mld means million dollars

1. Introduction to the U.S. dollar

The U.S. dollar is the currency of the United States of America, the Republic of El Salvador, and the Republic of Panama. , the Republic of Ecuador, the Democratic Republic of East Timor, the Republic of the Marshall Islands, the Federated States of Micronesia, the Republic of Kiribati and the Republic of Palau. The U.S. dollar banknotes in circulation are all versions of banknotes issued since 1929.

Appeared after the passage of the United States Coinage Act of 1792. The current issuance of U.S. dollars is controlled by the U.S. Federal Reserve System. Since 1913, the United States has established the Federal Reserve System and issued Federal Reserve Notes. More than 99% of banknotes currently in circulation are Federal Reserve notes.

The authority responsible for issuing U.S. dollars is Congress, and the specific issuance business is handled by the Federal Reserve Bank. After World War II, continental European countries reached an agreement with the United States and agreed to use U.S. dollars for international payments. Since then, the U.S. dollar has been widely used as a reserve currency in countries other than the United States and eventually became an international currency.

2. Development history

In 1792, the U.S. dollar formed a currency area in 13 colonies. At that time, the United States was only a country with 4 million people. By the end of the 19th century, it had become the most powerful country in the world. By the outbreak of World War I in 1914, the economic aggregate of the United States was larger than that of the three largest countries: Britain, Germany, France, and even their combined total, which made the status of the dollar increasingly prominent. During World War I, gold from European countries flowed into the United States to purchase war supplies.

The U.S. Federal Reserve Bank’s use of this gold as legal tender caused inflation. The price level in the United States nearly doubled from 1914 to 1920. Later the Federal Reserve Bank of the United States decided to control inflation in an attempt to restore prices to their original levels. What followed was a period of deflation. The price level dropped from 200 to 140 in one year in 1920, a drop of 30%. This was the largest deflation in American history.

3. Banknotes

The main image on the front of US dollar banknotes is a portrait, and the main color is black. The main scene pattern on the back is a building, and the main color is green, but there are few differences in the colors of different versions. For example, the back of the 1934 version is dark green, the back of the 1950 version is grass green, and the back of the 1963 version is all dark green. Since Dollar Green is an ink made from a type of tree sap, the quality of the sap varies each time, so the color varies slightly.

The signature above is the signature of the Minister of Finance, and different Ministers of Finance belong to different issuance years. Prior to the 20th century, 1, 5, 10, 25, and 50-cent notes were issued. The large-front dollar is one-half the size of the small-front dollar compared to the small-front dollar. Interestingly, all denominations of the U.S. dollar are the same size. The $20 dollar bill is the most widely used high-denomination banknote in the United States.