Larry Bates,Larry Bates

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(Free-Press-Release.com) July 5, 2010 -- The value of gold or silver contained in the dollar was then converted into relative value in the economy for the buying and selling of goods. This allowed the value of things to remain fairly constant over time, except for the influx and outflux of gold and silver in the nation's economy

Larry Bates :The choice of the value 371 grains arose from Alexander Hamilton's decision to base the new American unit on the average weight of a selection of worn Spanish dollars (and later Mexican peso). Hamilton got the treasury to weigh a sample of Spanish dollars and the average weight came out to be 371 grains. A new Spanish dollar was usually about 377 grains in weight, and so the new US dollar was at a slight discount in relation to the Spanish dollar.

First American Monetary Consultants

The early currency of the USA did not exhibit faces of presidents, as is the custom now. In fact, George Washington was against having his face on the currency, a practice he compared to the policies of European monarchs. The currency as we know it today did not get the faces they currently have until after the early 1900s; before that "heads" side of coinage used profile faces and striding, seated, and standing figures from Greek and Roman mythology and generic native Americans. The last coins to be converted to profiles of historic Americans were the dime (1946) and the Dollar (1971).

Larry Bates :The People's Republic of China's renminbi was informally and controversially pegged to the dollar in the mid-1990s at ¥?8.28/USD. Likewise, Malaysia pegged its ringgit at RM3.8/USD in 1997. On July 21, 2005 both countries removed their pegs and adopted managed floats against a basket of currencies. Kuwait did likewise on May 20, 2007, and Syria did likewise in July 2007

First American Monetary Consultants Some countries that have adopted the U.S. dollar issue their own coins: See Ecuadorian centavo coins, Panamanian Balboa and East Timor centavo coins.

First American Monetary Consultants Clients The early currency of the USA did not exhibit faces of presidents, as is the custom now. In fact, George Washington was against having his face on the currency, a practice he compared to the policies of European monarchs. The currency as we know it today did not get the faces they currently have until after the early 1900s; before that "heads" side of coinage used profile faces and striding, seated, and standing figures from Greek and Roman mythology and generic native Americans. The last coins to be converted to profiles of historic Americans were the dime (1946) and the Dollar (1971).

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Larry Bates