2. Fed bank that issued the bill the bill[Chicago] Bills are crowded with numbers and letters that help the U.S. Treasury track printing errors & authenticate currency. Here’s what many of them mean: Number corresponds to letter in circle indicating issuing Fed bank. First letter corresponds to issuing Fed bank Last letter tells how many times serial number has run

3. What could you substitute for a one dollar bill?

4. What gives currency value?

5. What gives currency (money) value is what goods and services it can be exchanged for in society

6. What is Money? Money  Anything people are willing to accept as payment for goods and services  Examples: seashells, beads, stones  Modern Examples: coins, paper

7. Three Uses of Money 1. Medium of Exchange  Anything used to get (exchanged for) goods and services  Without money acquire g/s thru barter - direct exchange of one set of g/s for another

8. Three Uses of Money 2. Measure of Value (Unit of Account)  Way to compare value of goods / services  Value is expressed in terms of price  Example: US - dollar, Japan – yen Currency Converter

9. Three Uses of Money 3. Savings Method  Money holds value if you hold onto instead of spending it  Able to use later on - wks, mnths, yrs  Except: can decrease in value if inflation  Example: 2008 buy iPod $100 2009 buy same iPod $110

10. What is Currency? Currency  Coins and paper bills used as money  Past: stones, gold, salt, cattle, teeth

11. Six Characteristics of Money 1.Durability  Withstand wear and tear  Coins v. wheat or olive oil

12. Six Characteristics of Money 2. Portability  Easily carried  Cattle v. paper bills

13. Six Characteristics of Money 3. Divisibility  Easily divided into smaller units  $10, $5, $1,.25,.10,.05,  Cattle v. dollars and cents

14. Six Characteristics of Money 4. Uniformity  Able to count and measure accurately  Whale teeth v. pesos

15. Six Characteristics of Money 5. Limited Supply  Must be in limited supply  Gov’t controls  Yen v. coconuts

16. Six Characteristics of Money 6. Acceptability  Able to exchange for g/s  Accepted in NJ and CA and ND  Dollars v. cowrie shells

17. Activity Complete Graphic Organizer 7 stations 4 minutes each Do these meet the 6 characteristics of $?

18. Cowrie Shells

19. Whale Teeth

20. Cattle

21. Leather Strips

22. Sea Shells Wampum

23. Spade and Knife Money

24. Yap Island Stone Money

25. Spade and Knife money http://www.calgarycoin.com/reference/china/china1.htm#heavy%20spade Yap Island Stone Money http://www.reefseekers.com/PIXPAGES/Stone_money.jpg http://en.wikipedia.org/wiki/Yap Cowrie Shell Money http://www.anythinganywhere.com/commerce/relic/liberiacowri.htm http://www.jefpat.org/Curators%20Choice%20Archive/2008%20Curators%20Choice/Jan08%20- %20Curators%20Choice%20-%20Modified%20Cowrie%20Shell.htm Wampum http://www.nativetech.org/wampum/wamphist.htm Kissi Pennies http://www.liberiapastandpresent.org/kissi.htm Manillas http://www.anythinganywhere.com/commerce/relic/manillas.htm Katanga Crosses http://www.joelscoins.com/katanga.htm http://www.randafricanart.com/Katanga_cross.html Mitako (Wire money) http://www.randtribal.com/AH_currency_3.html Assorted African Money http://www.nmafa.si.edu/exhibits/site/raffia.htm

26. Security Features via US Dept of Treasury Website http://www.moneyfactory.gov/newmoney/ http://www.moneyfactory.gov/newmoney/flash/interactivebill/50_I nteractiveNote.html http://www.moneyfactory.gov/newmoney/flash/interactivebill/50_I nteractiveNote.html