Did you know?

 

… That in l943, pennies were only made of copper for a short time? This was during World War II, and the U.S. needed the copper to make communications equipment for the war. Because of this, pennies were made of steel.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Dollar

 

     In the United States, the dollar is the basic unit of currency. The U.S. Mint is in charge of producing coins for the nation. The Federal Reserve Bureau of Engraving is in charge of producing bank notes for the United States. The dollar is known as the standard unit of currency in the commodity market across the globe. The $, is the symbol used before any amounts of American dollars. Some believe that the $ was copied from the Spanish dollar which featured a "P" over an "S" which was the sign for their silver dollar. The first dollar at coin issued by the U.S. Mint was around the same size of the dollar and had the same composition. After the American Revolution, the Spanish and U.S. silver dollars circulated side by side in the Untied States. All money printed has equal value. The value is 1.5 grams in gold for each dollar.

    The Great Depression was a time of great economic need in America. The depression lasted from 1930 through 1939. The depression put over nine thousand banks out of business and nine million bank accounts were wiped out. As well, the price of the stock market fell forty percent. With eighty six thousand businesses shutting down, the unemployment rate went from nine percent to twenty-five percent. The United States had about fifteen million people jobless and those with jobs pay average decreased by sixty percent. The U.S. Dollar was scarce during the Great Depression.

     The National Treasury is one of the main collectors of the U.S. revenue. An Act of Congress established the National Treasury in 1789 to manage government revenue. Alexander Hamilton was the first secretary of the National Treasury. The National Treasury prints and mints all paper currency and coins in circulation that goes through the Bureau of Engraving and Printing and the U.S. Mint. The Treasury also collects all federal taxes through the Internal Revenue Service (IRS). The Treasury designs, prints, mints, and authorize mediums of exchange used by the US Government, including currency, coins, stamps, and bonds. Another task of the Treasury is to recommend and implements the economic, fiscal, and currency policies of the President. Regulating exports and imports, is another task for the National Treasury. Enforcing all U.S. laws of financial nature, and collects all United States Revenue such as income taxes.

 

           

 

 

 

 

 

 

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