Money Terms
"Knowledge is like money: the more he gets, the more he craves."
Henry Wheeler Shaw
account - a record of money a person deposits into a bank.
alloy - a metal formed by fusing two or more metals.
ATM(automated teller machine) - a computer furnished by a bank for its
customers. This computer
takes the place of a bank teller so that customers may deposit
and withdraw money with out having to enter the bank. They
may also use it when the bank is closed. ATM's are usually found
mounted on the wall or in a small building outside the bank.
bartering - to trade without using money.
Bureau of Engraving and Printing - the United States
facility that makes paper money.
checking - an account on which the depositor may draw checks.
circulate - to move or pass from person to person or from place to place.
commemorative - a coin or bill made in memory of historical events.
Continental Congress - a governing body of people that consisted of delegates
from the first
U.S. colonies. They first met in Philadelphia on September 5, 1774. There
were 56 delegates from 12 colonies in attendance. They met out of a
desire to unify the colonies. The First Continental Congress existed from
1774 - 1775. The Second Continental Congress existed from 1775 - 1781.
continentals - a type of paper money.
counterfeit - to make a copy of in order to deceive.
currency - money that is used by a country such as the United States.
denomination - a number that expresses the value of a coin or bill. A
one dollar bill and a five
dollar bill represent two denominations.
deposit - placing money in a bank or other place for safekeeping.
depositor - a person who deposits money.
dollar - the standard unit of money in the United States that is equal to one
hundred cents.
doubloons - a former Spanish coin.
engrave - to cut or carve.
Federal Reserve Bank - the central banking organization of the United States.
Federal Reserves Notes - a type of paper money created after the Federal
Reserve Act of 1913.
These are the same bills we use today.
greenbacks - U.S. paper money issued in 1861 to finance the Civil War.
The back of the bills
were green, so people called them "greenbacks."
foreign - from another country other than the U.S.
income - payment in money for services or work, or from property or
investments.
interest - money paid for the use of borrowing money, or money that the bank
pays a customer for
putting
money into their bank.
issue - the act of sending or giving out.
lend - to give the temporary use of money on the condition of repayment and
at a set rate of
interest.
minting - the act of making money out of metal.
money - coins and paper currency issued by a government for payment of debts
and for purchase
of goods and services.
mutilated - to cut up, destroy, or alter radically.
numismatist - a person who collects and studies coins and paper money or
medals.
pence - a British term meaning more than one penny.
peso - the unit of money in Mexico.
piastres - a former Spanish silver coin.
pieces of eight - obsolete (out of date) Spanish silver coin.
pygg - type of dense orange clay.
shillings - a former coin of the United Kingdom.
savings account - an account at a bank on which interest is usually paid and
from which
withdrawals can be made.
transaction - to carry through or bring about.
treason - the betrayal of one's country.
U.S. Dept. of Treasury - the department that has charge of the income and
expenses of a country.
U.S. Government promissory - a written promise to pay a stated sum of money
to a certain person
at a certain time.
U.S. Government Securities - a stock or bond certificate.
U.S. Mint - a place where money is coined by public authority.
U.S. Secret Service - a division of the U.S. Treasury Department that
protects the president and
enforces federal laws against counterfeiting U.S. currency and bonds.
wampum - beads of shells strung in strands and used by American Indians as
money.
withdraw - to take out.