In the United States, we have seen a great many changes in our legal tender. April 2, 1792, the U.S. Congress passed the Coinage Act (also known as the Mint Act). It created what would be considered legal tender and the country’s standard units of money. Furthermore, it formed the US Mint, which would produce the money authorized. It also created the divisional system for our money, ie pennies, nickels, dimes… well you get my drift.
Who Keeps Track?
As the issuing authority of U.S. currency, the Federal Reserve Board is responsible for ensuring that there is enough cash in circulation to meet the public’s demand domestically and internationally. Prices for goods and services, income levels, and the availability of alternative payment methods tend to guide the domestic demand for cash, while political and economic uncertainties generally shape foreign demand. As much as one-half of the value of U.S. currency is estimated to be circulating abroad.
As of December 31, 2019, there was $1,759.8 billion in circulation, totaling 44.9 billion notes in volume.