Why are U.S. coins not numeric? How would you expect visitors know what a “dime” stands for as an example?!
Asked by Beth on Facebook.
U.S. coins list the amount on the reverse side of the coin. For example, a penny says “one cent” on the back and a nickel says “five cents.” But why does the dime says “one dime” instead of “ten cents”?
According to the U.S. Mint, the inscription “one dime” first appeared on the coin in 1837. The word dime is based on the Latin word “decimus,” meaning “one tenth.” The French used the word “disme” (pronounced the same as it is today) when they came up with the idea of money divided into ten parts in the 1500s.
Before the introduction of the nickel (5-cent coin), the U.S. actually had a half dime coin, with the words “half dime” inscribed on it. We checked with the U.S. Mint and they think that the use of “one dime” could have simply been a common inscription between the two coins.
Designs chosen for U.S. circulating coins are generally mandated by Congress and the law specifies that certain words and images must appear. Learn more about what’s required and the process for changing the design of a coin.
You don’t have to accept all financial aid you receive. Start by accepting aid you don’t have to pay back. Get more tips on accepting financial aid.
Image description: The IRS is warning of a phone scam targeting tax payers.
Scammers are calling tax payers and telling them they owe the IRS money and need to pay it immediately through a pre-loaded credit card or wire transfer.
If you don’t pay, the scammers claim you could be arrested, deported or have your driver’s or business license suspended.
Remember, the IRS will never initiate contact with you over the phone, email or social media to request personal information.
Visit IRS.gov to learn more about the scam and how to report it.
can you guys make a $1000 Bill or nah?
Asked by @AvatarSage on Twitter.
$1,000 bills exist! Until 1949, the U.S. government printed $500, $1,000, $5,000, and $10,000 bills.
In 1969, the Department of the Treasury and the Federal Reserve System announced these large denomination bills would be discontinued due to lack of use.
$500, $1,000, $5,000, and $10,000 bills are legal tender and may be found in circulation according to the Bureau of Engraving and Printing. Most are probably in the hands of private dealers and collectors.
The largest bill ever printed was the $100,000 Gold Certificate in 1934 and 1935, but it was not circulated. It was only used for transactions between Federal Reserve Banks.
View photos of the large denominations, including the $100,000 Gold Certificate.