Posts Tagged ‘United States Currency’

More On The United States $1 Bill

Wednesday, November 26th, 2008

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Like the rest of the United States currencies, the one dollar bill is composed of 25 percent linen and 75 dollar billspercent cotton, with red and blue synthetic fibers distributed throughout the paper. The notes weigh one gram each and are 2.61 inches in width and 6.14 inches in length, with a thickness of .0043 inches. The United States one dollar bill is worth one hundred United States cents.

The United States government spends 4.2 cents to produce a single dollar bill and dollar bills are printed by the Bureau of Engraving and Printing, also known as the BEP. The Bureau of Engraving and Printing produces well over than sixteen and a half million one dollar bills every day, and most of these notes are used to replace older and worn out dollar bills which are no longer deemed fit for circulation. The average dollar bill has a life span of about eighteen to twenty-two months, depending on frequency of usage, and wear and tear. The United States Treasury estimates that there are billions and billions of one dollar bills which are circulating the globe to date.

The first one dollar bill was issued as a Legal Tender Note back in the year 1862. These early one dollar bills featured the portrait of Salmon P. Chase, who was the Secretary of the Treasury under President Abraham Lincoln. Only until the year 1869, was the portrait of George Washington used on the one dollar bill, and this remains the case until today. A vignette of Christopher Columbus sighting land was also featured to the left of the note during this time.

In 1886, the picture of Martha Washington, who was also the original first lady and wife of George Washington, was featured on the one dollar silver certificate, making her the first women ever to appear on any United States currency. Presidents Abraham Lincoln and Ulysses S Grant are also amongst the few to have been featured on the United States one dollar bill, although this depictions dates to 1899. The designs on the one dollar united states note and silver certificates were more streamlined and standardized beginning 1923, with minor exceptions such as color and ink.

In the year 1929, all United States currency changed to the standard and current size we now see, although various designs and depictions continued to be featured throughout the years after. In the 1957, the one dollar bill became the first piece of United States currency to bear the legendary motto ‘In God We Trust’. The current design of the one dollar bill was finalized in 1969 and has remained the same ever since, and no plans to redesign the one dollar bill has been proposed to date, even though higher denominations from five dollars onward have been redesigned to curb counterfeiting.

The United States one dollar bill is also the most experimented and tested bill in the nation’s history. In 1933, a test was conducted to determine the different ratios of cotton and linen used in the paper of dollar bills. Another well-known test was done in 1942 during World War Two to test alternative types of paper that paper currency can be issued in. This was a precautionary measure in case the current type of paper supply ran out. In 1992, the one dollar bill was again put under the microscope when the Bureau of Engraving and Printing began testing a web-fed press, to facilitate the production and issuance of more dollar bills.

Designs On The $1 Bill

Wednesday, November 26th, 2008

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It is said that 45 percent of all United States currency produced today consists of the one dollar bill, whichone dollar bill would make it the most seen and used of all denomination of US currency. The one dollar bill also brags having the second oldest design of all US paper money, largely because of its obverse design which was adapted in 1963, which is also the year that the one dollar bill was inducted into the Federal Reserve Note status.

The visual rendering of George Washington, the first President of the United States is fittingly featured on the obverse side of the one dollar bill, and has been so since 1869. The Federal Reserve District Seal is placed to the left of George Washington as well as the name of the Federal Reserve Banks that issued the note.

To the left of George Washington is the Federal Reserve District Seal. The name of the Federal Reserve Bank that issued the note surrounds a capital letter between A and L, to identify which of the twelve Federal Reserve Banks it was issued from. The sequential numbers of the these banks are also displayed over the open spaces on the four corners of the dollar bill. The Treasury Department Seal is placed to the right of George Washington and the balancing stars represents justice for all. The chevron of stars signifies the original colonies and the key below it stands for authority and trust. The year 1789 printed on the seal represents the year the Department of Treasury was established.

Below the Federal Reserve District seal, and to the left of George Washington, is the signature of the Treasurer of the United States. This will vary from time to time depending on the terms being served by the official, and the Secretary of the treasury’s signature is placed on the right side of the seal. The series and the year that the dollar bill was printed will be shown to the left of this Secretary’s signature and the number one (1) on the edges of the bill is entwined with olive branches.

The reverse side of the one dollar bill has a design infusing the Great Seal of the United States and various other symbols which purposes have been debated by historians and controversy enthusiasts alike. An unfinished pyramid is placed to the left of this seal and the separated top of the pyramid portrays the all-seeing eye. The shadow cast by the pyramid from the rising sun is said to symbolize the undiscovered lands to the west of the nation and the rising sun is said to symbolize the beginning of a new and powerful country. The Latin phrase Annuit Cœptis which means that God has favored the undertakings of the nation is also located above the pyramid.

Novus Ordo Seclorum which translates to ‘a new order of the ages’ is written on a ribbon below the pyramid and this phrase is said to be taken from the fourth Ecologue of Virgil. Also shown on the base of the pyramid is the roman numerals MDCCLXXVI or 1776, which is the year that the signing of the United States Declaration of Independence took place.

To the right of the reverse side of the note is a picture of the obverse side of the Great Seal which depicts a heraldic Bald Eagle and on the front of this eagle is a shield, said to signify the country’s fledgling ability to stand on its own. A glory of stars is also illustrated on the top of the eagle’s head and clutched between its beak is a ribbon that reads “E PLURIBUS UNUM” which translates to, ‘From many, one’. To symbolize the yearning for peace, but the readiness to fight, the eagle is also depicted holding an olive branch in its right claw with arrows in its left.

The Presidents on United States Currency

Wednesday, November 26th, 2008

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The decision as to which United States President graces the designs on the dollar bill is determined by thedollar tree United States Congress. United States Presidents have appeared on official banknotes, coins for circulation and commemorative coins in the United States as well as all around the world. Even throughout phases of redesigns, although there were significant changes in fabrication, the presidents which are depicted on the currency remained the same.

Currently, images of presidents that are struck on United States coins are Abraham Lincoln who was the 16th U.S. President for the penny, Thomas Jefferson who was the 3rd U.S. President for the Nickel, Franklin D Roosevelt who was the 32nd U.S. President for the Dime, George Washington who was the 1st U.S. President for the Quarter, John F Kennedy who was the 35th U.S. President for the Half Dollar, and Dwight D Eisenhower for the one dollar coin, although one dollar coins depicting President Eisenhower was ceased in 1978. Susan B Anthony and Sacagawea, both significant historical figures, currently grace United States one dollar coins.

The names of the presidents depicted on the United States paper currency are George Washington who was the 1st U.S. President for the one dollar bill, Thomas Jefferson who was the 3rd U.S. President for the two dollar bill, Abraham Lincoln who was the 16th U.S. President for the five dollar bill, Andrew Jackson who was the 7th U.S. President for the twenty dollar bill, Ulysses S Grant who was the 18th U.S. President for the fifty dollar bill, and Benjamin Franklin on the one hundred dollar bill. Note that Benjamin Franklin was not a President of the United States, although he was a very prominent figure in its history.

Other presidents that were featured are William McKinley who was the 25th U.S. President on the five hundred dollar bill, Grover Cleveland who was the 22nd and 24th U.S. President on the one thousand dollar bill, James Madison who was the 4th U.S. President on the five thousand dollar bill, and Woodrow Wilson who was the 25th U.S. President on the one hundred thousand dollar bill. Salmon P Chase, depicted on the ten thousand dollar bill, was a former Secretary of the Treasury and was the only non-president that was depicted in the larger denominations of the United States currency. All of these notes, however, are now considered obsolete and are no longer in circulation.

Recently, the Presidential Dollar Coin Program was passed by congress and former presidents will be honored if their death is two or more years before the intended issue date of these coins. Presidents that will grace these coins to date, in sequential order, are George Washington, John Adams, Thomas Jefferson, James Madison, James Monroe, John Quincy Adams, Andrew Jackson, Martin Van Buren, William Henry Harrison, John Tyler, James K. Polk, Zachary Taylor, Millard Fillmore, Franklin Pierce, James Buchanan, Abraham Lincoln, Andrew Johnson, Ulysses S. Grant, Rutherford B. Hayes, James A. Garfield, Chester A. Arthur, Grover Cleveland, Benjamin Harrison, Grover Cleveland, William McKinley, Theodore Roosevelt, William Howard Taft, Woodrow Wilson, Warren G. Harding, Calvin Coolidge, Herbert Hoover, Franklin D. Roosevelt, Harry S. Truman, Dwight D. Eisenhower, John F. Kennedy, Lyndon B. Johnson, Richard Nixon, Gerald Ford,  and Ronald Reagan. Presidents Jimmy Carter, George H. W. Bush, Bill Clinton, George W. Bush may be depicted as well if they meet the requirement above.

The Bureau of Engraving and Printing

Saturday, October 25th, 2008

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The Bureau of Engraving and Printing is currently the largest and only producer of all legal tender United bureau engraving printingStates currency today. It prints billions of Federal Reserve Notes every year and delivers them to the designated Federal Reserve Banks, to be issued and circulated accordingly. These Federal Reserve Notes are produced at two of its current facilities located in Washington D.C., and Fort Worth, Texas. Tours are offered to the public at these buildings and it showcases the various steps of United States currency production. The tour usually begins with the process of sorting out the large sheets of blank currency papers, closely followed by the intricate methods of getting the dyes ready, to the actual printing procedures itself, and ending with the ready to be spent dollar bills.

Apart from currency production, the Bureau of Engraving and Printing also plays an important role in advising other Federal managed agencies on document security matters. It also processes claims for the redemption of all United States currency that have been mutilated. It prides itself in its continuous effort in the research and development area which focuses on the continued use of state-of-the-art automation and counterfeit prevention technologies for use in the production of United States currency, further guaranteeing its integrity.

The Bureau of Engraving and Printing began its operation in the United States Treasury building back in 1862, resulting from a legislation which was enacted to help fund the Civil War. This legislation authorized the Secretary of the Treasury to issue paper currency in lieu of coins, largely because of the slowly diminishing funds that was desperately needed to sponsor the war. Before long, in 1877, the Bureau of Engraving and Printing was entrusted with the sole responsibility of producing all United States paper currency.

Prior to this, a private firm produced Demand Notes in sheets of four, and these sheets were then sent to the Treasury Department where dozens of clerks signed the notes, with another multitude of workers cutting the sheets and trimming it down by hand. This process eventually became mechanized and was moved down to the building’s basement, giving birth to the Bureau, an important umbrella of the Treasury which proved to be efficient as well as practical.

Before it was officially recognized in congress and was given specific allocations of operating funds through various legislations, the Bureau of Engraving and Printing, in prior to the year 1875, was more commonly known as First Division of National Currency Bureau. Other of its failed labels include, Printing Bureau, Small Notes Bureau, Currency Department, and Small Notes Room.

Apart from printing currency, the Bureau of Engraving and Printing is also given the task to produce revenue stamps, treasury securities, military commissions, award certificates, invitations and admission cards, different types of identification cards, passports, forms, and other special security documents for a variety of Government agencies. This additional responsibilities which was taken on by the Bureau beginning 1894, established it as the nation’s pioneer security documents printer which responds in like to the United States Government, both in times of peace and war.