1 / 8

Understanding U.S. Currency: What Every American Should Know

Discover what happens to torn money, differences between Federal Reserve and United States notes, functions of money, types of paper money, and how unfit money is handled.

eugenia-norris
Télécharger la présentation

Understanding U.S. Currency: What Every American Should Know

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. $$$MONEY$$$

  2. AMERICANS SHOULD KNOW • What happens to money that is torn or worn? • What is the difference between a Federal Reserve note and a United States note? • What are the functions of money?

  3. FUNCTIONS OF $$$$ • Medium of exchange (acceptable by all) • Store of value (savings) • Unit of account (compare prices) • Standard of deferred payment (claim on goods/services that can be exercised now or later)

  4. PAPER MONEY All paper money regardless of issue date is still legal tender

  5. Federal Reserve Notes • 99% of our money • Current Denominations: $1, $2, $5, $10, $20, $50, $100 • Before 1945: $500, $1,000, $5,000, $10,000 • July 14, 1969—Denominations of $500 and larger were retired • Treasury seal & serial numbers are green

  6. United States Notes • Make up less that 1% of currency • Since 1969, only $10 denominations have been issued. • Prior to 1969, $2 and $5 were issued. • 1966, $2 discontinued • 1968, $5 discontinued • Treasury seal and serial numbers are printed in red.

  7. UNFIT MONEY • Average life of $1 bill is 17-18 months • Larger denominations usually last longer • Old, worn, torn, or soiled money is sent to the Federal Reserve Bank to be exchanged for new

  8. FEDERAL RESERVE • Receive $ from commercial banks and others • Decides if it is fit or unfit • Fit is stored • Unfit is destroyed by machines that shred it to 1/16 of an inch • About 1/3 are unfit

More Related