The US Dollar
The dollar is the legal tender in the United States –the country where it is minted- but also of other countries such as Ecuador, El Salvador or Zimbabwe. Moreover, the US dollar is the most common currency used by tourists.
The first silver dollars were issued in 1794 after the adoption of the “Coinage Act”, the decree that established the first American national mint and set the dollar as reference unit for the whole country.
As regards the national banking system, the Federal Reserve Act of 1913 established a central bank to help follow the rhythm of changes in the country’s financial need. The Federal Reserve Board created a new currency called Federal Reserve Notes. The first federal note was for ten dollars, created in 1914. Later, the Federal Reserve Board decided to lower the money manufacturing costs by reducing the official size of notes by 30%.
The design of notes would not change again until 1996, when a new series of improvements were introduced over a period of ten years to prevent counterfeiting.
Although dollars are used commonly in many countries, the US dollar is really legal tender in only eight countries. These countries are: The United States of America, Ecuador, El Salvador, the Marshall Islands, Micronesia, Palau, East Timor and Zimbabwe. .
There are currently five different denominations of the US Dollar, which have been nicknamed:
Regarding banknotes,there are seven denominations: 1, 2, 5, 10, 20, 50 and 100 dollars.
Date of creation:
6th July 1785, United States of America.
Federal Reserve of the United States of America
|Global Exchange||Your high-street bank|
|Variety of currencies||We have 47 currencies. We are specialists.||Only major currencies. Travel money is just a secondary business for banks.|
|Availability of currencies||Immediate availability of currencies in our branches. Click and collect or walk in to our stores.||If they can actually get your exotic currency, prepare for a couple of visits to your bank before you can have the money on your hands.|
|Expenses||Only the exchange rate, without commissions, and if you book online you guarantee the best price.||The bank sets its own margin plus a commission.|
|Different denominations available||At Global Exchange, you’ll get a variety of banknotes with different values, adapted to all your payment needs.||No. Prepare for refusals and complaints in foreign languages when paying with «big» banknotes.|
|Delivery options||Order online to benefit from a price reduction and collect at the branch of your choice.||You’ll have to go first to your bank to order the currency you need, then wait for it to come and go back again to collect it.|