Деньги - Money. Невежина С.Б - 43 стр.

                       MONEY IN THE USA                                      face of the bills, these carry a red seal. United States Treasury notes
                                                                             account for only one percent of all paper currency in this country. Both
      Read the text and retell it according to the plan:                     United States notes and Federal Reserve notes carry the printed
       We can say that money is anything that is commonly accepted           signatures of the secretary of the Treasury and the treasurer of the
in exchange for other goods and services.                                    United States.
       1. Commodity money refers to the use of some commodity as                    5. During the late 1800s and early 1900s U.S. currency was
money. American history reveals that tobacco, corn, beads, warehouse         based on the gold standard, which is to say that the United States
receipts, and bank notes, in addition to metal coin and paper currency,      promised to redeem its currency for a specified amount of gold. At one
have served as money. In fact, many of these monies were given the           time the gold reserve required for the Federal Reserve notes was 25
status of legal tender, which means that they were acceptable, by law,       percent. The other 75 percent of the backing was in the form of
for the payment of debts, both public and private. (U.S. currency is         additional gold certificates, government securities, or note assets of the
legal tender.)                                                               bank. Today there is no gold reserve behind these notes, so they are
       2. Although the United States has had various types of commodity      fiat money not having intrinsic value.
money in its history, all American currency today is in the form of                 6. Yet the money supply in the United States consists of more
paper money and coins.                                                       than just coins and paper money. Checking account deposits are
       According to federal law, only the U.S. Treasury and the Federal      considered a form of money because they are spent when people write
Reserve System can issue U.S. currency. The Fed and the Treasury each        checks. When commercial banks make loans, they can create checking
issue a type of paper money – Federal Reserve notes and United States        deposit accounts. In fact, in the United States, about three-fourths of
notes, respectively. All U.S. currency carries the nation's official motto   all payments are made by check.
'In God We Trust'.                                                                                          (from 'An Outline of American Economy')
       3. Coins are produced by the United States Mint in Philadelphia,
Denver, and San Francisco. They come in various denominations                      Plan for retelling:
based on the value of a dollar: the penny, one cent or one-hundredth of            1. Commodity money in the history of America.
a dollar; the nickel, five cents or five-hundredths of a dollar; the dime,         2. U.S. currency: establishments (organizations) that can issue
10 cents or ten-hundredths of a dollar; the quarter, 25 cents or one-        U.S. currency.
fourth of a dollar; the 50-cent piece or half-dollar; and the one-dollar           3. Coins:
coin. Approximately nine percent of all currency in circulation in the                • place of production;
United States is in the form of coins.                                                • their denominations.
       4. Paper money issued in the United States consists almost                  4. Paper money:
entirely of Federal Reserve notes, which are issued by the 12 Federal                 • Federal Reserve notes – United States Treasury notes;
Reserve Banks in the Federal Reserve System. These notes come in                      • denominations;
denominations of $1, $2, $5, $10, $20, $50, and $100. Until 1969 the                  • signatures they carry.
Federal Reserve Banks also issued bills of larger denominations ($500,
                                                                                   5. Gold standard and fiat money.
$1.000, $5.000, and $10.000 notes).
                                                                                   6. Checking accounts deposits.
       The only other form of paper currency is the United States
Treasury note which is issued only in $100 denominations. Unlike the
Federal Reserve notes, which bear a green seal on the right side of the

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