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89-563: The damage Heta caused on Tonga, Niue, and American Samoa was estimated at $ 150 million (2004 USD ), with most of the damage occurring in American Samoa; the cyclone was also responsible for one death. Heta precipitated a massive relief and clean-up operation that lasted throughout 2004. During December 25, 2003 the Fiji Meteorological Service reported that Tropical Disturbance 03F had developed underneath

178-399: A damage survey and provided relief aid to Niuatoputapu , which was hit especially hard by the cyclone. In addition, New Zealand provided $ 10,000 (2004 USD) worth of supplies and relief aid to Tonga. In American Samoa, Governor Aitofele Sunia declared a state of emergency after the cyclone, and later President George W. Bush declared the U.S. territory a disaster area. The declaration made

267-487: A dollar are emitted as Federal Reserve Notes , disregarding these special cases: In the 16th century, Count Hieronymus Schlick of Bohemia began minting coins known as joachimstalers , named for Joachimstal , the valley in which the silver was mined. In turn, the valley's name is titled after Saint Joachim , whereby thal or tal , a cognate of the English word dale , is German for 'valley.' The joachimstaler

356-757: A dollar, and dimes at 0.100 of a dollar. After the adoption of the United States Constitution , the U.S. dollar was defined by the Coinage Act of 1792 . It specified a "dollar" based on the Spanish milled dollar to contain 371 + 4 ⁄ 16 grains of fine silver, or 416.0 grains (26.96 g) of "standard silver" of fineness 371.25/416 = 89.24%; as well as an "eagle" to contain 247 + 4 ⁄ 8 grains of fine gold, or 270.0 grains (17.50 g) of 22 karat or 91.67% fine gold. Alexander Hamilton arrived at these numbers based on

445-648: A few cases, U.S. coins) used in circulation. The monetary policy of the United States is conducted by the Federal Reserve System , which acts as the nation's central bank . As of February 10, 2021, currency in circulation amounted to US$ 2.10 trillion , $ 2.05 trillion of which is in Federal Reserve Notes (the remaining $ 50 billion is in the form of coins and older-style United States Notes ). As of September 20, 2023,

534-545: A grain of pure, or four hundred and sixteen grains of standard silver. Section 20 of the Act designates the United States dollar as the unit of currency of the United States: [T]he money of account of the United States shall be expressed in dollars, or units...and that all accounts in the public offices and all proceedings in the courts of the United States shall be kept and had in conformity to this regulation. Unlike

623-575: A limited extent" as money. Treasury Notes were again printed to help resolve the reduction in public revenues resulting from the Panic of 1837 and the Panic of 1857 , as well as to help finance the Mexican–American War and the Civil War . Paper money was issued again in 1862 without the backing of precious metals due to the Civil War . In addition to Treasury Notes, Congress in 1861 authorized

712-554: A major recovery plan by the government of Niue that lasted throughout 2004 and cost over $ 20 million (2004 NZD). In Samoa, the International Red Cross and Red Crescent sent 60 volunteers, and distributed 150 tarpaulins and 340 water containers and blankets to the devastated area. On January 9, the number of volunteers increased to 100, and over 944 aid items were distributed. In Tonga, the Red Cross conducted

801-505: A month it had risen to new post-float highs, reaching US$ 0.8103 on 23 July 2007. After reaching its post-float record high in early 2008, the value of the NZ$ plummeted throughout much of the 2nd half of 2008 and the first quarter of 2009 as a response to the global economic downturn and flight by investors away from "riskier" currencies such as the NZ$ . The NZ$ bottomed out at approximately US$ 0.50 on 6 March 2009. However, it rebounded strongly as

890-605: A moving peg in November 1976, causing the actual value of the peg to be periodically adjusted. The New Zealand dollar contributes greatly to the total global exchange market—far in excess of New Zealand's relative share of population or global GDP. According to the Bank for International Settlements , the New Zealand dollar's share of global foreign exchange market daily turnover in 2016 was 2.1% (up from 1.6% in 2010) giving it

979-421: A notable New Zealander, while the reverse featured a native New Zealand bird and New Zealand scenery. The Queen remained on the $ 20 note. In 1999, series 6 polymer notes replaced the paper notes. The designs remained much the same, but were changed slightly to accommodate new security features, with the most obvious changes being the two transparent windows. In 2015–16, new Series 7 notes were issued, refreshing

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1068-578: A penny). Some 27 million new banknotes were printed and 165 million new coins were minted for the changeover. The New Zealand dollar was initially pegged to both the British pound sterling and the United States dollar at NZ$ 1 = UK£ 1 ⁄ 2 = US$ 1.40. On 21 November 1967 sterling was devalued from UK£1 = US$ 2.80 to US$ 2.40 (see Bretton Woods system ), but the New Zealand dollar was devalued even more from NZ$ 1 = US$ 1.40 to US$ 1.12, to match

1157-678: A series of revisions to the gold peg was implemented, culminating in the Nixon Shock of August 15, 1971, which suddenly ended the convertibility of dollars to gold. The U.S. dollar has since floated freely on the foreign exchange markets . Congress continued to issue paper money after the Civil War, the latest of which is the Federal Reserve Note that was authorized by the Federal Reserve Act of 1913 . Since

1246-487: A treasury assay of the average fine silver content of a selection of worn Spanish dollars , which came out to be 371 grains. Combined with the prevailing gold-silver ratio of 15, the standard for gold was calculated at 371/15 = 24.73 grains fine gold or 26.98 grains 22K gold. Rounding the latter to 27.0 grains finalized the dollar's standard to 24.75 grains of fine gold or 24.75*15 = 371.25 grains = 24.0566 grams = 0.7735 troy ounces of fine silver. The same coinage act also set

1335-399: A weak steering current , slowly began to move to the southeast as it became a Category 1 hurricane. The center of Heta passed 70 miles (110 km) west of Samoa as the storm reached Category 2 status. Heta reached a peak intensity of 260 km/h (160 mph) at midnight UTC on January 5, and maintained it for 24 hours as it continued its south-southeastward track. Heta passed close to

1424-474: A weather station recorded a barometric pressure of 945 millibars before it became inoperable. The capital city of Alofi , which took the brunt of the storm, was devastated as most of the commercial and financial areas were wiped out by the high winds. Damage to communications and electronic infrastructure was also great as the storm damaged a satellite dish and disabled 75% of Niue's computer database. The storm surge brought by Heta left two people dead. In all,

1513-454: Is one of the first words of Section 9, in which the term refers to the Spanish milled dollar , or the coin worth eight Spanish reales . In 1792, the U.S. Congress passed the Coinage Act , of which Section 9 authorized the production of various coins, including: Dollars or Units —each to be of the value of a Spanish milled dollar as the same is now current, and to contain three hundred and seventy-one grains and four sixteenth parts of

1602-460: Is that it is derived from the Pillars of Hercules on the Spanish coat of arms of the Spanish dollar . These Pillars of Hercules on the silver Spanish dollar coins take the form of two vertical bars ( || ) and a swinging cloth band in the shape of an S . Yet another explanation suggests that the dollar sign was formed from the capital letters U and S written or printed one on top of

1691-427: Is the official currency of the United States and several other countries . The Coinage Act of 1792 introduced the U.S. dollar at par with the Spanish silver dollar , divided it into 100 cents , and authorized the minting of coins denominated in dollars and cents. U.S. banknotes are issued in the form of Federal Reserve Notes , popularly called greenbacks due to their predominantly green color. The U.S. dollar

1780-468: The Coinage Act of 1834 the dollar's fine gold equivalent was revised to 23.2 grains; it was slightly adjusted to 23.22 grains (1.505 g) in 1837 (gold-silver ratio ~16). The same act also resolved the difficulty in minting the "standard silver" of 89.24% fineness by revising the dollar's alloy to 412.5 grains, 90% silver, still containing 371.25 grains fine silver. Gold was also revised to 90% fineness: 25.8 grains gross, 23.22 grains fine gold. Following

1869-551: The Comstock Lode in the 1870s. This was the so-called "Crime of '73". The Gold Standard Act of 1900 repealed the U.S. dollar's historic link to silver and defined it solely as 23.22 grains (1.505 g) of fine gold (or $ 20.67 per troy ounce of 480 grains). In 1933, gold coins were confiscated by Executive Order 6102 under Franklin D. Roosevelt , and in 1934 the standard was changed to $ 35 per troy ounce fine gold, or 13.71 grains (0.888 g) per dollar. After 1968

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1958-545: The Continental Congress resolved that the money unit of the United States, the dollar, would contain 375.64 grains of fine silver; on August 8, 1786, the Continental Congress continued that definition and further resolved that the money of account, corresponding with the division of coins, would proceed in a decimal ratio , with the sub-units being mills at 0.001 of a dollar, cents at 0.010 of

2047-664: The Cook Islands , Niue , the Ross Dependency , Tokelau , and a British territory, the Pitcairn Islands . Within New Zealand, it is almost always abbreviated with the dollar sign ($ ). The abbreviations " $ NZ " or " NZ$ " are used (outside New Zealand) when necessary to distinguish it from other dollar -denominated currencies. The New Zealand dollar was introduced in 1967. It is subdivided into 100 cents . Altogether it has five coins and five banknotes with

2136-471: The Dutch pioneered in modern-day New York in the 17th century the use and the counting of money in silver dollars in the form of German-Dutch reichsthalers and native Dutch leeuwendaalders ('lion dollars'), it was the ubiquitous Spanish American eight-real coin which became exclusively known as the dollar since the 18th century. The colloquialism buck(s) (much like the British quid for

2225-510: The Federal Emergency Management Agency (FEMA). The United Church of Christ also provided $ 5,000 in relief aid. USD This is an accepted version of this page The United States dollar ( symbol : $ ; currency code : USD ; also abbreviated US$ to distinguish it from other dollar-denominated currencies ; referred to as the dollar , U.S. dollar , American dollar , or colloquially buck )

2314-630: The First World War , and displaced the pound sterling as the world's primary reserve currency by the Bretton Woods Agreement towards the end of the Second World War . The dollar is the most widely used currency in international transactions , and a free-floating currency . It is also the official currency in several countries and the de facto currency in many others, with Federal Reserve Notes (and, in

2403-557: The Reserve Bank sold an unknown worth of New Zealand dollars for nine billion USD in an attempt to drive down its value. This is the first intervention in the markets by the Bank since the float in 1985. Two suspected interventions followed, but they were not as successful as the first: the first appeared to be initially effective, with the dollar dropping to approximately US$ 0.7490 from near US$ 0.7620. However, within little more than

2492-457: The United States 's exorbitant privilege . The United States Mint has issued legal tender coins every year from 1792 to the present. From 1934 to the present, the only denominations produced for circulation have been the familiar penny, nickel, dime, quarter, half dollar, and dollar. NZD The New Zealand dollar ( Māori : tāra o Aotearoa ; sign : $ ; code : NZD ) is the official currency and legal tender of New Zealand ,

2581-401: The pound sterling ) is often used to refer to dollars of various nations, including the U.S. dollar. This term, dating to the 18th century, may have originated with the colonial leather trade, or it may also have originated from a poker term. Greenback is another nickname, originally applied specifically to the 19th-century Demand Note dollars, which were printed black and green on

2670-456: The $ 5 replacing their pound predecessors. The original series of dollar notes featured on the obverse a portrait of Queen Elizabeth II wearing Queen Alexandra 's Kokoshnik tiara, King George's VI festoon necklace, and Queen Mary's floret earrings, while the reverse featured native birds and plants. The notes were changed slightly in 1981 due to a change of printer (from De La Rue to Bradbury, Wilkinson & Co.)—the most noticeable difference being

2759-490: The 1930s, although only in the 1950s did any plans come to fruition. In 1957, a committee was set up by the Government to investigate decimal currency. The idea fell on fertile ground, and in 1963, the Government decided to decimalise New Zealand currency. The Decimal Currency Act was passed in 1964, setting the date of transition to 10 July 1967. Words such as "fern", "kiwi" and "zeal" were proposed to avoid confusion with

Cyclone Heta - Misplaced Pages Continue

2848-463: The 7th. These remnants of Heta slowed even further and moved westward, where they finally dissipated on January 11 east of Norfolk Island . During January 1, the FMS issued a tropical cyclone alert for Tokelau before upgrading it later that day to a gale warning, as Heta was expected to cause gale-force winds over the islands within 24–36 hours. The warning was kept in force over the next 48 hours before it

2937-529: The Constitution provides that "a regular Statement and Account of the Receipts and Expenditures of all public Money shall be published from time to time", which is further specified by Section 331 of Title 31 of the U.S. Code. The sums of money reported in the "Statements" are currently expressed in U.S. dollars, thus the U.S. dollar may be described as the unit of account of the United States. "Dollar"

3026-582: The Federal Reserve estimated that the total amount of currency in circulation was approximately US$ 2.33 trillion . Article I , Section 8 of the U.S. Constitution provides that Congress has the power "[t]o coin money ." Laws implementing this power are currently codified in Title 31 of the U.S. Code , under Section 5112, which prescribes the forms in which the United States dollars should be issued. These coins are both designated in

3115-539: The Queen was introduced and the legend rearranged to read " NEW ZEALAND ELIZABETH II ". On 11 November 2004 the Reserve Bank announced that it proposed to take the 5c coin out of circulation and to make the 50c, 20c and 10c coins smaller and use plated steel to make them lighter. After a three-month public submission period that ended on 4 February 2005, the Reserve Bank announced on 31 March that it would go ahead with

3204-466: The Queen. The 1c and 2c coins were last minted for circulation in 1987, with collector coins being made for 1988. The coins were demonetised on 30 April 1990. The lack of 1c and 2c coins meant that cash transactions were normally rounded to the nearest 5c (10c from 2006), a process known as Swedish rounding . On 11 February 1991, aluminium-bronze $ 1 and $ 2 coins were introduced to replace existing $ 1 and $ 2 notes. In 1999, Ian Rank-Broadley 's portrait of

3293-948: The Spanish milled dollar, the Continental Congress and the Coinage Act prescribed a decimal system of units to go with the unit dollar, as follows: the mill , or one-thousandth of a dollar; the cent , or one-hundredth of a dollar; the dime , or one-tenth of a dollar; and the eagle , or ten dollars. The current relevance of these units: The Spanish peso or dollar was historically divided into eight reales (colloquially, bits ) – hence pieces of eight . Americans also learned counting in non-decimal bits of 12 + 1 ⁄ 2 cents before 1857 when Mexican bits were more frequently encountered than American cents; in fact this practice survived in New York Stock Exchange quotations until 2001. In 1854, Secretary of

3382-540: The Treasury James Guthrie proposed creating $ 100, $ 50, and $ 25 gold coins, to be referred to as a union , half union , and quarter union , respectively, thus implying a denomination of 1 Union = $ 100. However, no such coins were ever struck, and only patterns for the $ 50 half union exist. When currently issued in circulating form, denominations less than or equal to a dollar are emitted as U.S. coins , while denominations greater than or equal to

3471-854: The Treasury to borrow $ 50 million in the form of Demand Notes , which did not bear interest but could be redeemed on demand for precious metals. However, by December 1861, the Union government's supply of specie was outstripped by demand for redemption and they were forced to suspend redemption temporarily. In February 1862 Congress passed the Legal Tender Act of 1862 , issuing United States Notes , which were not redeemable on demand and bore no interest, but were legal tender , meaning that creditors had to accept them at face value for any payment except for public debts and import tariffs. However, silver and gold coins continued to be issued, resulting in

3560-450: The United States and to supervise its banking system, particularly in the aftermath of the Panic of 1907 . For most of the post-war period, the U.S. government has financed its own spending by borrowing heavily from the dollar-lubricated global capital markets, in debts denominated in its own currency and at minimal interest rates. This ability to borrow heavily without facing a significant balance of payments crisis has been described as

3649-625: The United States until the Coinage Act of 1857 . In particular, colonists' familiarity with the Spanish two- real quarter peso was the reason for issuing a quasi-decimal 25-cent quarter dollar coin rather than a 20-cent coin. For the relationship between the Spanish dollar and the individual state colonial currencies, see Connecticut pound , Delaware pound , Georgia pound , Maryland pound , Massachusetts pound , New Hampshire pound , New Jersey pound , New York pound , North Carolina pound , Pennsylvania pound , Rhode Island pound , South Carolina pound , and Virginia pound . On July 6, 1785,

Cyclone Heta - Misplaced Pages Continue

3738-402: The United States was a significant recipient of wartime gold inflows. After the United States emerged as an even stronger global superpower during the Second World War , the Bretton Woods Agreement of 1944 established the U.S. dollar as the world's primary reserve currency and the only post-war currency linked to gold. Despite all links to gold being severed in 1971, the dollar continues to be

3827-521: The average Spanish dollar in circulation. The new U.S. silver dollar of 371.25 grains (24.057 g) therefore compared favorably and was received at par with the Spanish dollar for foreign payments, and after 1803 the United States Mint had to suspend making this coin out of its limited resources since it failed to stay in domestic circulation. It was only after Mexican independence in 1821 when their peso's fine silver content of 377.1 grains

3916-500: The backside, created by Abraham Lincoln to finance the North for the Civil War . It is still used to refer to the U.S. dollar (but not to the dollars of other countries). The term greenback is also used by the financial press in other countries, such as Australia , New Zealand , South Africa , and India . Other well-known names of the dollar as a whole in denominations include greenmail , green , and dead presidents ,

4005-559: The breakdown of the Bretton Woods system in 1971, both Australia and New Zealand converted the mostly-fixed foreign exchange regimes to a moving peg against the US dollar. In September 1974, Australia moved to a peg against a basket of currencies called the trade weighted index (TWI) in an effort to reduce fluctuations associated with its peg to the US dollar. The peg to the TWI was changed to

4094-440: 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. Though a Spanish dollar freshly minted after 1772 theoretically contained 417.7 grains of silver of fineness 130/144 (or 377.1 grains fine silver), reliable assays of the period in fact confirmed a fine silver content of 370.95 grains (24.037 g) for

4183-547: The centenary of the Gallipoli landings and of Armistice Day . After the death of Queen Elizabeth II in September 2022, the Reserve Bank said it would exhaust its existing coin stocks before introducing new coins featuring King Charles III . Based on current stock levels, this would likely be several years away. In 1967, notes were introduced in denominations of $ 1 , $ 2 , $ 5 , $ 10 , $ 20 and $ 100 , with all except

4272-507: The coins featured Arnold Machin 's portrait of Queen Elizabeth II , with the legend ELIZABETH II NEW ZEALAND [date]. The reverse sides of coins introduced in 1967 did not follow the designs that were originally intended for them. Those modern art and sculpture themed designs were leaked to a newspaper and met a very negative public reaction. The final releases were given more conservative designs in line with public expectations. In 1986, New Zealand adopted Raphael Maklouf 's new portrait of

4361-414: The currency, a practice 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 20th century; before that "heads" side of coinage used profile faces and striding, seated, and standing figures from Greek and Roman mythology and composite Native Americans. The last coins to be converted to profiles of historic Americans were

4450-600: The cyclones winds damaged powerlines, which made communications with the city difficult. In American Samoa , two weather stations reported winds of 120 km/h (75 mph) with gusts of 185 km/h (115 mph). The high winds destroyed over 600 homes and damaged 4,000 others. Offshore, the storm brought waves up to 13.4 m (44 ft) high along the north and western part of the island. The combination of rough surf and storm surge damaged or destroyed many boats near Swains Island . Although no deaths were reported in Samoa,

4539-632: The depreciation of the newly printed notes through Gresham's law . In 1869, Supreme Court ruled in Hepburn v. Griswold that Congress could not require creditors to accept United States Notes, but overturned that ruling the next year in the Legal Tender Cases . In 1875, Congress passed the Specie Payment Resumption Act , requiring the Treasury to allow U.S. Notes to be redeemed for gold after January 1, 1879. Though

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4628-668: The dime (1946), the half Dollar (1948), and the Dollar (1971). After the American Revolution , the Thirteen Colonies became independent . Freed from British monetary regulations, they each issued £sd paper money to pay for military expenses. The Continental Congress also began issuing "Continental Currency" denominated in Spanish dollars. For its value relative to states' currencies, see Early American currency . Continental currency depreciated badly during

4717-426: The discontinuation of all other types of notes (Gold Certificates in 1933, Silver Certificates in 1963, and United States Notes in 1971), U.S. dollar notes have since been issued exclusively as Federal Reserve Notes . The U.S. dollar first emerged as an important international reserve currency in the 1920s, displacing the British pound sterling as it emerged from the First World War relatively unscathed and since

4806-421: The dollar came under the gold standard de jure only after 1900, the bimetallic era was ended de facto when the Coinage Act of 1873 suspended the minting of the standard silver dollar of 412.5 Troy grains = 26.73 g; 0.859 ozt, the only fully legal tender coin that individuals could convert bullion into in unlimited (or Free silver ) quantities, and right at the onset of the silver rush from

4895-438: The dollar's value has been determined by the financial markets, and has been in the range of about US$ 0.39 to 0.88. The dollar's post-float low was US$ 0.3922 on 22 November 2000, and it reached a post-float high on 9 July 2014 of US$ 0.8821. Much of this medium-term variation in the exchange rate has been attributed to differences in interest rates. The New Zealand dollar is among the 10 most-traded currencies. On 11 June 2007

4984-500: The introduction of the New Zealand dollar in 1967, the New Zealand pound was the currency of New Zealand, which had been distinct from the pound sterling since 1933. The pound used the £sd system, in which the pound was divided into 20 shillings and one shilling was divided into 12 pence, a system which by the 1950s was considered complicated and cumbersome. Switching to decimal currency had been proposed in New Zealand since

5073-567: The island of Niue at 03:00 UTC January 6 as it began slowly weakening. By January 7, Cyclone Heta had exited the Nadi RMSC's area of responsibility and entered that of the Tropical Cyclone Warning Center at Wellington , New Zealand. The storm slowly weakened as it encountered the cooler waters of the far South Pacific . Heta became extratropical 845 km (525 mi) south of the island of Rarotonga later on

5162-397: The latter of which referring to the deceased presidents pictured on most bills. Dollars in general have also been known as bones (e.g. "twenty bones" = $ 20). The newer designs, with portraits displayed in the main body of the obverse (rather than in cameo insets), upon paper color-coded by denomination, are sometimes referred to as bigface notes or Monopoly money . Piastre

5251-401: The modern-day World Bank Group , establishing the infrastructure for conducting international payments and accessing the global capital markets using the U.S. dollar. The monetary policy of the United States is conducted by the Federal Reserve System , which acts as the nation's central bank . It was founded in 1913 under the Federal Reserve Act in order to furnish an elastic currency for

5340-460: The north of Fiji. During the next day, as the depression passed about 40 km (25 mi) to the northeast of Futuna , the system started to move north-eastwards towards Tokelau . The depression migrated first northward and then eastward until January 2, 2004, when it reached tropical storm strength and was named Heta. At this point, low wind shear and high sea surface temperatures caused Heta to intensify rapidly. On January 3, Heta, aided by

5429-483: The note design and improving security features. As of 2021, Series 6 and 7 notes are currently legal tender. In September 2022, following the death of Queen Elizabeth II, the Reserve Bank said it would exhaust its existing stocks of $ 20 notes before introducing new notes featuring King Charles III. The most recent issue of New Zealand banknotes is the seventh series, first released in October 2015 and May 2016. With

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5518-517: The numerical amount, is used for the U.S. dollar (as well as for many other currencies). The sign was perhaps the result of a late 18th-century evolution of the scribal abbreviation p for the peso , the common name for the Spanish dollars that were in wide circulation in the New World from the 16th to the 19th centuries. The p and the s eventually came to be written over each other giving rise to $ . Another popular explanation

5607-561: The other. This theory, popularized by novelist Ayn Rand in Atlas Shrugged , does not consider the fact that the symbol was already in use before the formation of the United States. The U.S. dollar was introduced at par with the Spanish-American silver dollar (or Spanish peso , Spanish milled dollar , eight-real coin , piece-of-eight ). The latter was produced from the rich silver mine output of Spanish America ,

5696-437: The portrait based upon a photograph by Peter Grugeon, in which Queen Elizabeth II is wearing Grand Duchess Vladimir's tiara and Queen Victoria's golden jubilee necklace. The $ 50 note was added in 1983 to fill the long gap between the $ 20 and the $ 100 notes. $ 1 and $ 2 notes were discontinued in 1991 after being replaced with coins. A new series of notes, known as Series 5 was introduced in 1992. The obverse of each note featured

5785-617: The proposed changes. The changeover period started on 31 July 2006, with the old coins usable until 31 October 2006. The old 50c, 20c, 10c and 5c pieces are now no longer legal tender , but are still redeemable at the Reserve Bank. Prior to the change over, these coins were similar, save for the legend and reverse artwork, to international (mainly Commonwealth ) coins of the same British-derived sizes, which led to coins from other currencies, particularly older coins, being accepted by vending machines and many retailers. Commemorative coins, with face values of 50c, were issued in 2015 and 2018 to mark

5874-487: The rise in the price of silver during the California Gold Rush and the disappearance of circulating silver coins, the Coinage Act of 1853 reduced the standard for silver coins less than $ 1 from 412.5 grains to 384 grains (24.9 g), 90% silver per 100 cents (slightly revised to 25.0 g, 90% silver in 1873). The Act also limited the free silver right of individuals to convert bullion into only one coin,

5963-572: The section as " legal tender " in payment of debts. The Sacagawea dollar is one example of the copper alloy dollar, in contrast to the American Silver Eagle which is pure silver . Section 5112 also provides for the minting and issuance of other coins, which have values ranging from one cent ( U.S. Penny ) to 100 dollars. These other coins are more fully described in Coins of the United States dollar . Article I, Section 9 of

6052-552: The silver dollar at the rate of 1 silver dollar to 1000 continental dollars. This resulted in the clause "No state shall... make anything but gold and silver coin a tender in payment of debts" being written into the United States Constitution article 1, section 10 . From implementation of the 1792 Mint Act to the 1900 implementation of the gold standard , the dollar was on a bimetallic silver-and-gold standard, defined as either 371.25 grains (24.056 g) of fine silver or 24.75 grains of fine gold (gold-silver ratio 15). Subsequent to

6141-477: The silver dollar of 412.5 grains; smaller coins of lower standard can only be produced by the United States Mint using its own bullion. Summary and links to coins issued in the 19th century: In order to finance the War of 1812 , Congress authorized the issuance of Treasury Notes , interest-bearing short-term debt that could be used to pay public dues. While they were intended to serve as debt, they did function "to

6230-462: The smallest being the 10-cent coin ; smaller denominations have been discontinued due to inflation and production costs. In the context of currency trading, the New Zealand dollar is sometimes informally called the "Kiwi" or "Kiwi dollar", since the flightless bird , the kiwi , is depicted on its one-dollar coin . It is the tenth most traded currency in the world, representing 2.1% of global foreign exchange market daily turnover in 2019. Prior to

6319-463: The storm caused over $ 85 million (2004 NZD ) in damage on the island, five times its 2003 GDP of $ 17 million. Damage also included irreplaceable losses to the island's cultural heritage: Huanaki Cultural Centre & Museum was destroyed along with over 90% of the museum's collections. In Apia, Samoa , the heavy rains brought by Heta caused isolated reports of flooding. Heta's storm surge also closed down or washed out several roads. In Savai'i ,

6408-404: The storm managed to injure 20 people and leave between $ 50–150 million (2005 USD) in damage. The government of Niue declared a state of emergency after Cyclone Heta's impact. On January 8, New Zealand and Australia provided relief aid and supplies to the displaced residents. The aid provided by New Zealand's government amounted to $ 5 million (2004 NZD). The devastation left by Heta led to

6497-438: The subtropical ridge of high pressure about halfway between Fiji and Rotuma . At this time, the disturbance was poorly organised with atmospheric convection surrounding the system displaced by about a degree to the north and east of its low-level circulation centre. Over the next few days, the system gradually developed further and was classified as a tropical depression by the FMS during December 28, as it slowly moved eastwards to

6586-540: The territory eligible for federal assistance and relief. The damage from the cyclone caused an evacuation of 140 residents to relief shelters, thirteen of which were opened after the storm. In addition, the Small Business Administration (SBA) offered $ 40,000–$ 200,000 (2004 USD) in repair loans for residents and $ 1.5 million (2004 USD) in repair loans for businesses. The federal government offered $ 22 million (2004 USD) in relief aid through

6675-414: The value of an eagle at 10 dollars, and the dollar at 1 ⁄ 10 eagle. It called for silver coins in denominations of 1, 1 ⁄ 2 , 1 ⁄ 4 , 1 ⁄ 10 , and 1 ⁄ 20 dollar, as well as gold coins in denominations of 1, 1 ⁄ 2 and 1 ⁄ 4 eagle. The value of gold or silver contained in the dollar was then converted into relative value in the economy for

6764-477: The value of the Australian dollar . In 1971 the US devalued its dollar relative to gold , leading New Zealand on 23 December to peg its dollar at US$ 1.216 with a 4.5% fluctuation range, keeping the same gold value. From 9 July 1973 to 4 March 1985 the dollar's value was determined from a trade-weighted basket of currencies. On 4 March 1985, the NZ$ was floated at the initial rate of US$ 0.4444. Since then

6853-423: The war, giving rise to the famous phrase "not worth a continental". A primary problem was that monetary policy was not coordinated between Congress and the states, which continued to issue bills of credit. Additionally, neither Congress nor the governments of the several states had the will or the means to retire the bills from circulation through taxation or the sale of bonds. The currency was ultimately replaced by

6942-498: The word "dollar", which many people associate with the United States dollar . In the end, the word "dollar" was chosen anyway, and an anthropomorphic dollar note cartoon character called "Mr. Dollar" became the symbol of transition in a huge publicity campaign. On Monday 10 July 1967 ("Decimal Currency Day"), the New Zealand dollar was introduced to replace the pound at a rate of two dollars to one pound (one dollar to ten shillings, ten cents to one shilling, 5 ⁄ 6 cent to

7031-488: The world's foremost reserve currency for international trade to this day. The Bretton Woods Agreement of 1944 also defined the post-World War II monetary order and relations among modern-day independent states , by setting up a system of rules, institutions, and procedures to regulate the international monetary system . The agreement founded the International Monetary Fund and other institutions of

7120-600: The year progressed, reaching the US$ 0.75 range by November 2009. By late 2012, the dollar was holding above 80 US cents, occasionally reaching 85¢, prompting calls from the Green Party for quantitative easing . Unions also called on the Government and the Reserve Bank to take action, but as of February 2013 both had declined. As of early June 2017, the NZD was trading at approximately US$ 0.71, and in early November 2019 it

7209-415: Was cancelled during January 3, after Heta had moved away from Tokelau. In Samoa and American Samoa, although hurricane warnings were in effect, there were no reports of evacuations or storm shelters being opened before the storm. In Niue, anticipating that the storm would bring catastrophic damage, 1300 residents sought shelter in their homes while others evacuated coastal areas to higher ground. One person

7298-412: Was firmly upheld, which the U.S. later had to compete with using a heavier 378.0 grains (24.49 g) Trade dollar coin . The early currency of the United States did not exhibit faces of presidents, as is the custom now; although today, by law, only the portrait of a deceased individual may appear on United States currency. In fact, the newly formed government was against having portraits of leaders on

7387-465: Was later shortened to the German taler , a word that eventually found its way into many languages, including: tolar ( Czech , Slovak and Slovenian ); daler ( Danish and Swedish ); talar ( Polish ); dalar and daler ( Norwegian ); daler or daalder ( Dutch ); talari ( Ethiopian ); tallér ( Hungarian ); tallero ( Italian ); دولار ( Arabic ); and dollar ( English ). Though

7476-498: Was minor to moderate damage to buildings and crops. In Tonga, Heta's strong winds damaged houses and caused severe crop damage, mostly to breadfruit, mango, tava and bananas. In Tafahi and Niuatoputapu , 50–100% of the homes and buildings were destroyed by the cyclone's powerful, Category 5 winds. However, because of advanced warnings, there were no deaths or injuries. Structural damage in Tonga amounted to $ 160,000 (2004 USD). In Niue,

7565-748: Was minted in Mexico City , Potosí (Bolivia), Lima (Peru), and elsewhere, and was in wide circulation throughout the Americas, Asia, and Europe from the 16th to the 19th centuries. The minting of machine-milled Spanish dollars since 1732 boosted its worldwide reputation as a trade coin and positioned it to be the model for the new currency of the United States . Even after the United States Mint commenced issuing coins in 1792, locally minted dollars and cents were less abundant in circulation than Spanish American pesos and reales ; hence Spanish, Mexican, and American dollars all remained legal tender in

7654-461: Was originally defined under a bimetallic standard of 371.25 grains (24.057 g) (0.7734375 troy ounces) fine silver or, from 1834 , 23.22 grains (1.505 g) fine gold, or $ 20.67 per troy ounce . The Gold Standard Act of 1900 linked the dollar solely to gold. From 1934, its equivalence to gold was revised to $ 35 per troy ounce . In 1971 all links to gold were repealed. The U.S. dollar became an important international reserve currency after

7743-469: Was reported dead, and the storm damage described as the worst in living memory. The capital Alofi was destroyed, as was the island's only hospital. Cyclone Heta caused around $ 110 to $ 150 million (2004 USD) in damage and one fatality in its path across Tonga, Niue, Samoa, and American Samoa. During its early stages, Heta brought heavy rains and light winds but caused little or no damage. In Wallis and Futuna , however, high winds knocked out power and there

7832-662: Was the original French word for the U.S. dollar, used for example in the French text of the Louisiana Purchase . Though the U.S. dollar is called dollar in Modern French, the term piastre is still used among the speakers of Cajun French and New England French , as well as speakers in Haiti and other French-speaking Caribbean islands. Nicknames specific to denomination: The symbol $ , usually written before

7921-430: Was valued as US$ 0.63 = NZ$ 1. On the introduction of the dollar, coins came in denominations of 1c, 2c, 5c, 10c, 20c, and 50c. The 1c and 2c coins were bronze, the others were cupro-nickel . To ease transition, the 5c, 10c, and 20c were the same size as the sixpence, shilling and florin that they respectively replaced, and until 1970, the ten-cent coin bore the additional legend "One Shilling". The obverse designs of all

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