Title: US Dollar - About, History
Headings: US Dollar
US Dollar
The history of the US Dollar
Participating Members

Content: The Federal Reserve Act of 1913 created one central bank and organised a national banking system that could keep up with the changing financial needs of the country. The Federal Reserve Board created a new currency called the Federal Reserve Note. The first federal note was issued in the form of a ten dollar bill in 1914. Finally, a decision by the Federal Reserve board was made to lower the manufacturing costs of the currency by reducing the actual size of the notes by 30%. The same designs were also printed on all dominations instead of individual designs. The designs of the notes would not be changed again until 1996 when a series of improvements were carried out over a ten-year period to prevent counterfeiting. Participating Members
The United States Dollar has been adopted, and in some cases used as the official currency, in many different territories and countries. This process of incorporating the currency of one country into a different economic market is called 'dollarization'. Dollarization of the US Dollar has occurred in the British Virgin Islands, East Timor, Ecuador, El Salvador, Marshall Islands, Federated States of Micronesia, Palau, Panama, Pitcairn Islands, and Turks and Caicos Islands.