You may not know this about the Fed, but we do more than monetary policy. We also play a central role in the nation’s payment systems. Reserve Banks keep enough currency and coin in circulation to meet public demand, provide check collection services to banks and other depository institutions, operate electronic payment systems, and provide financial services to the U.S. government and certain foreign institutions. This week, we’re focusing on cash – past and present – and are also highlighting some of the work from our Cash Product Office.
Money, Money, Money
Cash stirs the imagination. It’s a driving plot element and character in thousands of books, movies, television shows, and songs. We think about it, dream about it, talk about it, work for it, save it, and spend it. At its most basic level, cash—currency and coin—is essentially a store of value for obtaining the goods and services you need for your daily life.
