US Currency and US Money Slogans
Unless you’ve just arrived from another planet, you will be aware that the American unit of currency is the US dollar ($US). The $US is everyone’s favourite currency (particularly counterfeiters) and it’s the world’s leading international currency. It’s used for most international trading and practically all international lending and borrowing transactions. Consequently US interest rates are of major concern to foreign debtor nations. In many countries, particularly in South America, Asia and eastern Europe, the $US acts as an unofficial second currency and a first trading currency and is often preferred to local currency (which may not be accepted at all by some people!). The US dollar has been highly volatile in the last few decades, during which it has fluctuated against most major currencies, although it has stabilised in the last few years. The Federal Reserve’s benchmark interest rate was cut by a full 1 per cent in early 2001 to 5.5 per cent and underwent further reductions throughout 2001.
The dollar is divided into 100 cents and American coins are minted in 10 (penny), 50 (nickel), 100 (dime), 250 (quarter) 500 (half-dollar) and $1 (silver dollar, which naturally isn’t made of real silver). ‘Two bits’ is slang for a quarter (250), but the names given above are official names used by everybody. With the exception of the penny (copper), all coins are silver in color (the nickel is made of nickel and the quarter is an amalgam of silver and copper). The nickel and quarter are similar in size and easily confused, except that the quarter has a serrated edge. The dime is the smallest coin. Half-dollar and dollar coins (although legal tender) are rare. There’s been talk of phasing out the penny as it’s worth so little and is more valuable as scrap metal than currency. The quarter is the most useful coin and you should always carry some with you for parking meters, bus and subway fares, road tolls, payphones, baggage lockers, vending machines, tips, etc.
Just to confuse everybody (especially foreigners), all American banknotes (bills) are the same shade of green (hence their familiar name of ‘greenbacks’), the same size and have similar designs, although a different president’s face adorns the front. Notes are printed in denominations of $ 1 (Washington), $5 (Lincoln), $ 10 (Hamilton), $20 (Jackson), $50 (Grant), $ 100 (Franklin), $ 1 ,000 and $ 10,000. The $2 (Jefferson) and $500 bills are no longer printed (although still legal tender) and along with $ 1 ,000 and $ 10,000 bills, they aren’t in general circulation. The American dollar has a number of slang names, the most common of which is buck; a fin is a $5 note and a sawbuck a $10 note.
If you’re unfamiliar with US bills, you should stick to low denominations (up to $20) and check them carefully to avoid errors, both when receiving bills in change and when spending them. Notes above $20- are often treated suspiciously as they are a favorite target of counterfeiters the world over. They may not be accepted by some stores, although this will depend on what you’re buying. American notes are the most counterfeited in the world and incredibly the design of the $ 1 dollar bill hasn’t changed since 1929, although new high-value notes have been introduced in recent years to combat counterfeiters. You should obtain some American notes before arriving in America and familiarize yourself and your family with them. You should have some US dollars in cash (e.g. a total of $50 to $100 in small notes) when you arrive, which will save you having to change money on arrival at a US airport (where you usually receive a poor exchange rate). However, avoid carrying a lot of cash. Find More information about us currency >>
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