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||35. We are specialists||Only major currencies. Travel money is just a secondary business for banks.|
|Availability of currencies||Ever ready, immediately, in our branches at the airport.||Banks order currency and have to await delivery.|
|Expenses||Only the exchange rate, without any additional charges, and if you order it online you get the best price.||The bank has its own margin and adds a commission.|
|Different denominations available||Of course! We care about you and your needs while you travel abroad.||No. Prepare for refusals and complaints in foreign languages when paying with «big» banknotes.|
|Delivery options||Collect at the airport/branch of your preference. It is all about comfort!||You must visit your bank at least twice, and wait meanwhile for your money to arrive.|
|What do I do with my leftover currency when I come home?||We buy it back from you at the airport, just as when you ordered online.||You must return to your bank. They may buy your currency back at a worse rate and then charge you a commission.|
|Anything else?||Yes: our Iberia Plus Customers who reserve online earn Avios for their purchases, as when they buy at the airport.||Avi-what? No sir! This is a bank, not an airline company!|