Tag Archive | "Chief"

A Brief History of US Currency (USD)

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All of us who live in the United States, have spent all our lives looking at the same style of paper currency: those things that say “Federal Reserve Note” and have a dead President in the center of the bill in an oval frame. Every now and then the Bureau of Engraving and Printing starts distributing a new design of U.S. currency, we’ve started seeing some variations in the theme; certainly we get to see the details of the portrait engravers’ work much more clearly. Still, though, we rarely stop to appreciate the skill and artistry of the engravers… after all, it’s just money. We just take it out and spend it.

But what if the Bureau of Engraving and Printing decided, as they did in the 1890s, to use our paper money as a showcase for art?

one silver dollar1

Silver certificates are an older form of U.S. currency; their value was backed by silver held in the U.S. Treasury, and they could be redeemed at the Treasury for silver dollars. An 1886 Act of Congress authorized the creation of a new series of silver certificates, and so it came to pass that the Secretary of the Treasury gave the Bureau of Engraving and Printing the task of designing and printing the new currency.

Claude M. Johnson, then Chief of the BEP, had definite ideas about the role of art in paper money. By 1893 Johnson and the BEP had decided on four artists – the muralists Edwin H. Blashfield, Will H. Low, C. S. Reinhart and Walter Shirlaw – to design the new currency, and planned to award a commission of $800 for each design the BEP accepted.

1896 $1 USD Note

The noted artists, together with the BEP’s talented engravers, created a new currency of unparalleled beauty – extraordinary designs, the likes of which had never been seen before in the U.S. and have never been equalled since.

Obverse of 1896 USD 1 note serial  42135519 Bruce-Roberts signatures

Will H. Low’s design for the $1 note

Will H. Low’s design for the $1 note, entitled History Instructing Youth, shows a female History with a young student standing beside her, gesturing to an open book of history before her. An olive branch rests against the book, holding it open to show the Constitution of the United States upon the page. Both the Washington Memorial and the Capitol Dome can be seen in the background landscape. The outside border of the note shows 23 wreaths, each bearing the name of a noteworthy American – not surprisingly starting with Washington, Jefferson and Franklin, but also including such names as poet Henry Longfellow, inventor Robert Fulton, and author Nathaniel Hawthorne, among many others. The seal of the Treasury appears in the lower right.

Low original painting

Low’s original painting, which now hangs in the BEP’s Washington, D.C. offices, was slowly and artfully reproduced as an intaglio printing plate by the BEP’s talented engraving staff.engrav low painting usd 5 Detail of Constitution on bill

Shortly after the $1 bill was released to the public, Bureau engraver G.F.C. Smillie was informed by a friend that the word tranquillity was misspelled in the tiny Constitution that adorned the book. “Rats,” Smillie reportedly replied. “The word was spelled that way in the original Constitution…”tranquillity

Smillie was, of course, correct… even though, at the time, tranquillity (with two “l”s) was the accepted spelling.

“Now at the Bureau of Engraving and Printing we must ‘follow copy,’” a Bureau spokesman later stated, “and cannot demonstrate superior knowledge in the face of absolute authority. Hence, ‘tranquility’ is on the new note. There is plenty of authority for spelling that word economically in respect to ‘l’s.”

1896 $1 USD Currency Note

The $1 note was released to the public on July 14, 1896, the first of the series to be put into circulation. Because of the public’s unfamiliarity with the new money, though, some people began illegally “raising” the values of the bills by changing the numbers in the corners and then passing the notes off as “the new $5s” or “the new $10s”.

The memory of this may be why the present-day U.S. Treasury chose to release the highest denominations of our new currency first, and then slowly proceeded downwards as people grew accustomed to the new designs. (It would make little sense for a counterfeiter to take a new $100 bill and try to persuade people it was a new style of $1.)

Reverse of 1896 $1 note

The back of the 1896 $1, featuring intricate geometric lathe work and a winged, shield-bearing Liberty in each of the upper corners, carries traditionally-styled portraits of both George and Martha Washington. The portraits were engraved by Alfred Sealey and Charles Burt, respectively, and the overall design of the back was the work of Thomas F. Morris.

geometric lathe designs Recently made the Chief of the BEP’s engraving division, Morris had his own concerns about the 1896 note designs. They were the only notes since 1861 which had no geometric lathe designs on the face of the notes, and the intricate lathe-work served as a strong deterrent to counterfeiters. Perhaps this accounts for the unusually intricate and thorough lathe-work which Morris applied to the backs of the 1896 designs.

People being what they are, there were several public statements that the central “One” on the note was irresponsible. The reasoning was thus: “no one should come between George and Martha Washington”.

Don’t blame me. I don’t make the news. I only report it.

Read the full story

Posts about Interest Rate as of February 24, 2009

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02/24/2009
Tuesday’s “Good Morning America” ignored the liberal leanings of a Florida attorney who is instructing people on how to stall home foreclosures … to the Rescue? Banks may be required to offer interest rate relief for… Citigroup to help
02/24/2009
I hope this doesn’t happen, but I don’t know if it can be avoided … 0% interest rate. And they are borrwing as fast as they can, for all the bail out money. Let’s play … . The Fed’s only option is start increasing interest rates that reflects the risk and to spur demand
02/24/2009
by Madeline Monarch The benefits of searching for quotes on different loans may be provided by a secured loan calculator directly on some specialty … you will increase your odds of finding the best deal and the lowest interest rate. When you find a secured … to find low rates of interest as easily as possible is a website specializing in loans and
02/24/2009
US Federal Reserve Chief Ben Barnanke has warned Congress that without the right policies from the government, the US recession could last into 2010 … be hit. In its attempts to revive the company, the Federal Reserve has cut its key interest rate
02/24/2009
One commentator today noted that “in many ways, what’s happening now across Eastern Europe – including Russia – is reminiscent of the Asian economic … members that included leveraged mortgage loans tied to low interest rate currencies like the Swiss … foundation for the EU–Germany and, to a lesser extent, France–have quite a vested interest
02/24/2009
By JEANNINE AVERSA AP Economics Writer WASHINGTON (AP) … , cuts interest rate By DEBBY WU Associated Press Writer TAIPEI, Taiwan (AP) -… Mexico 4Q
02/24/2009
The Federal Reserve has been purchasing Mortgage Backed Securities for some time now and mortgage rates still aren’t at 4.5%. So ,what gives? Well the answer is really not that hard, nor is it that simple. First of all you need to understand what Mortgage Backed Securities are and how coupon rates compare to the actual interest rate
02/24/2009
by Mishaun Taylor If you’re one of the millions of students who have taken out loans to finance their college education and find upon graduation … and many of these have different interest rates. Therefore, by consolidating, you can transfer the higher interest loans to smaller ones. This lower interest rate will make your monthly payments lower
02/24/2009
Let’s face it, Banks are just not lending. It does not matter that they received over $350 billion of your money with more to come … companies in hopes of substantial interest rate returns. What is this you might ask? There is always
02/24/2009
A new report finds wide disparities in how much Washington’s criminal defendants are required to pay in fines and fees … interest rate they must pay on the fines. Three years after the defendants were sentenced
02/24/2009
by Amy Nutt It’s not uncommon for someone to look for the lowest price on any purchase that they are planning on making – this goes double for a … monthly payment they can get on a car, on an apartment and on a house – often the lowest monthly rate, at least at the start of the loan, will be with an adjustable rate mortgage so a lot of folks jump
02/24/2009
Student loans are a highly considered way to manage debts … into one, with a low interest rate. They can also lengthen the time over which they can pay back this loan (tenor … it easier to manage.* Interest: Federal loan schemes have a lower interest rate, making them
02/24/2009
by Becki Andrus Student loans debt is the second highest form of debt facing Americans today, just after credit card debt … starting with the highest balance or highest interest rate first, while still making the minimum payments … and roll it over into one loan with one interest rate and one monthly payment. It works by allowing
02/24/2009
Dow ends worst week of 2009 at 2002 levels The blue chips drop 100 points amid fears that the government will have to take over some big banks; … below, you will qualify for a Jumbo Loan, which carries higher interest rate … with increased volume and decreased open interest in option markets after the release, consistent
02/24/2009
Tips on Refinancing Your School Loan Posted on @ 4: … . This lower interest rate will make your monthly payments lower and lower the total amount you will pay … of consolidating. Many students have more than one loan and many of these have different interest rates
02/24/2009
by Mishaun Taylor If you’re one of the millions of students who have taken out loans to finance their college education and find upon graduation … and many of these have different interest rates. Therefore, by consolidating, you can transfer the higher interest loans to smaller ones. This lower interest rate will make your monthly payments lower
02/24/2009
1.  Those who want to refinance their home to take advantage of lower interest rates but have been refused because their home value has declined and … that they can not pay their current mortgage) may qualify for a loan modification (reduction in interest rate and/or principal). 3.  New Homebuyers (e.g., first time homebuyers or those
Bad Credit Student Loanslpntorn.net
02/24/2009
by Bob Saunders In this day and age there are a lot of students who can’t qualify for a regular loan due to having bad credit … aside from being approved is that you will get a very low interest rate as well. After looking … at a lower rate. And since you will have a better job it will be that much easier. Yet another option
02/24/2009
Ways to Pay Off Student Loans Debt Posted on February 24, 2009 @ 4: … off the loans separately starting with the highest balance or highest interest rate first, while … all your student loans debt and roll it over into one loan with one interest rate and one monthly
02/24/2009
by Becki Andrus Student loans debt is the second highest form of debt facing Americans today, just after credit card debt … starting with the highest balance or highest interest rate first, while still making the minimum payments … and roll it over into one loan with one interest rate and one monthly payment. It works by allowing
02/24/2009
Insurance companies are in the business of making money. They need customers who will pay premiums and won’t file a claim … of different areas of your life. It obviously affects what kind of interest rate you will pay on a loan … , driving record, address and age of drivers are all factors in deciding an auto insurance rate
02/24/2009
by Becki Andrus Student loans debt is the second highest form of debt facing Americans today, just after credit card debt … starting with the highest balance or highest interest rate first, while still making the minimum payments … and roll it over into one loan with one interest rate and one monthly payment. It works by allowing
02/24/2009
Mutual funds are used to create a group of investments from a variety of people that are used as one large investment opportunity to create larger … of money being lent to the government and have an interest rate which generally higher than … the higher the interest rate and therefore the higher rate of return. An investor can invest
02/24/2009
IN THIS ISSUE: Federal Bailouts Surpassing $10 Trillion Government Finance 101 Who Will Buy All This New Debt? Bernanke: Crank Up The Printing Presses Real Storm Clouds On The Horizon Conclusions – Not Many I Can Find Introduction Over the last two weeks,
02/24/2009
A lot of the banks wil show you a interest rate that is looking mediocre but feels bad or so after some time … . A merchant bank in Fort Collins South Carolina or so may have a total totally different actual rate of interest for a 30000 dollar bank loan then a merchant bank in Dayton Ohio and that makes a huge clear
02/24/2009
by Mishaun Taylor If you’re one of the millions of students who have taken out loans to finance their college education and find upon graduation … and many of these have different interest rates. Therefore, by consolidating, you can transfer the higher interest loans to smaller ones. This lower interest rate will make your monthly payments lower
The fixed rate dilema… is 2 years too short?oaktreemortgages.typepad.com
02/24/2009
2 Year fixed rate really the best As any good cook will tell you, timing is everything. Exactly the same is true with fixed rate mortgages at the moment! Imagine you want a mortgage that allows you to budget for the next few years. You might be unsure which way interest rates
02/24/2009
South Africa’s economy contracts for the first time in a decade in the fourth quarter of 2008, hit by a big decline in manufacturing output, official data show Tuesday, increasing the odds of an interest rate cut.
02/24/2009
Pesident Obama unveiled his plan to help stabilize the housing market and keep millions of borrowers in their homes … interest rates. Therefore, the refinancing initiative in the new plan provides refinancing help … -worthy” or “responsible” homeowners can refinance their mortgage into a 30- or 15-year, fixed-rate loan
The Ups and Downs of Mortgage Industrypersonalhomeloanmortgages.cn
02/24/2009
The Ups and Downs of Mortgage Industry Posted by Dark Spider at February 24, 2009 Mortgages are designed in two simple structures; … business to decide the interest rates to be offered. The rate on fixed-rate mortgages will be fixed … fixed rate plans and adjustable rate plans. You may also find some plans with a combination
02/24/2009
Global Stock Market Today (US Stock Market, European Stock Market, Asian Stock Market, Metals, FOREX)Citigroup, Nova Chemicals, RBS, Humana, PalmU.S. stocks were mixed on Monday as the Dow Jones Industrial Average rose 51 points to 7417.7 the S&P 500 rose 4.4 points to 774.4 and the Nasdaq Composite dropped 0.8 points to 1440.46
02/24/2009
by Louis Zhang After successfully completing a college degree, … different interest rates which add up to one big rate. Maintaining a good credit history equals lower interest rates. If learning that lower payments, extended repayment term, and a lower interest
02/24/2009
by Steward Locks Do you’ve a bad credit? Have you ever wonder of ways to get out of it? Debt consolidation is a good way of getting out from it … is usually a debt with a lower interest rate. At time, a debt consolidation loan will have a fixed … get a lower rate through a secured loan. A secured loan is a loan where you can use your properties
Mortgages 101 For Home Buyerscondosphilippines.com
02/24/2009
by Evan SageA mortgage is an agreement between a lender and borrower where the borrower puts up a piece of real estate as collateral for a loan to … on a home when the first is at a very attractive rate for situations like home improvements as they generally have a shorter term and higher interest rates than the first.Many fees can get reduced or
FHA Guidelinesfha-loanrates.com
02/24/2009
The Two Main FHA Loan Guidelines Are Based on the Amount of Loan and Your Income If you are a first time homebuyer longing to buy your first … you to pay low interest rate, minimum down payment, and low closing rates. The rates … and follow it up by 0% from the following year, plus an option of permanently lowering your rate of interest
02/24/2009
by William Blake For the past several years, the number of home foreclosures has been steadily increasing and it seems that there is little chance … the borrower might be able to get a good interest rate on their loan, being even slightly late on only payment could make the interest rate go through the roof. After a couple of months of
02/24/2009
by Louis Zhang After successfully completing a college degree, … different interest rates which add up to one big rate. Maintaining a good credit history equals lower interest rates. If learning that lower payments, extended repayment term, and a lower interest
02/24/2009
By Louis Zhang After successfully completing a college degree, … different interest rates which add up to one big rate. Maintaining a good credit history equals lower interest rates. If learning that lower payments, extended repayment term, and a lower interest
02/24/2009
D o w n s i z e r – D i s p a t c h Quote of the Day: “The high cost of living has reduced its popularity … the interest rate to the current fixed rate, and reset
Bernanke: economy suffering ‘severe contraction’how-to-be-rich-and-happy.blogspot.com
02/24/2009
Jeannine Aversa, AP Economics Writer WASHINGTON (AP) … interest rate to an all-time low and Obama recently signed a $787 billion stimulus package of increased
02/24/2009
by Louis Zhang After successfully completing a college degree, … different interest rates which add up to one big rate. Maintaining a good credit history equals lower interest rates. If learning that lower payments, extended repayment term, and a lower interest
First Home Owners Grantabout-grants-for-small-business.com
02/24/2009
Wherever you look at the moment in Australia, despite the world financial meltdown, if you have a steady job and some savings, … interest rate. Once you have done that it is as easy as applting to the Federal Government for the grant … it has never been a better time to look at buying a new home. Why? Well, with interest rates
02/24/2009
Study the Alternative Of An Unsecred Debt Consolidation Loan February 24th, 2009 Subscribe To Our Feed Bankruptcy is an terrifying word, … you are capitalistic and you may be able to negotiate a better interest rate. If though, even after browsing, you still can’t find a rate of interest that is going to actually make any difference
02/24/2009
side note: Hmmm…..you think we need some more regulation? Ya…I think so. These guys are way too smart to be left to regulate themselves….there’s just too much money and greed involved. I recommend clicking here to be taken to Wired Magazine’s site, there are tons of links within the article that will help you better understand this stuff
02/24/2009
My yoga teacher says its Alan Greenspan’s  fault. During the Clinton era he should have raised the interest rate as the economy grew. That would have stopped the bubble. He wanted things to look good
Market for Chicago Condosidealsharing.com
02/24/2009
by J. Kim 2008 has been a very difficult market for Chicago condos, for South Loop area of downtown, 2009 doesn’t look any better … with the interest rate low as 5 percent for 15 year fixed mortgage, the conditions can never be better
02/24/2009
According to an article published in the Congressional Quarterly on February 23, 2009, … the interest rate and term of a mortgage loan. The language of HR 1106 can be found here: http
Chicago Condosisulongseophil.net
02/24/2009
by J. Kim It has been a dismal 2008 for Chicago condos, but it doesn’t look like it is going to get any better, especially for South Loop, … reason you might want to take a look is the low interest rate currently being offer by many financial institutions. The interest for mortgage have been lowest in recent years. The 30 year and 15 year
02/24/2009
How to Handle Collection Calls During Foreclosure February 24, 2009, 10:30 am It is almost automatic. The second you are late paying your mortgage, the lender begins to call, looking for its money. At first, the collector may be nice and gently remind you of the due date and that you missed your payment for that month
South Loop Chicago Condosmyrealestatementors.com
02/24/2009
by J. Kim It has been a dismal 2008 for Chicago condos, but it doesn’t look like it is going to get any better, especially for South Loop, … interest rate currently being offer by many financial institutions. The interest for mortgage

 

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