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Американський Долар» План Лекції 1. Introduction 2. Doll

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Американський Долар» План Лекції 1. Introduction 2. Doll Лекція №1 Тема лекції: «Американський долар» План лекції 1. Introduction 2. Dollars in Circulation 3. Faces and Symbols on Dollar Bills 4. Dollar Coins 5. The history of American currency Література: 1. Орел Ю., Артюхова І.Починаємо вивчати бізнес: Навчально-методичний посібник. – Дніпропетровськ: Видавництво ДАУБП, 2001. 2. https://www.factmonster.com/math/money/us-money-history 3. https://www.xe.com/currency/usd-us-dollar 4. https://www.uscurrency.gov/history 5. https://www.scholastic.com/teachers/articles/teaching-content/history-american- currency/ 6. http://time.com/5383055/dollar-bill-design-history/ Зміст лекції 1. Introduction The dollar is the basic unit of U.S. currency. It has been so since 1792. That year the United States began its own coinage system. Before then, the most accepted coin was the Spanish peso. Americans called it the Spanish dollar. The value of a Spanish peso was eight reales (pronounced ray-AHL-ays). To make change for an eight-reales coin, merchants would cut the coin into smaller pieces. The change might be one-half (four reales), one-quarter (two reales), or one-eighth (one real, also called one bit). This is the origin of "pieces of eight," a familiar phrase in pirate tales. Americans were used to seeing prices stated in Spanish dollars. The United States thus selected the dollar as its basic unit. Thomas Jefferson thought that dividing money by eight was impractical. As a result, Congress adopted the decimal system. In this system each dollar is divided into 100 cents. 2. Dollars in Circulation The United States Treasury Department produces U.S. currency through two branches. The Bureau of Engraving and Printing designs and prints paper bills, or notes. The U.S. Mint produces coins. The bureau and the mint ship the finished bills and coins by truck to the U.S. Federal Reserve. The Federal Reserve puts the currency into circulation. It also shreds and disposes of worn-out bills. The mint issues 1-cent, 5-cent, 10-cent, 25-cent, 50-cent, and 1-dollar coins for circulation. It has facilities in Philadelphia, Pennsylvania; Denver, Colorado; San Francisco, California; and New York City. The mint also keeps the government's holdings in silver and gold bullion (bars). Gold is kept at Fort Knox, Kentucky. Silver is kept at West Point, New York. Since the early 1970s, all U.S. bills have been Federal Reserve Notes. Before that, other types of bills were issued. They included Silver Certificates, Gold Certificates, U.S. Notes, Treasury Notes, and National Bank Notes. Today’s bills measure 6.14 by 2.61 inches (15.6 by 6.6 centimeters). Before 1929, bills were larger. Currently $1, $2, $5, $10, $20, $50, and $100 bills are used. In the past, $500, $1,000, $5,000, and $10,000 notes were also issued. The highest-value note ever issued was worth $100,000. Banks used it to transfer large sums of money. But it never circulated in public. Outmoded U.S. bills remain legal tender. That is, they are valid at face value for payment. But many outmoded bills are worth more than their face value to collectors. 3. Faces and Symbols on Dollar Bills The fronts of U.S. bills carry portraits of presidents and others who served the country. The backs display important symbols and events in U.S. history. George Washington was the first U.S. president. He is on the front of the $1 bill. On the reverse is the Great Seal of the United States. The front of the Great Seal shows a bald eagle. It has outstretched wings and a shield on its breast. The back shows an unfinished pyramid. Atop the pyramid is a symbol representing the all-seeing eye of God. Roman numerals at the base show the date the Union was begun — 1776. The front of the $2 bill shows Thomas Jefferson. He was the third U.S. president. The back of the bill depicts the signing of the Declaration of Independence in 1776. Abraham Lincoln, the 16th president, is on the front of the $5 bill. Lincoln led the United States through the Civil War (1861–65). On the back is the Lincoln Memorial, in Washington, D.C. The $10 bill features Alexander Hamilton. He was the first secretary of the treasury. The reverse shows the U.S. Treasury Building. Andrew Jackson was the seventh U.S. president. He appears on the front of the $20 bill. On the back is the White House, in Washington, D.C. The White House is the official residence of the president. Ulysses S. Grant, the 18th president, is on the front of the $50 bill. The back shows the U.S. Capitol, where Congress meets. Benjamin Franklin appears on the face of the $100 bill. Franklin was one of the country's Founders and most famous statesmen. On the back is Independence Hall, in Philadelphia. That is where the Founders signed the Declaration of Independence and drafted the U.S. Constitution. 4. Dollar Coins The United States has issued dollar coins since 1794. The first ones were made of silver. Gold dollars were first minted in 1849. The fronts of silver and gold dollars depict a female figure of Liberty. Today the U.S. Mint issues silver and gold coins for investors and collectors. They are not in general circulation. In 1971 the United States issued a circulating copper-nickel dollar. It featured President Dwight D. Eisenhower. Another copper-nickel $1 coin showed Susan B. Anthony, who campaigned for women’s rights. It was minted from 1979 to 1981 and again in 1999. In 2000 the United States issued a gold-colored $1 coin depicting Sacagawea. A Native American, she guided much of the Lewis and Clark Expedition of 1804–06. The coin has layers of copper, zinc, manganese, and nickel. In 2007 the mint began a new series of circulating $1 coins honoring U.S. presidents. It will issue four coins a year, one for each president, in the order they served. The mint also planned to issue a series of $1 coins honoring Native Americans starting in 2009. 5. The history of American currency 1. Continental Currency (1775-1790) Vintage Value Investing To finance the Revolutionary War, the Continental Congress issued paper money, backed by the "anticipation" of tax revenues. It was the first federally issued paper money. Without solid backing and easily counterfeited, the Continental currency notes quickly became devalued, giving rise to the phrase "not worth a Continental." Continental currency depreciated rapidly, becoming practically worthless by the end of the war. 2. Silver Coins (1792-1863) Vintage Value Investing Congress passed the first Coinage Act in 1792 giving the United States Mint responsibility for creating coins for public use. Silver coin is usually 90% silver with the remaining 10% of copper for strength. The law directed money to be made from copper, silver, and gold. Today, these coins (quarters and dimes) are comprised of 75% copper and 25% nickel alloy. 3. Gold Coins (1795-Present) Vintage Value Investing In 1795, the first official gold coins were minted in the United States. When gold was discovered in California in 1948, two new denominations were struck, the gold dollar and the double eagle. Popular among collectors, modern gold coins are used primarily for investment purposes. 4. Texas Dollar (1837-1840) Vintage Value Investing The Republic of Texas first issued paper money in 1837. This currency was called "Star Money" for the small star on the face of the bill. The Star Money was not face value currency, but rather interest-bearing notes (similar to a Treasury Bill) that circulated by being endorsed over to the next payee. In 1838, Texas issued change notes with elaborate designs on the front and blank backs. The so-called Texas "Redbacks" were issued in 1839 with the name coming from the reddish color of the back of the bills. 5. State Bank Notes (1837-1863) Vintage Value Investing Issued by state-chartered, private banks, State Bank Notes became the dominant form of currency after 1836. With more than 7,000 varieties of color and design, they were easily counterfeited, causing confusion and circulation problems, No federal regulations regarding banking existed, creating what is referred to as the Free Banking Era. Because of the public's lack of trust in the banking industry, there were widespread bank failures during this time as the public removed their funds from the banks. Eventually, Congress levied a tax on State Bank Notes that decreased their value, until they were eventually phased out of circulation. 6. Confederate Currency (1861-1864) Vintage Value Investing During the Civil War, the Confederacy printed and issued notes from the Treasury of its newly formed government. The Confederate States of America dollar was first issued just before the outbreak of the Civil War. It was not backed by tangible assets, but simply by a promise to pay the bearer after the war. As the war began to tilt against the Confederates, confidence in the currency diminished, and inflation followed. By the end of 1864, the currency was practically worthless. 7. Fractional Currency (1862-1872) Vintage Value Investing Fractional currency, also referred to as "paper coins" and "shinplasters" (as the quality of the paper was so poor that with a bit of starch it could be used to make paper mache-like plasters to be used to treat wounded legs), was introduced by the United States government following the outbreak of the Civil War. These fractional notes were in use between 1862 and 1876, and issued in 3-, 5-, 10-, 15-, 25-, and 50-cent denominations.
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