Misplaced Pages

#939060

89-663: The Scorpène class of submarines has three subtypes: The Chilean and Malaysian boats are fitted with the TSM 2233 Mk 2 sonar. The class can also be fitted with a 'S-Cube' sonar suite from Thales . The French Module d'Energie Sous-Marine Autonome (MESMA) system is being offered by the French shipyard Naval Group for the Scorpène-class submarines. It is essentially a modified version of their nuclear propulsion system with heat being generated by ethanol and oxygen. The combustion of

178-619: A blue-water navy. Naval Group answered that those documents were not crucial. After extensive sea trials, Kalvari was commissioned into the Indian Navy on 14 December 2017. India's Defence Procurement Board (DPB) (a part of the Ministry of Defence ) green lit the acquisition of 3 additional boats on 10 July 2023. Following this, the Defence Acquisition Council (DAC) cleared the proposal on 13 July 2023. The deal

267-564: A contract for four new submarines before the end of 2019. These would either be Scorpène vessels from Naval Group or German U-boats from ThyssenKrupp . Norway would also be looking into possible cooperation on maintenance and construction with other potential buyers of the same submarines, such as Poland or the Netherlands. In February 2017, the Norwegian Government announced that it intended to procure its new submarines from

356-487: 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

445-757: 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

534-648: 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,

623-545: 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

712-474: A high level of debt. While it possessed a diversified portfolio of businesses, its market share within the majority of these many sectors was viewed as being too small to be realistically profitable despite increasing business from overseas buyers. During 1982, both Thomson-Brandt and Thomson-CSF were nationalised by France's Mitterrand government . As a consequence, Thomson-Brandt was renamed Thomson SA (Société Anonyme) and merged with Thomson-CSF. Throughout

801-732: A joint venture with the American defence company Raytheon . This arrangement was claimed to be first transatlantic joint venture in the defence sector. During December 2000, Thomson-CSF was officially rebranded as Thales (from the Greek philosopher Thales , pronounced [talɛs] reflecting its pronunciation in French ). US$ 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

890-575: 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

979-416: A new entity, Alcatel Space ; this was jointly owned by Alcatel and Thomson-CSF. By June 1998, implementation of the finalised agreement had commenced. The majority of Thomson-CSF's capital was transferred into private ownership. The French State reduced its holding in the company from 58% to 40%. At the time, Thomson-CSF's principal private shareholders were Alcatel and Dassault Industries. The division of

SECTION 10

#1732780219940

1068-587: A policy of privatisation of several state-owned companies, including Thomson-CSF. During April 1998, several of the affected companies, including Aérospatiale, Alcatel, Dassault Industries , Thomson-CSF and Thomson SA reached a cooperation agreement endorsed by the French government. Several of these terms brought about a major restructuring of Thomson-CSF. Firstly, the professional and defence electronics businesses of Alcatel and Dassault Électronique were merged with Thomson-CSF. Secondly, satellite businesses of Alcatel, Aerospatiale and Thomson-CSF are merged to form

1157-533: A result of its takeover of Racal, the UK became Thomson-CSF's second-largest domestic industrial base after France. Racal was initially rebranded Thomson-CSF Racal plc . Shortly after the Racal acquisition, Thomson-CSF conducted a strategic review of its portfolio of businesses. It adopted a new organisational structure comprising three business areas: defence, aerospace and information technology . Management decided that

1246-678: 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

1335-474: A significant shareholding in the merged company (approximately 40%). During the 1970s, Thomson-CSF received its first major contract in the Middle Eastern market. In this period the company diversified into several new sectors, leading to it manufacturing backend telephony equipment, semiconductors and medical imaging apparatus. By the early 1980s Thomson-CSF was in a weak financial position with

1424-464: A submarine to enhance members in the submarine's information about the submarine proper. In July 2023, Naval Group presented its submarine package that includes a submarine base in Subic's Agila Shipyard and training of personnel, aside from getting the project funded by a long term loan arrangement. The submarines are likely patterned from Brazil's Riachuelo-class variant. Naval Group participate in

1513-480: A technology transfer agreement, the state-owned Mazagon Docks in Mumbai was to manufacture the submarines, and deliver them between 2012 and 2016, however the project is running six years behind schedule. Construction started on 23 May 2009. In August 2016, over 20,000 confidential pages of the submarine's manual were leaked by Australian media, stirring up a controversy about the impact to India's ambitions of fielding

1602-487: 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

1691-475: A whole local production. In April 2024, Naval Group confirmed that Indonesia signed a contract order for two Scorpene Evolved submarines, which will be built in Indonesia. In October 2024 Argentine Minister of Defense, Luis Petri, signed a letter of agreement with French President Emmanuel Macron starting negotiations for the purchase by part of Argentina of three Scorpène submarines that would potentially equip

1780-454: 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

1869-460: 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

SECTION 20

#1732780219940

1958-468: 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

2047-551: 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

2136-545: 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

2225-526: 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

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

2403-661: The Indonesian Minister of Defence Prabowo Subianto and his French counterpart Florence Parly witness the signing of Memorandum of Understanding (MoU) between Kaharuddin Djenod, CEO of PT. PAL and Pierre Eric Pommellet, CEO of Naval Group on cooperation in research and development between PT. PAL and Naval Group regarding the plan to purchase Six Scorpène submarines with AIP (Air-independent Propulsion) along with weapons and spare parts as well as training. In October 2023, Naval Group renewed its proposal by offering

2492-517: The Italian defence group Finmeccanica and exchanging its medical imaging technology for General Electric 's consumer electronics businesses. In the latter decades of operation, it built itself into a multinational corporation . During 1989, it acquired Philips ' defence electronics business, Hollandse Signaalapparaten B.V . In 1999, the company was privatised , but not before divesting its consumer electronics businesses. Shortly after, it took over

2581-434: The Italian defence group Finmeccanica . That same year, Thomson-CSF's medical imaging technology was exchanged with GE for GE's RCA and consumer electronics businesses. During the late 1980s, Thomson-CSF, anticipating future defence spending cutbacks and a downturn in its lucrative export contracts, initiated a restructuring of its businesses with the aim of maintaining its margins. A policy of proactive external growth

2670-575: The aerospace and defence sectors of the market. Thomson-CSF was formed in 1968 following the merger of Thomson-Houston-Hotchkiss-Brandt with the Compagnie Générale de Télégraphie Sans Fil ( General Wireless Telegraphy Company , commonly abbreviated as CSF ), these two companies being the source of the name Thomson-CSF . It operated as an electronics specialist on products such as broadcasting equipment, electroacoustics , shortwave radio sets, radar systems and television . During

2759-561: The dollar , U.S. dollar , American dollar , or colloquially buck ) 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

Scorpène-class submarine - Misplaced Pages Continue

2848-401: 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

2937-464: The 1970s, it began manufacturing backend telephony equipment, semiconductors and medical imaging apparatus. It also entered into large deals outside of the domestic market, acquiring considerable business in the Middle East . During the late 1980s, Thomson-CSF, anticipating defence spending cutbacks, conducted a radical business restructuring, merging its semiconductor interests with those of

3026-403: The 1980s, the company's financial position improved dramatically as undertook a major reorganisation, focusing its efforts on the production of electronics for professional and defence customers. In 1983, it divested Thomson-CSF Téléphone , its civil telecommunications division, to telecommunications specialist Alcatel . Four years later, its semiconductor interests were merged with those of

3115-495: The 1990s, Thomson-CSF gained a controlling interest in Sextant Avionique , which was formed by the merger of the company's avionics business with that of French aircraft manufacturer Aérospatiale . The company also divested its interests in the French bank Crédit Lyonnais and semiconductor manufacturer SGSThomson . During the late 1990s, French Prime Minister Lionel Jospin 's Plural Left government initiated

3204-647: The Argentine Navy. The agreement would involve an estimated investment of $ 2 billion US by Argentina. Talks are still ongoing between Egypt and Naval Group regarding the procurement of the Scorpène 2000-class submarine along with a transfer of technology (TOT) agreement. The report also states that the deal may include four submarines, with an option for two more. In December 2019, Secretary of National Defense of Philippines Delfin Lorenzana announced that

3293-676: The British defence electronics company Racal Electronics . In December 2000, Thomson-CSF was rebranded Thales Group . Thomson-CSF traces its origins to the formation of the American business Thomson-Houston Electric Company by Elihu Thomson and Edwin Houston in 1879. On 15 April 1892, the Thomson-Houston Electric Company merged with its rival, the Edison General Electric Company , to form General Electric (GE). That same year,

3382-506: The Chilean Navy. The Chilean Scorpène-class O'Higgins and Carrera were completed in 2005 and 2006, respectively. In 2002, Malaysia ordered two Scorpène-class boats worth €1.04 billion (about RM4.78 billion). Both boats Tunku Abdul Rahman and Tun Abdul Razak commissioned by Royal Malaysian Navy in 2009. In 2005, India chose the Scorpène design; purchasing six submarines for US$ 3 billion (US$ 500 million per boat). Under

3471-529: 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"

3560-582: 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

3649-456: The German manufacturer, ThyssenKrupp. Norway and Germany will buy submarines together to mutualize expenses. In practice the tender was cancelled and exclusive government to government negotiations were initiated. See Andrasta-class submarine . Thomson-CSF Thomson-CSF was a French company that specialized in the development and manufacture of electronics with a heavy focus upon

Scorpène-class submarine - Misplaced Pages Continue

3738-555: The Scorpène-class submarine of France fits the requirements of the Philippine Navy . Lorenzana visited a Scorpène-class submarine when he visited France. On 18 December 2019, Lorenzana said that the Philippines is one step closer to acquiring the French submarine after signing an agreement with France sought to enhance both country's maritime defense. In January 2020, Philippine and French Navy conducted an expert exchange on

3827-948: 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

3916-540: 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

4005-854: 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

4094-450: 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

4183-625: 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,

4272-402: 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

4361-521: 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

4450-500: 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 ,

4539-440: 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

SECTION 50

#1732780219940

4628-486: The company began exploring the possibility of merging with British defence specialist Marconi Electronic Systems . Its ambitions were foiled by the success of a rival bid by the defence and aerospace firm British Aerospace , which rebranded itself as BAE Systems shortly thereafter. Keen to expand its defence and technology business, Thomson-CSF announced the acquisition of the British defence electronics company Racal Electronics , which it purchased for £1.3 billion. As

4717-576: The company formed an overseas subsidiary, named Thomson Houston International , based in France. During 1893, Compagnie Française Thomson-Houston (CFTH) was established as a partner to GE. CFTH's operations centered around the application of GE's patents in the growing electricity generation and transmission industry. The modern Thomson companies evolved from this company. During 1966, CFTH merged with armaments and vehicle manufacturer Hotchkiss-Brandt to form Thomson-Houston-Hotchkiss-Brandt , which

4806-399: The company ought to leverage its dual-purpose technology, marketing itself at particular civil markets that held strong parallels with its established defence and aerospace competencies, such as mobile telecommunications. Meanwhile, non-strategic assets were divested. Thomson-CSF also explored business opportunities further afield. In December 2000, it was announced that the company was forming

4895-542: The company's consumer electronics and defence businesses prior to privatisation brought about the creation of Thomson Multimedia , which was a distinct entity from Thomson-CSF. The independently-operating Thomson Multimedia has since been restructured and trades as Technicolor SA . Following its privatisation, Thomson-CSF continued to orient itself toward the defence electronics sector, establishing itself in overseas nations, including South Africa , Australia , South Korea and Singapore . Shortly after its privatisation,

4984-414: 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

5073-632: 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

5162-668: 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

5251-426: 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

5340-421: 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

5429-474: The ethanol and stored oxygen, at a pressure of 60 atm (6.1 MPa), generates steam which powers a conventional turbine power plant. This pressure-firing allows exhaust carbon dioxide to be expelled overboard at any depth without an exhaust compressor. Each MESMA system costs around US$ 50–60 million. As installed on the Scorpènes, it requires adding a new 8.3-metre (27 ft), 305-tonne hull section to

SECTION 60

#1732780219940

5518-540: The latest variant called Scorpene Evolved equipped with a complete lithium-ion battery (LIB) setup, enabling it to operate for 80 days without resurfacing and travel over 8,000 nautical miles. Scorpene Evolved boasts a reduced acoustic signature and can sustain its maximum speed for extended periods, distinguishing it from the previous variants. Approximately one-third of the total contract value, estimated at about $ 2.1 billion, will return to Indonesia through offsets and other collaboration initiatives. The offer scheme includes

5607-506: The latter is still involved in the construction of the submarines sold to India, Malaysia, and Chile, while the S-80 is offered on the export market. As an answer to the competition from the S-80, Naval Group designed its own enhanced version of the Scorpène called the Marlin class , but little is known about this design and the Scorpène is still offered by France on the export market. The dispute

5696-397: 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

5785-401: 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

5874-517: 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

5963-561: 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 ,

6052-487: 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,

6141-572: 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

6230-552: 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

6319-477: 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

6408-918: The source of the leak, and that the leaked data may have been written in France in 2011. However, on 30 August 2016, a court in New South Wales temporarily banned The Australian from releasing any more confidential data on the Indian Scorpène-class submarines. Naval Group filed a complaint against the newspaper with the Supreme Court of the State of New South Wales in Australia. The Australian court ruled in favour of Naval Group on 29 August and confirmed its decision on 1 September. The Chilean Navy ordered two Scorpène-class boats, which replaced two Oberon -class submarines retired by

6497-442: The submarine's combat and stealth capabilities. The leak also included information about noise levels, submarine frequencies and more. Despite all the information leaks, Indian Navy chief Admiral Sunil Lanba was quoted as saying that the leaks were being viewed "very seriously", but were "not a matter of much worry". The report also suggested that an ex- French Navy officer working as a sub-contractor for Naval Group may have been

6586-539: The submarines, and enables a submarine to operate for more than 21 days under water depending on speed. Naval Group is also developing second-generation hydrogen fuel cell AIP modules for future Scorpène models. In mid-August 2016, The Australian newspaper published documents containing old technical information about the Scorpène submarines and reported that design details of the Scorpène-class submarine and other ships had been leaked. The leaked information spreads over 22,400 pages and includes detailed information about

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

6764-423: 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

6853-488: 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

6942-561: The “Orka” submarine procurement programme pursued by the Polish Navy. As of 2022, Romania is considering purchasing two Scorpène-class submarines from the French. In 2003, the Spanish government ordered four Scorpène AIP submarines worth €1,756 million. However, the Spanish Navy cancelled the order, and ordered four S-80-class submarines, instead. This has caused conflicts and controversies between Naval Group and Navantia , as

7031-457: Was adopted, focusing on the European market. Between 1976 and 1987, the company's non-French subsidiaries' share of consolidated revenues rose from 5% to 25%. During 1988, a new division, Thomson Consumer Electronics was formed. In 1995, this division was rebranded as Thomson Multimedia . During 1989, it acquired Philips ' defence electronics business, Hollandse Signaalapparaten B.V. During

7120-464: Was expected to be signed during Prime Minister Narendra Modi 's visit to France on Bastille Day , 14 July 2023. However, no such deal was signed and the deal is now expected to be signed by end of 2024 with the deliveries beginning by 2031. In 2009, Brazil purchased four enlarged Scorpènes for US$ 10 billion with a technology transfer agreement and a second agreement to develop a French/Brazilian nuclear-powered submarine. The Brazilian submarine class

7209-412: 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

7298-600: Was given the designation Riachuelo class. The hull of the first S-BR (S40) was laid down at Cherbourg on 27 May 2010 and is to be jumboized at the Brazilian Navy Shipyard in Sepetiba in late 2012. The latter three submarines will be built there entirely, and are planned to be commissioned in 2020, 2021, and 2022. The nuclear-powered submarine Álvaro Alberto is under construction since 2018, with scheduled launch for 2027. The first submarine Riachuelo

7387-412: 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

7476-609: Was launched on 14 December 2018, and began sea trials in September 2019. All the submarines are built by the Brazilian defence company Itaguaí Construções Navais . As of 2021, Indonesia is still considering purchasing a Riachuelo -class submarine, the Scorpène variant constructed for Brazil. Talks for such a purchase started as early as 2016. On 7 June 2021, Indonesia signed a letter of intent to buy six Scorpène-class submarines and weapons packages from France. On 10 February 2022,

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

7743-658: Was settled when Navantia gave up export rights on the Scorpène class, leaving Naval Group with sole responsibility for the project. On 1 March 2011, the Naval Shipyard Gdynia of Poland and Naval Group offered a license to build a yet undisclosed number of modified Scorpène-class boats. The Scorpène design is competing with that of the German Type 214 submarine . In December 2016, the Norwegian Ministry of Defence announced that Norway would sign

7832-438: Was subsequently renamed Thomson-Brandt . Two years later, the electronics business of Thomson-Brandt merged with Compagnie Générale de Télégraphie Sans Fil ( General Wireless Telegraphy Company , commonly abbreviated as CSF ) to form Thomson-CSF . Prior to the merger, CSF had operated as a pioneer in the fields of broadcasting , electroacoustics , shortwave radio , radar systems and television . Thomson Brandt maintained

7921-609: 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

#939060