National Dollar Day:
Celebrated on August 8th, every year. The day is celebrated to commemorate the monetary system establishment in the United States.
|2018||8th August||Sunday||United States|
|2019||8th August||Monday||United States|
|2020||8th August||Wednesday||United States|
Why Dollar Day?
The day is celebrated to commemorate the monetary system establishment in the United States. Also popular as American dollar, it is the official currency of the United States. Other official users are East Timor, Ecuador, El Salvador and few more. It is a pioneer in reserve currencies and used in international transactions. Initially minted in the year 1794, it services for the people continues still not only in the United States, but also in the few more territories.
How we can Celebrate National Dollar Day:
Explore more about the history of Dollar. Use this hashtag #DollarDay to post on the social media. Further, search for the dollar day history as well since we are unable to locate the origin and the creator.
Interesting Facts About Dollar Day:
- The United States dollar was minted in the year 1794 popularly termed as the Flowing Hair Dollar. It encompasses 89.25% silver and 10.75% copper, as per the regulation defined in the Law of Coinage Act in 1792.
- As of now, it is minted in the form of both coin and paper currency. It is estimated that almost 1.5 trillion dollars that are in circulation are of federal notes almost covering 90 percent of the overall circulation. In addition, Coin circulation is estimated to be of 40 billion dollars.
- Today, dollar paper currencies are produced from cotton fiber paper and U.S. coins are minted by the one of the federal agency, United States Mint. U.S. dollar federal paper notes are produced by the Bureau of Engraving and printing, a government agency that prints almost all forms of security related products of the United States.
- During the introduction, currency of the United States was not depicted with faces of presidents. Rather, now, it has become a custom to depict the image of the deceased president or an individual faces in the U.S currencies. Despite the accusation that it was the policy of British monarchies, the system is still in practice.
- The current denominations of dollar as of 2018 are $1,$2,$5,$10,$20,$50 and $100.However,$2 will not be printed henceforth but still in circulation. The largest denomination was $100000 which was printed with the face of Wilson. Nevertheless, it was only used for official transactions and not issued to the civilians. It was in use between 1934 and 1935 for almost 2 years.
- Other than one dollar coin which is equal to 100 cents, half dollar and quarter dollar are also in circulation which is equal to 50 and 25 cents respectively.
- The U.S government Treasury minted the dollars with 500 denominations , featuring a portrait of William McKinley on the obverse side. The mintage was stopped in the year 1945 and was officially withdrawn later in 1969.Likewise,dollars with 1000 denomination were also minted and was in circulation till1969,but as of now, there are only 165,372 of this denomination, still in circulation.
- The $5,000 bill was introduced during the Civil War for financial resolution. However, later withdrawn in 1969 by Richard Nixon, in suspect of money-laundering.similarly,$
10000 bill is printed for general public and is the largest denomination ever printed for the general public usage. Only few samples of $5000 and $10000 are in existence.
- All the discontinued denominations that are meant for general public, are still in circulation since the U.S laws clearly states that the government should not force the public in case of monetary usages. The Federal Reserve Bank has the power only to stop the mintage and to destroy them once they are received by the banks.
History of Dollar Day:
The creator of this day is unknown. Nonetheless, the day might be chosen since on August 8, monetary system has been established in the United States. Refer National One Cent Coin Day for more information.