 1988.

From 1965-1968 there were no identifications used to tell where coins were minted. In 1968 the mints resumed putting their initials on the coins. Coins minted in Philadelphia had a P or no letter, Denver has a D, West Point a W and S for San Francisco. To this day, look at your coins and right under the date there should be a letter telling you where that coin was minted and if no letter is present, your coin was minted in Philadelphia!

Coins’ designs and values have changed over the years from the half-penny to silver dollars. The designs will continue to change as society deems it necessary . For now, the coins in your pocket have come a long way to get there because there was a time when there was a lack of United States coins.

The Canadian Dollar

Wednesday, November 26th, 2008

1 Star2 Stars3 Stars4 Stars5 Stars (1 votes, average: 4 out of 5)
Loading ... Loading ...

The Canadian Dollar, like its name suggests, is the major currency of Canada. To tell it apart from other the canadian dollardollar denominated currencies around the world, the Canadian dollar adopted the letter ‘C’ in front of its dollar ($) sign. Currently, the Canadian Dollar is amongst the top-ten most traded currency in the world.

Dating back to 1858, the first Canadian coins which was struck in 1 cent, 5 cent, 10 cent, and 20 cent denominations, were issued by the Province of Canada. Other coin denominations like 50 cents, 1 dollar, 2 dollars, 5 dollars, and 10 dollars were issued much later to meet the public demand. Canadian Coins are minted and produced by the Royal Canadian Mint. The facility is located  in Winnipeg, Manitoba, and currently issues coins in denominations of 1 cent, 5 cent, 10 cent, 20 cent, 50 cent, 1 dollar, and 2 dollars. These coins are also called, in respective order, a penny, a nickel, a dime, a quarter, 50¢ piece, a loony, and a toonie.

The designs on the reverse and obverse side of these coins also usually revolves around Canadian symbols, like wildlife and the effigy of Queen Elizabeth the Second, although some pennies and dimes of the yesteryears, which are still in circulation, carries the image of King George the Sixth.

Issued between 1813 and 1815, largely due to the War of 1812 where it was used during the emergency, the first form of paper money issued in Canada were the British Army Bills. These were denominated between 1 and 400 dollars. The first banknotes, however, were issued in 1817 by the Bank of Montreal. Other chartered banks around the country also followed suit thereafter and began issuing these notes for several decades to come. Prior to the year 1858, many notes were issued in currencies like shillings, pounds and dollars, resulting in varied denominations such as 1 dollar, 2 dollars, 3 dollars, 4 dollars, 5 dollars, 10 dollars, 20 dollars, 25 dollars, 40 dollars, 50 dollars, 100 dollars, 500 dollars, and 1000 dollars. This ceased after 1858 though, and only dollar denominations were used from then on.

the canadian dollar2The Province of Canada began issuing paper money beginning 1841, and these notes were produced for the government by the Bank of Montreal between 1842 and 1862. The notes were issued in denominations of 4 dollars, 5 dollars, 10 dollars, 20 dollars, 50 dollars, and 100 dollars. The Province of Canada began officially issuing its own paper money in 1866, and these came in denominations of 1 dollar, 2 dollars, 5 dollars, 10 dollars, 20 dollars, 50 dollars, 100 dollars, and 500 dollars. After the year 1896, denominations of 500 dollars, 1000 dollars, 5000 dollars, and 50,000 dollars were issued and used for bank transactions only.

In 1935, the Bank of Canada was founded and began issuing notes in denominations of 1 dollar, 2 dollars, 5 dollars, 10 dollars, 20 dollars, 50 dollars, 100 dollars, and 500 dollars, and 1000 dollars, officially ceasing the currency issuing operation of the chartered banks in 1944. As part of the fight against money laundering and organized crime, in the year 2000, the Bank of Canada stopped issuing 1000 dollar notes and began withdrawing them from general circulation.

To date, Canadian dollar banknotes issued by the Bank of Canada remains of legal tender in Canada. Just as American Dollars are accepted by many Canadian merchants and businesses in cities which are near the American/Canadian border, the Canadian Dollars are also accepted by some businesses in the northernmost cities of the United States.