United_States_dollar

qas: question: What is the US dollar based upon?
answers: text: a decimal system of values

question: How much monetary value does a dime hold?
answers: text: one-tenth of a dollar

question: How much was a union going to be worth as proposed in the 1800s?
answers: text: one hundred dollars

question: What was the maximum value a gold coin used to be able to have?
answers: text: $20

question: In what legislation was the term "eagle" used?
answers: text: Coinage Act of 1792

question: What is the Union based upon?

question: How much monetary value does a treasury hold?

question: How much was a union going to be worth as proposed in the 1900s?

question: What was the maximum value paper money used to be able to have?

question: In what legislation was the term "denomination" used?
context: Unlike the Spanish milled dollar the U.S. dollar is based upon a decimal system of values. In addition to the dollar the coinage act officially established monetary units of mill or one-thousandth of a dollar (symbol ₥), cent or one-hundredth of a dollar (symbol ¢), dime or one-tenth of a dollar, and eagle or ten dollars, with prescribed weights and composition of gold, silver, or copper for each. It was proposed in the mid-1800s that one hundred dollars be known as a union, but no union coins were ever struck and only patterns for the $50 half union exist. However, only cents are in everyday use as divisions of the dollar; "dime" is used solely as the name of the coin with the value of 10¢, while "eagle" and "mill" are largely unknown to the general public, though mills are sometimes used in matters of tax levies, and gasoline prices are usually in the form of $X.XX9 per gallon, e.g., $3.599, sometimes written as $3.599⁄10. When currently issued in circulating form, denominations equal to or less than a dollar are emitted as U.S. coins while denominations equal to or greater than a dollar are emitted as Federal Reserve notes (with the exception of gold, silver and platinum coins valued up to $100 as legal tender, but worth far more as bullion). Both one-dollar coins and notes are produced today, although the note form is significantly more common. In the past, "paper money" was occasionally issued in denominations less than a dollar (fractional currency) and gold coins were issued for circulation up to the value of $20 (known as the "double eagle", discontinued in the 1930s). The term eagle was used in the Coinage Act of 1792 for the denomination of ten dollars, and subsequently was used in naming gold coins. Paper currency less than one dollar in denomination, known as "fractional currency", was also sometimes pejoratively referred to as "shinplasters". In 1854, James Guthrie, then Secretary of the Treasury, proposed creating $100, $50 and $25 gold coins, which were referred to as a "Union", "Half Union", and "Quarter Union", thus implying a denomination of 1 Union = $100.

qas: question: Which symbol is used to represent the dollar?
answers: text: $

question: What abbreviation was the dollar sign based off of?
answers: text: ps

question: What was the common name for the Spanish dollar?
answers: text: peso

question: Which century signalled the end of the Spanish dollar?
answers: text: 19th

question: In which region of the world were the Spanish pesos minted?
answers: text: Spanish America

question: Which symbol is used to represent the peso?

question: What abbreviation was the minted sign based off of?

question: What was the common name for the Spanish sign?

question: Which century signaled the end of the sign?

question: In which region of the world were Spanish signs minted?
context: The symbol $, usually written before the numerical amount, is used for the U.S. dollar (as well as for many other currencies). The sign was the result of a late 18th-century evolution of the scribal abbreviation "ps" 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. These Spanish pesos or dollars were minted in Spanish America, namely in Mexico City, Potosí, Bolivia; and Lima, Peru. The p and the s eventually came to be written over each other giving rise to $.

qas: question: What color was predominantly used?
answers: text: green

question: Which organization filed an accessibility lawsuit?
answers: text: American Council of the Blind

question: Other than the $100 bill, which other note is not going to be redesigned?
answers: text: $1

question: Who are currency readers meant to assist?
answers: text: visually impaired

question: The redesign of notes is being planned by which organization?
answers: text: Bureau of Engraving and Printing

question: What color was rarely used?

question: Which organization filed a numeral lawsuit?

question: Other than the $2 bill, which other note is not going to be redesigned?

question: Who are transition periods meant to assist?

question: The transition period is being planned by which organization?
context: Though still predominantly green, post-2004 series incorporate other colors to better distinguish different denominations. As a result of a 2008 decision in an accessibility lawsuit filed by the American Council of the Blind, the Bureau of Engraving and Printing is planning to implement a raised tactile feature in the next redesign of each note, except the $1 and the version of the $100 bill already in process. It also plans larger, higher-contrast numerals, more color differences, and distribution of currency readers to assist the visually impaired during the transition period.

qas: question: Who has the power "to coin money"?
answers: text: United States Congress

question: Which section indicates the methods in which the dollar should be issued?
answers: text: 5112

question: Coins are considered legal tender for which kind of transaction?
answers: text: payment of debts

question: What is an example of a copper alloy dollar?
answers: text: Sacagawea dollar

question: What is the pure silver dollar referred to as?
answers: text: American Silver Eagle

question: Who has the power "to tender money"?

question: Which section indicates the methods in which coins should be issued?

question: Coins are considered illegal tender for which type of transactions?

question: What is an example of a silver alloy debt?

question: What is the impure silver dollar referred to as?
context: The Constitution of the United States of America provides that the United States Congress has the power "To coin money". Laws implementing this power are currently codified at 31 U.S.C. § 5112. Section 5112 prescribes the forms, in which the United States dollars should be issued. These coins are both designated in Section 5112 as "legal tender" in payment of debts. The Sacagawea dollar is one example of the copper alloy dollar. The pure silver dollar is known as the American Silver Eagle. Section 5112 also provides for the minting and issuance of other coins, which have values ranging from one cent to 50 dollars. These other coins are more fully described in Coins of the United States dollar.

qas: question: Who began minting the coins known as Joachimstalers?
answers: text: Count Hieronymus Schlick of Bohemia

question: What is the modern name for St. Joachim's Valley?
answers: text: Jáchymov

question: What were the Joachimstalers composed of?
answers: text: silver

question: How did the word "taler" translate into Italian?
answers: text: tallero

question: Other than "taler", what is the other name of the German coin?
answers: text: Guldengroschen

question: Who began minting the coins known as Hungarian?

question: What is the modern name for Joachimsthal?

question: What were the Dutch composed of?

question: How did the word "silver" translate into Italian?

question: Other than "taler" what is the other name of the Italian coin?
context: In the 16th century, Count Hieronymus Schlick of Bohemia began minting coins known as Joachimstalers (from German thal, or nowadays usually Tal, "valley", cognate with "dale" in English), named for Joachimstal, the valley where the silver was mined (St. Joachim's Valley, now Jáchymov; then part of the Kingdom of Bohemia, now part of the Czech Republic). Joachimstaler was later shortened to the German Taler, a word that eventually found its way into Danish and Swedish as daler, Norwegian as dalar and daler, Dutch as daler or daalder, Ethiopian as ታላሪ (talari), Hungarian as tallér, Italian as tallero, and English as dollar. Alternatively, thaler is said to come from the German coin Guldengroschen ("great guilder", being of silver but equal in value to a gold guilder), minted from the silver from Joachimsthal.

qas: question: What condition does a person have to meet to  be allowed by law on a coin?
answers: text: deceased

question: Having portraits of leaders on coins was compared to who's policies?
answers: text: European monarchs

question: When did modern day currency start getting the faces that they have?
answers: text: 20th century

question: Other than Greek and Roman mythology, who else was featured on the "heads" side of past coins?
answers: text: composite Native Americans

question: What was the last coin to be converted to the modern day style of having historic Americans on the face?
answers: text: Dollar

question: What condition does a person have to meet to be in mythology?

question: Having mythology on coins was compared to whose policies?

question: When did modern day currency start getting the Native Americans they have?

question: Other than Greek and Roman mythology, who else was featured on the "heads" of past monarchs?

question: What was the last coin to be converted to the modern day style of having mythology on the face?
context: 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 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 the dime (1946) and the Dollar (1971).

qas: question: Which year was it when paper money was first issued without the backing of precious metals?
answers: text: 1777

question: What was the first war that caused paper money to be issued?
answers: text: Civil War

question: Which other war also caused a disconnect between paper money and precious metals?
answers: text: War of 1812

question: The quick loss in value of paper money resulted in which phrase being hear?
answers: text: "not worth a continental"

question: The loss in value resulted in a clause being written in which article in the US Constitution?
answers: text: article 1

question: Which year was it when paper money was first issued without the backing of the Articles of Confederation?

question: What was the first war that caused silver money to be issued?

question: Which other war also caused a disconnect between the United States Constitution?

question: The quick loss in value of silver resulted in which phrase being heard?

question: The loss in value resulted in a clause being written in which article in the Articles of Confederation?
context: In 1862, paper money was issued without the backing of precious metals, due to the Civil War. Silver and gold coins continued to be issued and in 1878 the link between paper money and coins was reinstated. This disconnection from gold and silver backing also occurred during the War of 1812. The use of paper money not backed by precious metals had also occurred under the Articles of Confederation from 1777 to 1788. With no solid backing and being easily counterfeited, the continentals quickly lost their value, giving rise to the phrase "not worth a continental". This was a primary reason for the "No state shall... make any thing but gold and silver coin a tender in payment of debts" clause in article 1, section 10 of the United States Constitution.

qas: question: In which year was the new $1 US Presidential coin introduced?
answers: text: 2007

question: What does the reverse side of the new coins feature?
answers: text: Statue of Liberty

question: What is the official version of "In God We Trust" printed on the coins? 
answers: text: E Pluribus Unum

question: Which inscription was eliminated due to the Statue of Liberty being added to the coin?
answers: text: "Liberty"

question: Which President will have two coins with his portrait on it?
answers: text: Grover Cleveland

question: In which year was the new Roosevelt Presidential coin introduced?

question: What does the reverse side of the Roosevelt coin feature? 

question: What is the official version of "Liberty" printed on the coins?

question: Which inscription was eliminated due to Roosevelt being added to the coin?

question: Which President will have two dimes with his portrait on it?
context: In February 2007, the U.S. Mint, under the Presidential $1 Coin Act of 2005, introduced a new $1 U.S. Presidential dollar coin. Based on the success of the "50 State Quarters" series, the new coin features a sequence of presidents in order of their inaugurations, starting with George Washington, on the obverse side. The reverse side features the Statue of Liberty. To allow for larger, more detailed portraits, the traditional inscriptions of "E Pluribus Unum", "In God We Trust", the year of minting or issuance, and the mint mark will be inscribed on the edge of the coin instead of the face. This feature, similar to the edge inscriptions seen on the British £1 coin, is not usually associated with U.S. coin designs. The inscription "Liberty" has been eliminated, with the Statue of Liberty serving as a sufficient replacement. In addition, due to the nature of U.S. coins, this will be the first time there will be circulating U.S. coins of different denominations with the same president featured on the obverse (heads) side (Lincoln/penny, Jefferson/nickel, Franklin D. Roosevelt/dime, Washington/quarter, Kennedy/half dollar, and Eisenhower/dollar). Another unusual fact about the new $1 coin is Grover Cleveland will have two coins with his portrait issued due to the fact he was the only U.S. President to be elected to two non-consecutive terms.

qas: question: Who can create "new high-powered money"?
answers: text: Federal Reserve

question: Who does the Federal Reserve have to place an order with for printed money?
answers: text: U.S. Treasury Department

question: Which organization stamps coins?
answers: text: Bureau of the Mint

question: Which Bureau prints new dollars?
answers: text: Engraving and Printing

question: Who can freely withdraw from  their reserve accounts at the Federal Reserve?
answers: text: Commercial banks

question: Who can create reserve accounts?

question: Who do the reserve accounts have to place an order with for printed money?

question: Which organization orders existing funds?

question: Which Bureau reserves high-powered money?

question: Who can freely withdraw from their Federal Reserve accounts at the Bureau of Engraving and Printing?
context: When the Federal Reserve makes a purchase, it credits the seller's reserve account (with the Federal Reserve). This money is not transferred from any existing funds—it is at this point that the Federal Reserve has created new high-powered money. Commercial banks can freely withdraw in cash any excess reserves from their reserve account at the Federal Reserve. To fulfill those requests, the Federal Reserve places an order for printed money from the U.S. Treasury Department. The Treasury Department in turn sends these requests to the Bureau of Engraving and Printing (to print new dollar bills) and the Bureau of the Mint (to stamp the coins).

qas: question: During which times does the value of the dollar typically decline?
answers: text: wartime

question: When was the Federal Reserve established?
answers: text: 1913

question: What was the Federal Reserve designed to furnish?
answers: text: an "elastic" currency

question: What had previously kept prices stable?
answers: text: gold standard

question: How much did the US prices deflate in the 1930s?
answers: text: 30%

question: During which times does the value of the dollar typically maintain value?

question: When was the Civil Reserve established?

question: What was the Civil Reserve designed to furnish?

question: What had previously kept prices declining?

question: How much did the US prices inflate in the 1930s?
context: The value of the U.S. dollar declined significantly during wartime, especially during the American Civil War, World War I, and World War II. The Federal Reserve, which was established in 1913, was designed to furnish an "elastic" currency subject to "substantial changes of quantity over short periods", which differed significantly from previous forms of high-powered money such as gold, national bank notes, and silver coins. Over the very long run, the prior gold standard kept prices stable—for instance, the price level and the value of the U.S. dollar in 1914 was not very different from the price level in the 1880s. The Federal Reserve initially succeeded in maintaining the value of the U.S. dollar and price stability, reversing the inflation caused by the First World War and stabilizing the value of the dollar during the 1920s, before presiding over a 30% deflation in U.S. prices in the 1930s.

qas: question: What would zero inflation mean for the US dollar over time?
answers: text: constant value

question: What would result in a slow declining of the value of the dollar over time?
answers: text: low, stable inflation

question: Who is in favor of a zero inflation policy?
answers: text: some economists

question: A zero inflation policy would limit who's influence and ability to react?
answers: text: central bank

question: With a zero inflation rate, what would the central bank be unable to do other than control interest rates?
answers: text: stimulate the economy

question: What would zero inflation mean for control interest over time?

question: What would result in a slow declining of the value of control interest over time?

question: A zero inflation policy would limit who's influence and stimulate the economy?

question: With a zero inflation rate, what would stable inflation be unable to do other than control interest rates?

question: What would mean a continuously but slowly stimulating of the economy?
context: There is ongoing debate about whether central banks should target zero inflation (which would mean a constant value for the U.S. dollar over time) or low, stable inflation (which would mean a continuously but slowly declining value of the dollar over time, as is the case now). Although some economists are in favor of a zero inflation policy and therefore a constant value for the U.S. dollar, others contend that such a policy limits the ability of the central bank to control interest rates and stimulate the economy when needed.

qas: question: What is "dollars" a reference to?
answers: text: the Spanish milled dollar

question: How much value did a Spanish milled dollar have in relation to Spanish units of currency?
answers: text: 8 Spanish units

question: How much value was one dollar meant to be equivalent to?
answers: text: a Spanish milled dollar

question: How many grains of standard silver were meant to be in a single dollar?
answers: text: four hundred and sixteen

question: How many grains of pure silver were meant to be in a single dollar?
answers: text: three hundred and seventy-one

question: What is "section" a reference to?

question: How much value did a Spanish milled dollar have in relation to coins of the United States?

question: How much value was one grain meant to be equivalent to?

question: How many single silver dollars were meant cost one dollar to make?

question: How many grains of pure silver were meant to be in a single milled dollar?
context: The word "dollar" is one of the words in the first paragraph of Section 9 of Article 1 of the U.S. Constitution. In that context, "dollars" is a reference to the Spanish milled dollar, a coin that had a monetary value of 8 Spanish units of currency, or reales. In 1792 the U.S. Congress adopted legislation titled An act establishing a mint, and regulating the Coins of the United States. Section 9 of that act 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 a grain of pure, or four hundred and sixteen grains of standard silver". Section 20 of the act provided, "That the 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". In other words, this act designated the United States dollar as the unit of currency of the United States.

qas: question: What is a "grand" sometimes shortened to?
answers: text: "G"

question: What is another term other than "large" that means a stack of mutiple thousands?
answers: text: "stack"

question: What is a "C-note" a reference to?
answers: text: the Roman numeral for 100

question: Which note is occasionally called a "yardstick"?
answers: text: $50

question: What is another term for "bigface" notes?
answers: text: Monopoly money

question: What is a "sawbuck" sometimes shortened to?

question: What is another term other than "sawbuck" that means a stack of multiple thousands?

question: What is a G-note a reference to?

question: Which note is occasionally called a largestick?

question: What is another term for obverse notes?
context: A "grand", sometimes shortened to simply "G", is a common term for the amount of $1,000. The suffix "K" or "k" (from "kilo-") is also commonly used to denote this amount (such as "$10k" to mean $10,000). However, the $1,000 note is no longer in general use. A "large" or "stack", it is usually a reference to a multiple of $1,000 (such as "fifty large" meaning $50,000). The $100 note is nicknamed "Benjamin", "Benji", "Ben", or "Franklin" (after Benjamin Franklin), "C-note" (C being the Roman numeral for 100), "Century note" or "bill" (e.g. "two bills" being $200). The $50 note is occasionally called a "yardstick" or a "grant" (after President Ulysses S. Grant, pictured on the obverse). The $20 note is referred to as a "double sawbuck", "Jackson" (after Andrew Jackson), or "double eagle". The $10 note is referred to as a "sawbuck", "ten-spot" or "Hamilton" (after Alexander Hamilton). The $5 note as "Lincoln", "fin", "fiver" or "five-spot". The infrequently-used $2 note is sometimes called "deuce", "Tom", or "Jefferson" (after Thomas Jefferson). The $1 note as a "single" or "buck". The dollar has also been, referred to as a "bone" and "bones" in plural (e.g. "twenty bones" is equal to $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".

qas: question: What defined the US dollar?
answers: text: Coinage Act of 1792

question: What was the dollar based on?
answers: text: the Spanish milled dollar

question: How many grams of gold roughly were in an eagle?
answers: text: 17

question: Who made the decision to base the American Unit on the weight on the Spanish dollar?
answers: text: Alexander Hamilton

question: What was the average weight of a new Spanish dollar in terms of grains?
answers: text: 377

question: What defined the Hamilton?

question: What was the Hamilton based on?

question: How many grams did an eagle weigh?

question: Who made the decision to base the Hamilton Unit on the weight of the Spanish dollar?

question: What was the average weight of the Hamilton in grains?
context: The U.S. dollar was created by the Constitution and defined by the Coinage Act of 1792. It specified a "dollar" to be based in the Spanish milled dollar and of 371 grains and 4 sixteenths part of a grain of pure or 416 grains (27.0 g) of standard silver and an "eagle" to be 247 and 4 eighths of a grain or 270 grains (17 g) of gold (again depending on purity). The choice of the value 371 grains arose from Alexander Hamilton's decision to base the new American unit on the average weight of a selection of worn Spanish dollars. Hamilton got the treasury to weigh a sample of Spanish dollars and the average weight came out to be 371 grains. A new Spanish dollar was usually about 377 grains in weight, and so the new U.S. dollar was at a slight discount in relation to the Spanish dollar.

qas: question: What is specifically produced for collectors?
answers: text: Proof Sets

question: What is the percentage of silver in coins in the Silver Proofs?
answers: text: 90%

question: When did the Mint being producing proof sets?
answers: text: 1983

question: Other than the Silver Proof set, what other type of Proof set exists?
answers: text: Presidential Dollar Proof Set

question: When was the production of Presidential dollar coins suspended?
answers: text: December 13, 2011

question: What is specifically produced for budget constraints?

question: What is the percentage of silver in coins in the budget constraints?

question: When did the Mint begin producing budget sets?

question: Other than the Silver Budget set, what other type of Budget set exists?

question: When was the production of silver coins suspended?
context: The United States Mint produces Proof Sets specifically for collectors and speculators. Silver Proofs tend to be the standard designs but with the dime, quarter, and half dollar containing 90% silver. Starting in 1983 and ending in 1997, the Mint also produced proof sets containing the year's commemorative coins alongside the regular coins. Another type of proof set is the Presidential Dollar Proof Set where four special $1 coins are minted each year featuring a president. Because of budget constraints and increasing stockpiles of these relatively unpopular coins, the production of new Presidential dollar coins for circulation was suspended on December 13, 2011, by U.S. Treasury Secretary Timothy F. Geithner. Future minting of such coins will be made solely for collectors.

qas: question: What dictates that a receipt for expenditures of all public money must be published?
answers: text: The Constitution

question: Which section specifically states that receipts for public money must be published?
answers: text: Section 331

question: Which currency are the sums of money in the "Statements" displayed in?
answers: text: U.S. dollars

question: What is the unit of account of the United States?
answers: text: U.S. dollar

question: What dictates that a receipt for expenditures of all public codes must be published?

question: Which section specifically states that receipts for provisions must be published?

question: In which currency are the sums of provisions in the "Statements" displayed in?

question: What is the unit of report provisions of the United States?

question: What shall not be published?
context: 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". That provision of the Constitution is made specific by Section 331 of Title 31 of the United States Code. The sums of money reported in the "Statements" are currently being expressed in U.S. dollars (for example, see the 2009 Financial Report of the United States Government). The U.S. dollar may therefore be described as the unit of account of the United States.

qas: question: What is the highest currently printed denomination of bill?
answers: text: $100

question: In which year were notes valued above $100 no longer printed?
answers: text: 1946

question: When were bills above the $100 denomination withdrawn from circulation?
answers: text: 1969

question: What use of higher value bills prompted Nixon to halt the use of said bills?
answers: text: organized crime

question: What was issued to halt the use of higher currency denomations?
answers: text: an executive order

question: What is the cost of an executive order?

question: In which year were notes valued below $1 no longer printed?

question: When were bills above the below the $1 withdrawn into circulation?

question: What use of lower value bills prompted Nixon to halt the use of said bills?

question: What was issued to halt the use of lower currency denominations?
context: Currently printed denominations are $1, $2, $5, $10, $20, $50, and $100. Notes above the $100 denomination stopped being printed in 1946 and were officially withdrawn from circulation in 1969. These notes were used primarily in inter-bank transactions or by organized crime; it was the latter usage that prompted President Richard Nixon to issue an executive order in 1969 halting their use. With the advent of electronic banking, they became less necessary. Notes in denominations of $500, $1,000, $5,000, $10,000 and $100,000 were all produced at one time; see large denomination bills in U.S. currency for details. These notes are now collectors' items and are worth more than their face value to collectors.

qas: question: What is the British equivalent of a "buck"?
answers: text: quid

question: In which century can the term "buck" be traced back to?
answers: text: 18th

question: What kind of trade may have been the origin of the "buck"?
answers: text: colonial leather trade

question: What was the nickname given to the Demand Note dollars that were used to finance the Civil War?
answers: text: Greenback

question: What color other than green was used on the backside of the original note?
answers: text: black

question: What is the British equivalent of a "whole"?

question: In which century can the term "whole" be traced back to?

question: What kind of trade may have been the origin of the "whole"?

question: What was the nickname given to the Demand Bill dollars that were used to finance the buck?

question: What color other than red was used on the backside of the original note?
context: The colloquialism "buck"(s) (much like the British word "quid"(s, pl) for 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. It may also have originated from a poker term. "Greenback" is another nickname originally applied specifically to the 19th century Demand Note dollars created by Abraham Lincoln to finance the costs of the Civil War for the North. The original note was printed in black and green on the back side. It is still used to refer to the U.S. dollar (but not to the dollars of other countries). Other well-known names of the dollar as a whole in denominations include "greenmail", "green" and "dead presidents" (the last because deceased presidents are pictured on most bills).

qas: question: What was the value of the U.S. dollar no longer anchored to?
answers: text: gold

question: Who's duty did it become to maintain the value of the U.S. currency?
answers: text: Federal Reserve

question: What move did the Federal Reserve take that resulted in stagflation and the decline of the U.S. dollar?
answers: text: increase the money supply

question: What claimed that inflation and economic growth were linked?
answers: text: the Phillips curve

question: How much value did the U.S. dollar lose between 1965 and 1981?
answers: text: two thirds

question: What was the value of the Federal Reserve no longer anchored to?

question: Whose duty did it become to maintain the value of the Federal Reserve?

question: What move did the Phillips take that resulted in stagflation and the decline of the U.S. dollar?

question: What claimed that inflation and the Federal Reserve were linked?

question: How much value did the Federal Reserve lose between 1965 and 1981?
context: The value of the U.S. dollar was therefore no longer anchored to gold, and it fell upon the Federal Reserve to maintain the value of the U.S. currency. The Federal Reserve, however, continued to increase the money supply, resulting in stagflation and a rapidly declining value of the U.S. dollar in the 1970s. This was largely due to the prevailing economic view at the time that inflation and real economic growth were linked (the Phillips curve), and so inflation was regarded as relatively benign. Between 1965 and 1981, the U.S. dollar lost two thirds of its value.

qas: question: What was the look of the dollar based on?
answers: text: Spanish dollar

question: In which century did the Spanish dollar start being used in Spanish America?
answers: text: 16th

question: When was the United States Mint founded?
answers: text: 1792

question: Outside of Mexico, where else was the Spanish dollar minted?
answers: text: Peru

question: When were the Spanish dollar and Mexican peso no longer accepted as legal tender?
answers: text: 1857

question: What was the look of the colonies based on?

question: In which century did the Spanish dollar start being used in New York?

question: When was the Spanish Mint founded?

question: Outside of the Netherlands, where else was the Dutch dollar minted?

question: When were the Dutch dollar and Mexican peso no longer accepted as legal tender?
context: The dollar was first based on the value and look of the Spanish dollar, used widely in Spanish America from the 16th to the 19th centuries. The first dollar coins issued by the United States Mint (founded 1792) were similar in size and composition to the Spanish dollar, minted in Mexico and Peru. The Spanish, U.S. silver dollars, and later, Mexican silver pesos circulated side by side in the United States, and the Spanish dollar and Mexican peso remained legal tender until the Coinage Act of 1857. The coinage of various English colonies also circulated. The lion dollar was popular in the Dutch New Netherland Colony (New York), but the lion dollar also circulated throughout the English colonies during the 17th century and early 18th century. Examples circulating in the colonies were usually worn so that the design was not fully distinguishable, thus they were sometimes referred to as "dog dollars".

qas: question: What was the name of the act introduced in the year 1900?
answers: text: Gold Standard Act

question: How much gold in grams was one dollar equivalent to?
answers: text: 1.505

question: How much was 1 troy ounce of gold worth?
answers: text: $20.67

question: Which year brought the end to silver being in dimes and quarters?
answers: text: 1964

question: Which President confiscated gold coins?
answers: text: Franklin Roosevelt

question: What was the name of the act introduced in the year 1800?

question: How much silver in grams was one dollar equivalent to?

question: How much was 1 troy ounce of silver worth?

question: Which of year brought the end to gold being in dimes and quarters?

question: Which President confiscated silver coins?
context: The Gold Standard Act of 1900 abandoned the bimetallic standard and defined the dollar as 23.22 grains (1.505 g) of gold, equivalent to setting the price of 1 troy ounce of gold at $20.67. Silver coins continued to be issued for circulation until 1964, when all silver was removed from dimes and quarters, and the half dollar was reduced to 40% silver. Silver half dollars were last issued for circulation in 1970. Gold coins were confiscated by Executive Order 6102 issued in 1933 by Franklin Roosevelt. The gold standard was changed to 13.71 grains (0.888 g), equivalent to setting the price of 1 troy ounce of gold at $35. This standard persisted until 1968.

qas: question: Where did error coins originate?
answers: text: Philadelphia mint

question: Other than Florida, which other state got send error coins?
answers: text: Tennessee

question: How much were error coins initially worth for collectors?
answers: text: profit

question: What were some amateur collectors duped into buying?
answers: text: "upside down lettering error" coins

question: What do vending machines commonly only accept?
answers: text: $1 bills

question: Where did permanent coins originate?

question: Other than Florida, which other state got sent permanent coins?

question: How much were permanent coins initially worth for collectors?

question: What were some cynics duped into buying?

question: What do collectors commonly only accept?
context: Early releases of the Washington coin included error coins shipped primarily from the Philadelphia mint to Florida and Tennessee banks. Highly sought after by collectors, and trading for as much as $850 each within a week of discovery, the error coins were identified by the absence of the edge impressions "E PLURIBUS UNUM IN GOD WE TRUST 2007 P". The mint of origin is generally accepted to be mostly Philadelphia, although identifying the source mint is impossible without opening a mint pack also containing marked units. Edge lettering is minted in both orientations with respect to "heads", some amateur collectors were initially duped into buying "upside down lettering error" coins. Some cynics also erroneously point out that the Federal Reserve makes more profit from dollar bills than dollar coins because they wear out in a few years, whereas coins are more permanent. The fallacy of this argument arises because new notes printed to replace worn out notes, which have been withdrawn from circulation, bring in no net revenue to the government to offset the costs of printing new notes and destroying the old ones. As most vending machines are incapable of making change in banknotes, they commonly accept only $1 bills, though a few will give change in dollar coins.

qas: question: What power was Congress given by the Constitution?
answers: text: borrow money on the credit of the United States

question: What did Congress authorize the Federal Reserve Banks to do?
answers: text: issue Federal Reserve Notes

question: What are the notes issued by the Federal Reserve?
answers: text: obligations of the United States

question: Where, other than any Federal Reserve bank, can notes be redeemed?
answers: text: Washington, District of Columbia

question: Since the 1970s, what is the only type of note that has remained in circulation?
answers: text: Federal Reserve Note

question: What power was Congress given by the Federal Reserve?

question: What did the Constitution authorize the Federal Reserve Banks to do?

question: What are the noted issued by Congress?

question: Where, other than Congress can notes be redeemed?

question: Since the 1970s, what is the only type of note that have been designated?
context: The U.S. Constitution provides that Congress shall have the power to "borrow money on the credit of the United States". Congress has exercised that power by authorizing Federal Reserve Banks to issue Federal Reserve Notes. Those notes are "obligations of the United States" and "shall be redeemed in lawful money on demand at the Treasury Department of the United States, in the city of Washington, District of Columbia, or at any Federal Reserve bank". Federal Reserve Notes are designated by law as "legal tender" for the payment of debts. Congress has also authorized the issuance of more than 10 other types of banknotes, including the United States Note and the Federal Reserve Bank Note. The Federal Reserve Note is the only type that remains in circulation since the 1970s.

qas: question: What is the short term goal of open market operations?
answers: text: achieve a specific short-term interest rate target

question: What does the Federal Reserve target?
answers: text: federal funds rate

question: What is the federal funds rate?
answers: text: the rate at which member banks lend to one another overnight

question: What is the cajoling of certain market players to achieve specified outcomes also known as?
answers: text: Moral suasion

question: What does "open mouth operations" mean?
answers: text: talking monetary policy with the market

question: What is the short term goal of open mouth operatioins?

question: What do open mouth operations target?

question: What is the federal specified outcome?

question: What is the cajoling of certain market players to achieve member bank rates also known as?

question: What does gold rate exchange mean?
context: Usually, the short-term goal of open market operations is to achieve a specific short-term interest rate target. In other instances, monetary policy might instead entail the targeting of a specific exchange rate relative to some foreign currency or else relative to gold. For example, in the case of the United States the Federal Reserve targets the federal funds rate, the rate at which member banks lend to one another overnight. The other primary means of conducting monetary policy include: (i) Discount window lending (as lender of last resort); (ii) Fractional deposit lending (changes in the reserve requirement); (iii) Moral suasion (cajoling certain market players to achieve specified outcomes); (iv) "Open mouth operations" (talking monetary policy with the market).

qas: question: When was the Bretton Woods system established?
answers: text: after World War II

question: What was the fixed value of gold?
answers: text: $35 per ounce

question: What was the value of the U.S. dollar linked to?
answers: text: the value of gold

question: What did banks and investors do that devalued the dollar?
answers: text: convert dollars to gold

question: In which year was gold convertability terminated?
answers: text: 1971

question: When was the Nixon Woods system established?

question: What was the fixed value of stocks?

question: What was the value of the Nixon investors linked to?

question: What did banks and investors do that terminated the dollar?

question: In which year were dollars terminated?
context: Under the Bretton Woods system established after World War II, the value of gold was fixed to $35 per ounce, and the value of the U.S. dollar was thus anchored to the value of gold. Rising government spending in the 1960s, however, led to doubts about the ability of the United States to maintain this convertibility, gold stocks dwindled as banks and international investors began to convert dollars to gold, and as a result the value of the dollar began to decline. Facing an emerging currency crisis and the imminent danger that the United States would no longer be able to redeem dollars for gold, gold convertibility was finally terminated in 1971 by President Nixon, resulting in the "Nixon shock".

qas: question: What kind of money is the U.S. dollar?
answers: text: fiat money

question: Although for some countries the dollar is not their official currency, how do they use the currency?
answers: text: de facto currency

question: Other than the British Virgin Islands, what other area in the Caribbean uses the dollar as it's sole currency?
answers: text: Turks and Caicos islands

question: For countries that use the dollar as their paper currency, what other currency do they make?
answers: text: mints its own coins

question: What is an example of a U.S. coin that can be used as payment in some countries?
answers: text: Susan B. Anthony dollar

question: What kind of money is the Caribbean dollar?

question: Although for some countries the Caribbean dollar is not their official currency, how do they use the currency?

question: Other than the British Virgin Islands, what other area in the Caribbean uses the Caribbean dollar as its sole currency?

question: For countries that use the Caribbean dollar as their paper currency, what other currency do they make?

question: What is an example of a Caribbean coin that can be used as payment in some countries?
context: The U.S. dollar is fiat money. It is the currency most used in international transactions and is the world's most dominant reserve currency. Several countries use it as their official currency, and in many others it is the de facto currency. Besides the United States, it is also used as the sole currency in two British Overseas Territories in the Caribbean: the British Virgin Islands and the Turks and Caicos islands. A few countries use only the U.S. Dollar for paper money, while the country mints its own coins, or also accepts U.S. coins that can be used as payment in U.S. dollars, such as the Susan B. Anthony dollar.

qas: question: What are dollar notes made from now adays?
answers: text: cotton fiber paper

question: What is most common paper made of?
answers: text: wood fiber

question: Since 1914, who issues the dollar banknotes?
answers: text: Federal Reserve

question: How long do the current notes measure?
answers: text: 6.14 inches

question: What size currency are the new smaller notes similar to?
answers: text: Philippine

question: What are Phillipine notes made from now adays?

question: What is most common currency made of?

question: Since 1911, who issues the dollar banknotes?

question: How long do the current reserves measure?

question: What size currency are the new larger notes similar to?
context: Today, USD notes are made from cotton fiber paper, unlike most common paper, which is made of wood fiber. U.S. coins are produced by the United States Mint. U.S. dollar banknotes are printed by the Bureau of Engraving and Printing and, since 1914, have been issued by the Federal Reserve. The "large-sized notes" issued before 1928 measured 7.42 inches (188 mm) by 3.125 inches (79.4 mm); small-sized notes, introduced that year, measure 6.14 inches (156 mm) by 2.61 inches (66 mm) by 0.0043 inches (0.11 mm). When the current, smaller sized U.S. currency was introduced it was referred to as Philippine-sized currency because the Philippines had previously adopted the same size for its legal currency.

qas: question: When was the Mint Act passed?
answers: text: 1792

question: How many grains of silver did the Mint Act define the dollar as?
answers: text: 371.25

question: Who suggested that the ratio of silver to gold should be fixed?
answers: text: Alexander Hamilton

question: What market value were gold coins traded in relation to?
answers: text: Congressional standard of the silver dollar

question: In what year did the shift in gold standard occur?
answers: text: 1834

question: When was the Standard Act passed?

question: How many grains of gold did the Mint Act define the dollar as?

question: Who suggested that the ratio of silver to dollars should be fixed?

question: What market value were other silver coins traded in relation to?

question: In what year did the shift in silver standard occur?
context: From 1792, when the Mint Act was passed, the dollar was defined as 371.25 grains (24.056 g) of silver. Many historians[who?] erroneously assume gold was standardized at a fixed rate in parity with silver; however, there is no evidence of Congress making this law. This has to do with Alexander Hamilton's suggestion to Congress of a fixed 15:1 ratio of silver to gold, respectively. The gold coins that were minted however, were not given any denomination whatsoever and traded for a market value relative to the Congressional standard of the silver dollar. 1834 saw a shift in the gold standard to 23.2 grains (1.50 g), followed by a slight adjustment to 23.22 grains (1.505 g) in 1837 (16:1 ratio).[citation needed]

qas: question: What are gold and silver coins valuable for now adays?
answers: text: their precious metal value

question: What are non primarily gold and silver coins valuable for?
answers: text: their numismatic value

question: What was the only coin with any silver content in circulation from 1965 to 1970?
answers: text: Kennedy half dollar

question: What was the Kennedy half dollar replaced with?
answers: text: cupronickel

question: How much was the experimental Stella coin valued at?
answers: text: $4.00

question: What is copper and nickel tender valuable for these days?

question: What are non copper and nickel coins  valuable for?

question: What was the only coin with any copper content in circulation from 1965 to 1970?

question: What was the Kennedy dollar replaced with?

question: How much was the experimental Kennedy coin valued at?
context: Technically, all these coins are still legal tender at face value, though some are far more valuable today for their numismatic value, and for gold and silver coins, their precious metal value. From 1965 to 1970 the Kennedy half dollar was the only circulating coin with any silver content, which was removed in 1971 and replaced with cupronickel. However, since 1992, the U.S. Mint has produced special Silver Proof Sets in addition to the regular yearly proof sets with silver dimes, quarters, and half dollars in place of the standard copper-nickel versions. In addition, an experimental $4.00 (Stella) coin was also minted in 1879, but never placed into circulation, and is properly considered to be a pattern rather than an actual coin denomination.

qas: question: When were silver dollars first minted?
answers: text: 1794

question: Who was featured on the copper - nickel dollar?
answers: text: President Dwight D. Eisenhower

question: Which coin was introduced in 1979?
answers: text: Susan B. Anthony dollar

question: What did the new $1 coin minted in 2000 feature?
answers: text: Sacagawea

question: In which century were gold dollars minted?
answers: text: 19th

question: When were gold dollars first minted?

question: Who was featured on the milled dollar?

question: Which coin was introduced in 1935?

question: What did the new $1 coin minted in 1935 feature?

question: In which century were milled dollars minted?
context: Dollar coins have not been very popular in the United States. Silver dollars were minted intermittently from 1794 through 1935; a copper-nickel dollar of the same large size, featuring President Dwight D. Eisenhower, was minted from 1971 through 1978. Gold dollars were also minted in the 19th century. The Susan B. Anthony dollar coin was introduced in 1979; these proved to be unpopular because they were often mistaken for quarters, due to their nearly equal size, their milled edge, and their similar color. Minting of these dollars for circulation was suspended in 1980 (collectors' pieces were struck in 1981), but, as with all past U.S. coins, they remain legal tender. As the number of Anthony dollars held by the Federal Reserve and dispensed primarily to make change in postal and transit vending machines had been virtually exhausted, additional Anthony dollars were struck in 1999. In 2000, a new $1 coin, featuring Sacagawea, (the Sacagawea dollar) was introduced, which corrected some of the problems of the Anthony dollar by having a smooth edge and a gold color, without requiring changes to vending machines that accept the Anthony dollar. However, this new coin has failed to achieve the popularity of the still-existing $1 bill and is rarely used in daily transactions. The failure to simultaneously withdraw the dollar bill and weak publicity efforts have been cited by coin proponents as primary reasons for the failure of the dollar coin to gain popular support.

qas: question: What do coins, Federal Reserve Notes and deposits held by despository institutions make up?
answers: text: The monetary base

question: What was the monetary base value in 1994?
answers: text: 400 billion dollars

question: How much did the monetar base value increase to in 2013?
answers: text: over 3000 billion

question: How many times a year does the Federal Open Market Committee meet?
answers: text: Eight

question: What would the Federal Reserve buy to try and increase money supply?
answers: text: securities

question: What do coins, Federal Reserve Notes, and monetary policy make up?

question: What was the Treasury Bond value in 1994?

question: How much did the monetary base value increase to in 1994?

question: How many times a year does the Federal Reserve Bank meet?

question: What would the Federal Open Market Committee buy to try and increase money supply?
context: The monetary base consists of coins and Federal Reserve Notes in circulation outside the Federal Reserve Banks and the U.S. Treasury, plus deposits held by depository institutions at Federal Reserve Banks. The adjusted monetary base has increased from approximately 400 billion dollars in 1994, to 800 billion in 2005, and over 3000 billion in 2013. The amount of cash in circulation is increased (or decreased) by the actions of the Federal Reserve System. Eight times a year, the 12-person Federal Open Market Committee meet to determine U.S. monetary policy. Every business day, the Federal Reserve System engages in Open market operations to carry out that monetary policy. If the Federal Reserve desires to increase the money supply, it will buy securities (such as U.S. Treasury Bonds) anonymously from banks in exchange for dollars. Conversely, it will sell securities to the banks in exchange for dollars, to take dollars out of circulation.

qas: question: What does the decline in value of the dollar correspond to?
answers: text: price inflation

question: The rise in level of prices in an economy is referred to as what?
answers: text: price inflation

question: What does CPI stand for?
answers: text: consumer price index

question: Who publishes the Consumer Price Index?
answers: text: Bureau of Labor Statistics

question: What does the CPI estimate?
answers: text: average price of consumer goods and services in the United States

question: What does the decline in value of the average price correspond to?

question: What is the rise in level of living expenses in an economy referred to?

question: What is published by the CPI?

question: Who publishes the prices of goods and services?

question: What does the Bureau of Labor Statistics estimate?
context: The decline in the value of the U.S. dollar corresponds to price inflation, which is a rise in the general level of prices of goods and services in an economy over a period of time. A consumer price index (CPI) is a measure estimating the average price of consumer goods and services purchased by households. The United States Consumer Price Index, published by the Bureau of Labor Statistics, is a measure estimating the average price of consumer goods and services in the United States. It reflects inflation as experienced by consumers in their day-to-day living expenses. A graph showing the U.S. CPI relative to 1982–1984 and the annual year-over-year change in CPI is shown at right.