Money Around the World By: Elena Weber

I will be comparing the U.S dollar to the Euro, the Canadian dollar, and the Jamaican dollar

The United States (The U.S dollar)

The United States dollar is the official currency of the United States and its territories. The circulation paper money consists of Federal Reserve Notes. The U.S. Dollar is also fiat money.

Fiat monet is a currenct established as money by government regulation or law.

It is the most used currency in international transactions, and the world's primary reserve currency.

Several countries use the U.S. Dollar as their official currency. Besides the U.S. It is used as the sole currency in two British Overseas Territories in the Caribbean: The British Virgin Islands and the Turk 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.

History Of The U.S. Dollar

The U.S. dollar coin was initially based on the value and look of the Spanish dollar. The early currency of the U.S. did not have faces of presidents although by law only the portrait of leaders deceased we allowed. The newly formed government was against having portraits on leaders on the currency. A practice that was/is compared to the policies of european monarchs.

Jamaica (The Jamaican Dollar)

Jamaica's currency is the Jamaican dollar. The dollar has been the currency since 1969

The history of currency in jamaica should not be considered in isolation of the wider picture in the British west indies as a whole.

The peculiar feature about Jamaica was the fact that it was the only British West Indies territory to use special issues of the sterling coinage. Apart from the four pence groat coin which was specially issued for all the British West Indies and later only Birhtisb Guiana.

The History of the Jamaican dollar

The earliest money was a Spanish coin called maraveaies. For nearly four hundred years the Spanish dollar was a widespread on the world's trading routes. Known as pieces of eight this included the Caribbean Sea region. Though following the revolutionary war in LatinAmerica the source of these silver trade coins dried up, and the last Spanish dollar was minted at the Potosi mint in 1825.

The United Kingdom had adopted a very successful gold standard in 1821, so 1823 was an opportune time to introduce the British Sterling coinage into all the British colonies.

In 1839 an act was passed by parliament declaring that as of December 31, 1840. Only British coinage would be legal tender in Jamaica depriving all Spanish coins.

In 1904 , the first government authorized bank notes were produced in the value of 10s. In October 1960, the Bank of Jamaica was given the sole right to mint coins and produce banknotes in Jamaica which was released on May 1, 1961.

On january 30, 1968 the jamaican house of representatives voted to decimalize the currency by intRoducing the dollaR,woRth 10 shillings to replace the Jamaican pound.

The coins and banknotes went into circulation on September 8, 1969. The "new" Jamaican dollar differed from all the other dollars in the British West Indies in that it was essentially a half-pound sterling. All the other dollars either began on the U.S. Dollar unit or the Spanish dollar unit.

The Euro

The euro is the official currency of the Eurosong which consists of 19 of the 28 members states of the European Union. 210 million people worldwide use currencies pegged to the euro. The Euro is the second largest reserve currency as well as the 2nd most traded currency.

The name Euro was officially adopted on 16 December, 1995. The Euro was introduced to world financial markets as a accounting currency on 1 January, 1999, replacing the former European currency unit (ECU)

Physical euro coins and banknotes entered into circulation on 1 JAnuary, 2002 making it the day to day OperatIng currency of its original members. By May 2002 it had completely replaced the Former currenCies.

The euro was established by the provisions in the 1992 Maastricht Treaty. To participate in the currency, member states are meant to meet strict criteria.

The Canadian Dollar ( Currency of Canada

The Canadian dollar is the currency of Canada. Canadas dollar is the 5th most held reserve currency, accounting for about 2% of all global reserves.

An image of a loon is on the $1 coin, sometimes referred to as a loonie.

The Canadian dollar is POPULAR with central banks because of cAnadas relative ECONOMIC soundNess, the Canadian GOVERNMENTS strong sovereign posItion, and the stability of the country's legal an Political systems

In 1841 the Province of Canada adopted a new system base on the Halifax rating. This then Canadian dollar was equal to 4 U.S. Dollar while now 1 U.S. Dollar is equal to 1.33 Canadian dollar.

Comparison

U.S. Dollar v. Jamaican dollar

The Jamaican dollar is not a reserve currency compared to the U.S. Dollar that is. The U.S. Dollar is also more used than the Jamaican dollar, being that the Jamaican dollar tends to only Jamaica whereas the U.S. Dollar is used widespread. One of the only similarities is that they both have a relation to the Spanish dollar.

U.S. Dollar v. The Euro

They both are very large reserve currencies and some of the most used currencies. One of the few differences is that the Euro is the currency for the majority of Europe while the U.S. Dollar Is only used in the U.S. And it's territories.

U.S. Dollar v. The Canadian Dollar

Like the Euro the Candain dollar is another large reserve currency like the U.S. Dollar. They also both have similar banknotes and coins (excluding all $1 ). One of the main differences is that Canada no longer produces pennies, seeing them as a waste.

Credits:

Created with images by Hans - "coins cent specie"

Made with Adobe Slate

Make your words and images move.

Get Slate

Report Abuse

If you feel that this video content violates the Adobe Terms of Use, you may report this content by filling out this quick form.

To report a Copyright Violation, please follow Section 17 in the Terms of Use.