Besides the coins there is paper money, founded on credit. It represents value, but in itself has no value.
This paper money is made up of paper promises to pay the amounts named, in gold or silver, on demand.
It includes bank bills, United States treasury notes, government bonds, etc. They represent the values $1, $2, $5, $10, $20, $50, $100, $500, $1,000 and $10,000.
Notation of United States Money
Dollars and cents are written together. Thus, two dollars and sixteen cents is written, $2.16.
The dollars are separated from the cents by a period. If the number of cents is less than ten, the tens’ place is filled by a 0. Thus, we write twenty dollars and two cents, $20.02.
Mills, or tenths of a cent, are written to the right of the cents. Five dollars, six cents, four mills is written, $5.064.
Note.—The rules and processes of decimals apply to the addition, subtraction, multiplication, and division of United States money.
ENGLISH OR STERLING MONEY
Sterling Money is currency of Great Britain and Ireland.