Posts Tagged ‘federal reserve’
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Excerpts from the film titled “Academic Economists” follow below:
#NationalDollarDay August 8 Everything you want to know about dollars on National Dollar Day.
LIFE, DEATH of the ONE DOLLAR BILL
- US currency bills are 2.61 inches wide
- 6.14 inches long
- They are .0043 inches thick
- Weigh 1 gram
- It costs the US government 6.4 cents to produce a U.S. bill
- Bills are composed of 25% linen and 75% cotton
- red and blue synthetic fibers are distributed throughout the paper
- Bills are made from a blend of linen and cotton, which is why they don’t fall apart in the wash the way paper does
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The Bureau of Engraving and Printing prints about 16,600,000 $1 bills each day. Most are used to replace worn, older bills. There are currently 4 BILLION $1 bills in circulation. Approximately 45% of all U.S. currency produced today are $1 bills.
The black seal with the big letter in the middle signifies the Federal Reserve bank that placed the order for the bill. The letter also corresponds to the black number that is repeated four times on the face of the bill. For example, if you have a bill from Dallas with the letter K, then the number on the bill will be 11 because K is the eleventh letter in the alphabet.
- A = Boston
- B = New York City
- C = Philadelphia
- D = Cleveland
- E = Richmond VA
- F = Atlanta
- G = Chicago
- H = St. Louis
- I = Minneapolis
- J = Kansas City
- K = Dallas
- L = San Francisco
The Treasury Department sends newly printed bills to each of the Federal Reserve banks, which in turn send the money out to banks, credit unions, and savings and loans institutions. From there, people withdraw the cash and begin to use it to shop and pay bills.
New, crisp dollar bills enter the money cycle by being paid into the U.S. Federal Reserve system.
Treasury Department to Federal Reserve Banks to Credit Unions, S&L, Banks
FBI chemists have discovered that traces of cocaine can be found on almost every dollar bill in circulation. However because cocaine is a fine powder and is easily spread around, presence of the drug does not necessarily mean the bill was used as a snorting straw.
Since 1973, the dollar bill has had no value tied to it. As opposed to the British pound, where each currency note has a direct value attached to it based on the silver reserves England owns (1 pound note = 1 pound sterling silver).
Banks collect torn, damaged or badly soiled bills by separating them out daily from what they collect from the public. Banks can exchange the old, worn out money for new bills at the Federal Reserve Bank and determines if it is ready to be retired from the money system. It it is not, the bills are recirculated through the banks. The Federal Reserve Banks collect the worn out currency in large quantities, then the money is shredded. A $1 bill usually lasts about 21 months in regular circulation
If you have a badly damaged bill, you can usually redeem it at your bank. As long as there is more than half of the bill left, your bank will exchange it for you. IF the bill is too damaged for the bank to accept, you can still try redeeming it by sending the remains of the bill to the Treasury Department and asking them to redeem it. If it is possible to determine the bills value and if the missing parts of the bill have have not already been redeemed, the Treasury will redeem it for you.
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Washington – March 2, 2006 – The redesigned $10 note entered circulation today at the National Archives, home of the U.S. Constitution, which figures prominently in the new note’s design.
On its first day in circulation, officials from the U.S. Treasury, Federal Reserve Board and U.S. Secret Service used a new $10 note to purchase a pocket-sized copy of the U.S. Constitution at the National Archives Shop. The phrase “We the People” from the U.S. Constitution is featured on the face of the new $10 note. Images of the Statue of Liberty’s torch are also incorporated into the new design.
Today is the redesigned $10 note’s day of issue, the day the Federal Reserve System begins delivering the new notes to commercial banks for distribution to businesses and the public worldwide. The notes will begin circulating immediately in the United States and will then be introduced in other countries in the days and weeks ahead, as international banks place orders for $10 notes from the Federal Reserve.
“Staying ahead of would-be counterfeiters is a top priority of the U.S. government, and in order to do that, our currency will need to be redesigned every seven to 10 years,” said United States Treasurer Anna Cabral. “Through the introduction of new designs with state-of-the-art security features, we will continue to safeguard the integrity of U.S. currency and help protect businesses and consumers.”
While consumers should not use color to check the authenticity of their currency, color does add complexity to the note, making counterfeiting more difficult. Different colors are being used for different denominations, which will help everyone ñ particularly those who are visually impaired ñ to tell denominations apart.
“In addition to recognizing the design elements and enhanced security features of the new $10 note, it is important for the public to know they will not need to trade in old notes for new ones,” said Michael Lambert, Assistant Director of Federal Reserve Bank Operations and Payment Systems. “Older-design notes will maintain their full face value.”
Since unveiling the new $10 note design last September, the U.S. government has distributed more than 10 million pieces of educational material with information about the new $10 note to prepare businesses, stakeholder organizations and consumers worldwide for the new note’s issue.
“Each time we issue a redesigned denomination, our goal is to ensure its smooth transition into daily commerce both domestically and abroad,” said Bureau of Engraving and Printing Director Larry Felix. “Over the past six months, we have worked with manufacturers of ATMs and other machines that receive and dispense cash, as well as retailers, small businesses and international governments, so that they may prepare for today’s day of issue of the redesigned $10 note.”
“As the permanent home of the U.S. Constitution, the National Archives is pleased that the U.S. Treasury has featured the Constitution in the new $10 bill,” said Archivist of the United States Allen Weinstein.
The new $10 note ñ like the redesigned $20 and $50 that preceded it ñ incorporates stateof- the-art security features to combat counterfeiting, including three that are easy to use by cash handlers and consumers alike:
Watermark: Hold the note up to the light to see if a faint image of Treasury Secretary Alexander Hamilton appears to the right of his large portrait. It should be visible from both sides of the note. On the redesigned $10 note, it is easier than ever to locate the watermark ñ a blank oval has been incorporated into the design to highlight the watermark’s location.
Security thread: Security thread: Hold the note up to the light and make sure there’s a small strip that repeats “USA TEN” in tiny print. It should run vertically to the right of the portrait.
“We have always felt that an educated public is often our best defense against crime,” said Brian K. Nagel, Assistant Director, Office of Investigations, the United States Secret Service. “We encourage the public to familiarize themselves with the updated security features in the redesigned notes so they can ensure their currency is genuine and effectively safeguard their hard-earned money.”
Counterfeiting of U.S. currency has been kept at low levels through a combination of improvements in security features, aggressive law enforcement and education efforts to inform the public about how to check currency.
The government estimates that fewer than 1 in 10,000 $10 notes is a counterfeit. Yet, an increasing proportion of counterfeit notes are produced using digital equipment. Since 1995, digitally produced counterfeit notes have increased from less than 1 percent of all counterfeits detected in the United States to about 52 percent in 2005.
Today’s issue of a new $10 note was preceded by a new $20 note in 2003 and a new $50 note in 2004, each featuring enhanced design and security features to protect the integrity of U.S. currency.
An array of free educational materials, posters, handy “take one” cards, training videos and CD-ROMs are available to businesses, financial institutions, trade and professional associations, citizen groups and individuals to prepare cash handlers and consumers to recognize the new design and protect against counterfeits. Materials are available in 24 languages to order or download on-line.
Since 2003, more then 70 million pieces of training materials have been ordered by businesses, consumers, and industry associations around the world to help train their cash-handling employees about the notes’ enhanced security features.