What do bones, bucks, smackeroos, clams and plunks have in common? They are all synonyms for “dollar bill”!
Welcome to the second week of Million Bazillion Academy, in which your kids will learn more about currency, especially American money and why it looks the way it does.
We’ll explore:
- Why different countries use different currencies
- The history of the dollar
- What all the symbols on a $1 bill mean
We’ve included the following resources for a dive into these topics:
- Listen to the “Million Bazillion” episode about why different countries have different currencies
- Learn about the history of the U.S. dollar
- Pull out your wallet and play “I Spy” with the $1 bill
- Get extra credit by listening to some interesting “Marketplace” stories about currency, including our trip to the U.S. Mint!
Listen to this!
The kids want to know!
Aubrey, age 7, wrote in with a follow-up question to this episode: Which country made the first dollar?
The word “dollar” comes from the German word “thaler,” which sounds like “taller” when you say it out loud.
More than 500 years ago, the Count of Schlick opened a silver mine in a small town and began to make his own coins, or thalers. The town was in Bohemia, now part of the Czech Republic, but that country didn’t exist back then.
The count’s coins were all the same size, weight and quality, which made them popular with traders. As more traders used the silver coins to buy and sell things, the coins came to be known as Schlickenthalers, nicknamed after the Count of Schlick.
The thalers were used across Europe and even in North America, before the U.S. became an independent country and we had our own money.
After the Revolutionary War, Congress created the U.S. Mintto produce the nation’s official currency. It made the first American silver dollar coin in 1794.
At first, the government only made money in the form of coins. Banks, however, were allowed to print their own private currencies on paper. Between 1793 and 1861, they designed and produced thousands of different paper currencies! Keep in mind, though, that these private currencies weren’t as reliable because many merchants refused to accept them as payment.
After Congress gave the Treasury Department the power to print paper currency in 1861, it began making bills worth $1, $2, $5, $10, $20, $50 and $100.
Let’s play a game! Dollar bill “I Spy”
Ask your kids first: When the U.S. became a country, the number 13 was very important. Do you know why?
Answer: That’s how many states there were when the United States was founded.
There are lots of signs on the $1 bill that show just how important the number 13 is to American history. Grab a bill and a magnifying glass to see how many groups of 13 you can find.
If your kid needs more clues, have them start with the Great Seal — the two circles on the back of the bill.
Answer: There are seven collections of 13!
On the Great Seal:
- 13 arrows in the eagle’s right talon
- 13 olive leaves and 13 olive fruits on the branch in the eagle’s left talon
- 13 stars above the eagle
- 13 bars on the shield
- 13 steps on the pyramid
On the U.S. Treasury seal:
- 13 stars on thechevron, the upside-down V shape.
After you’ve played “I Spy,” explore more of the symbols on the dollar bill.
1. Even though we call them dollar bills, the official name for paper currency is Federal Reserve note.
2. The Federal Reserve Bank seal is a black circle to the left of the portrait of George Washington. The Federal Reserve decides how much money is printed each year. Inside the seal, a letter tells you which Federal Reserve bank issued the dollar. The number associated with the bank will also appear. There are 12 Federal Reserve district banks across the country:
- A — Boston
- B — New York City
- C — Philadelphia
- D — Cleveland
- E — Richmond, Virginia
- F — Atlanta
- G — Chicago
- H — St. Louis
- I — Minneapolis
- J — Kansas City, Missouri
- K — Dallas
- L — San Francisco
3. The U.S. Treasury seal features scales, representing justice, and a key, representing its power to print money.
4. The serial number appears twice on the front of a dollar bill. The 11 numbers and letters can tell you which bank issued the bill and when the bill was printed. Some “fancy” serial numbers have turned dollar bills into collectors’ items that are worth a lot more than just $1.
5. The phrase “In God We Trust” appeared on coins during the Civil War. In 1956, Congress passed a law making it the official motto of the United States and began adding it to all American money.
6. Both sides of the Great Seal appear on the back of the bill. There’s an unfinished pyramid on the left, a symbol of strength and durability. It’s topped with an eye enclosed in a triangle, symbolizing the eye of God watching over and protecting the nation. On the other side of the seal, an eagle holds in one talon an olive branch, representing peace, and in the other a bunch of arrows, representing the will to defend the country if needed.
Extra credit!
If you or your kids want to learn more about currency, we recommend listening to some or all of the following stories.
- “Million Bazillion” has a few more episodes about money:
- Where did money come from? Take a trip back in time to ancient Mesopotamia.
- Why is paper money green? We answer that question and more about the design.
- How is money made? Let’s head to the U.S. Mint.
- When was the last time you used a penny? Some people think we should get rid of them altogether.
- What happens to money after you spend it? One man tracked a $10 bill for 30 days over 3,000 miles.
- Want to learn more about the symbols on our money? Here is a great explainer about that creepy eye on the back of the dollar bill.
Next week: Cryptocurrency!
Now that we’ve learned about physical money, we’ll learn about digital money and the wild world of cryptocurrency!