Currency of USA
The United States dollar or US$ is the official currency of America and its territories. The basic unit of this currency is called cent and there are 100 cents in a dollar. US$ is a dominant and most used currency in international transactions. It is not official currency of USA only but many other countries as well. It is the only country in two British territories and in some islands of Turks.
According to American constitution the Congress has the power to coin money. Now these laws have been codified but the description of each code is available in detail. The money matters are handled careful in the congress. The receipts and expenditures of all the public money must be published regularly. The sums of money are expressed in dollars because it is the official currency of USA. It is clearly mentioned that money of all the accounts would be mentioned in dollars whether they are in public offices, courts or others. US$ is considered the unit of currency of USA.
In these days coins and paper notes are circulating in the market but notes are more common. The term eagle was also being used in the Act of America. In 1854, the secretary of the treasury suggested that $100, $50 and $25 should be in gold coins. They are called Union, Half Union and Quarter Union respectively that is 1 union = $100, Half Union = $50 and Quarter Union = $25.
The USD notes are made from cotton fiber which is made from wood fiber instead of common papers in the market. US notes are printed by the Bureau of Engraving and Printing which are issued in 1914 by the federal treasury. The notes of large size were issued before 1928. They are measure as 7.42 inch and 3.125 inches. After that small sized notes were introduced having 6.14 inches and 2.61 inches. After launching currency of USA it was known as Philippine sized currency because Philippines have adopted the same size as their currency.
There are different coins which have different values and similarly their manufacturing material is also different. Penny is a coin in currency of USA which is made of copper plated zinc and the phrase “IN GOD WE TRUST” is written on it. The picture of Abraham Lincoln is on a side while the other side is Lincoln memorial. Nickel is a coin which is made with a blend of copper and nickel. It is larger than penny and its worth is 5 cents with Jefferson on a side.
Dime is a coin in currency of USA which is equal to 10 cents and it is also made with a blend of copper and nickel blend. It has Franklin on a side and torch on the back. Quarter is a coin which is equal to 25 cents and it is made of cupronickel. It is larger thank nickel and the size is equal to that of 50 paisa in India. There is George Washington on a side of the coin and emblem or design of one of the states on the other side.