gollum
 
Reply Sat 9 Feb, 2013 04:06 pm
The U.S. Constitution uses the word dollar in its text but doesn't define it. Are people free to create their own currencies? Does the U.S. Dollar have a special standing?
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Type: Question • Score: 4 • Views: 1,480 • Replies: 10
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cicerone imposter
 
  1  
Reply Sat 9 Feb, 2013 05:15 pm
@gollum,
You,
Quote:
The U.S. Constitution uses the word dollar in its text but doesn't define it.


From Wiki.
Quote:
The United States dollar (sign: $; code: USD; also abbreviated US$), also referred to as the U.S. dollar or American dollar, is the official currency of the United States of America and its overseas territories. It is divided into 100 smaller units called cents.
The U.S. dollar is the currency most used in international transactions and is one of the world's dominant reserve currencies.[15] Several countries use it as their official currency, and in many others it is the de facto currency.[16] It is also used as the sole currency in two British Overseas Territories, the British Virgin Islands and the Turks and Caicos islands.


You,
Quote:
Are people free to create their own currencies?
Soveriegn states have the authority to create their own currencies. However, "some" currencies created by a country does not have value outside of their country.

You,
Quote:
Does the U.S. Dollar have a special standing?
Yes, it's the world's dominant currency, and used as the currency for oil trades. However, that is changing as China becomes a greater producer of energy.

Beyond that, many countries not considered US territories use the US dollar as their sole currency.
gollum
 
  1  
Reply Sat 9 Feb, 2013 08:39 pm
@cicerone imposter,
cicerone imposter-
Thank you. I guess I phrased it poorly. I meant does it have special standing inside the United States? The reason for my question is I have read of private parties within the U.S. setting up their own currencies.
roger
 
  1  
Reply Sat 9 Feb, 2013 08:46 pm
@gollum,
Yes. I can issue you a promisarry note, and you can transfer that note to a third party - if they are willing to accept it. You may call that note anything you wish.
0 Replies
 
cicerone imposter
 
  1  
Reply Sat 9 Feb, 2013 09:05 pm
@gollum,
Only the federal reserve has the authority to print/produce US currency. Other forms of money transfers are a) money orders, b) traveler's checks, c) promissary notes, bonds, gold (precious metals), contracts, valuables, stamps, antiques, property, and any product or service that can be traded for any of the above.
gollum
 
  1  
Reply Sun 10 Feb, 2013 07:36 am
@cicerone imposter,
I believe the Bureau of Engraving and Printing produces United States currency notes.
cicerone imposter
 
  1  
Reply Sun 10 Feb, 2013 10:22 am
@gollum,
Under authority of the federal reserve.
gollum
 
  1  
Reply Sun 10 Feb, 2013 02:26 pm
@cicerone imposter,
My understanding is that the Bureau of Engraving and Printing was established in 1862 as a part of the Treasury Department. The Federal Reserve System was created by Congress in 1913.
cicerone imposter
 
  1  
Reply Sun 10 Feb, 2013 02:28 pm
@gollum,
Chronology in this case doesn't make any difference; it's the federal reserve system that authorizes the printing of US currency.
0 Replies
 
Lustig Andrei
 
  1  
Reply Thu 21 Mar, 2013 04:49 pm
Believe me, gollum, you can trust c.i. implicitly when it comes to money matters and finance.
cicerone imposter
 
  1  
Reply Thu 21 Mar, 2013 05:49 pm
@Lustig Andrei,
Andy, I wouldn't go that far, but thanks for the "confidence."
0 Replies
 
 

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