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LUXEMBOURG (Reuters) - A U.N. panel will next week recommend that the world ditch the dollar as its reserve currency in favor of a shared basket of currencies, a member of the panel said on Wednesday, adding to pressure on the dollar.
Currency specialist Avinash Persaud, a member of the panel of experts, told a Reuters Funds Summit in Luxembourg that the proposal was to create something like the old Ecu, or European currency unit, that was a hard-traded, weighted basket.
MOSCOW, March 14 (Reuters) - Russia gave a cool reception on Saturday to a Kazakh proposal for a new global currency, saying it may be a topic for discussion among a loose, Russia-dominated economic grouping of just five former Soviet states.
Russia has said it wants the rouble as a regional reserve currency. But Kazakh President Nursultan Nazarbayev has proposed a currency he calls "acmetal", combining "acme" and "capital".
What denominations of currency notes is the Treasury Department no longer printing?
On July 14, 1969, David M. Kennedy, the 60th Secretary of the Treasury, and officials at the Federal Reserve Board announced that they would immediately stop distributing currency in denominations of $500, $1,000, $5,000 and $10,000. Production of these denominations stopped during World War II. Their main purpose was for bank transfer payments. With the arrival of more secure transfer technologies, however, they were no longer needed for that purpose. While these notes are legal tender and may still be found in circulation today, the Federal Reserve Banks remove them from circulation and destroy them as they are received.
Originally posted by HimWhoHathAnEar
Well one point that I'd like to add is that the World has already had its own currency, the Dollar. It was used as the Reserve to replace Gold. Hasn't worked out so well.