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<h4><a name="text1">Today's Federal Reserve Notes:</a><br>
A World Standard Emerges</h4>
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<li><a href="nocirc/index.html" target="_top">Notes No Longer in General
Circulation<br>
and Bank Transfer Notes</a></li>
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<p>Federal Reserve notes are the sole currency issued today. All U.S. currency
issued since the first paper money was issued by the U.S. government in
1861 (except Military Payment Certificates) remains fully redeemable at
face value. Federal Reserve notes were originally issued in denominations
ranging from $5 to $10,000. The $1 denomination was added in 1963; the
$2 denomination was added in 1976. The $100 note has been the largest
denomination printed since 1946.</p>
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<h4><a name="text2">The Future of Currency:</a><br>
Refining the Standard</h4>
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<li><a href="future/index.html" target="_top">The Future of Currency</a></li>
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<p>Despite the soundness of U.S. paper currency, some people predict the
use of currency will decline with the use of electronic payments. Debit
cards, now offered by many banks, could greatly reduce our need for cash
and bookkeeping, since they not only can be used for purchases, but also
record all of our transactions. However, paper currency has the advantage
of privacy. While technological innovations make cash less essential,
public demand for currency keeps growing. It may be a long time -- if
ever -- before alternate forms of money gain sufficient public confidence
to replace currency and bring society into a cashless age.</p>
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