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107-604: The Howard Baldwin Trophy was presented annually to the World Hockey Association 's coach of the year. It was named in honour of New England Whalers co-founder Howard Baldwin . The trophy was renamed Robert Schmertz Memorial Trophy in 1974 in honour of Schmertz, an executive with the Whalers who died that year. World Hockey Association The World Hockey Association ( French : Association mondiale de hockey )
214-496: A Stanley Cup dynasty, winning five Cups in its first eleven seasons. The Jets of the 1980s, decimated by the dispersal draft, developed a solid nucleus of players that helped the club achieve respectable regular-season finishes. After missing the playoffs in their first NHL season, the Nordiques quickly became competitive, advancing as far as the third round of the playoffs in their third season. Quebec developed an intense rivalry with
321-653: A 1977 plan to merge six WHA teams (the Edmonton Oilers , New England Whalers , Quebec Nordiques , Cincinnati Stingers , Houston Aeros , and Winnipeg Jets ) into the NHL before a 1979 merger was approved. The final WHA game was played on May 20, 1979, as the Jets defeated the Oilers to win their third Avco World Trophy . As a result, the WHA ceased operations, and four teams joined the NHL for
428-482: A dollar are emitted as Federal Reserve Notes , disregarding these special cases: In the 16th century, Count Hieronymus Schlick of Bohemia began minting coins known as joachimstalers , named for Joachimstal , the valley in which the silver was mined. In turn, the valley's name is titled after Saint Joachim , whereby thal or tal , a cognate of the English word dale , is German for 'valley.' The joachimstaler
535-735: A dollar, and dimes at 0.100 of a dollar. After the adoption of the United States Constitution , the U.S. dollar was defined by the Coinage Act of 1792 . It specified a "dollar" based on the Spanish milled dollar to contain 371 + 4 ⁄ 16 grains of fine silver, or 416.0 grains (26.96 g) of "standard silver" of fineness 371.25/416 = 89.24%; as well as an "eagle" to contain 247 + 4 ⁄ 8 grains of fine gold, or 270.0 grains (17.50 g) of 22 karat or 91.67% fine gold. Alexander Hamilton arrived at these numbers based on
642-555: A dollar; and the eagle , or ten dollars. The current relevance of these units: The Spanish peso or dollar was historically divided into eight reales (colloquially, bits ) – hence pieces of eight . Americans also learned counting in non-decimal bits of 12 + 1 ⁄ 2 cents before 1857 when Mexican bits were more frequently encountered than American cents; in fact this practice survived in New York Stock Exchange quotations until 2001. In 1854, Secretary of
749-535: A five-year, one million dollar contract with a one million dollar signing bonus. Hull accepted the Jets' offer, sealing the deal in an elaborate signing ceremony at Portage and Main . Hull's move to the upstart league attracted a few other top stars such as Cheevers, Sanderson, and Tremblay. The WHA officially made its debut on October 11, 1972 , at the Ottawa Civic Centre , when the Alberta Oilers defeated
856-500: A lengthy prison term for fraud and tax evasion and was unable to intervene; but by the time the Toros played their first game, Ballard had been paroled and had regained control of the Gardens. Much to Bassett's outrage, the arena was dim for the first game. Ballard also ordered the cushions from the home bench removed for Toros' games (he told an arena worker, "Let 'em buy their own cushions!"). It
963-566: A limited extent" as money. Treasury Notes were again printed to help resolve the reduction in public revenues resulting from the Panic of 1837 and the Panic of 1857 , as well as to help finance the Mexican–American War and the Civil War . Paper money was issued again in 1862 without the backing of precious metals due to the Civil War . In addition to Treasury Notes, Congress in 1861 authorized
1070-474: A linesman for the WHA and retired at the end of the 2008–09 NHL season . The WHA instituted sudden death overtime for regular season games to break ties. If no team scored during a 10-minute overtime period, the game ended in a tie. In the 1983–84 season, the NHL then instituted a 5-minute sudden death overtime period to break regular season ties. The WHA had experimented with blue colored pucks, which were supposedly easier for fans to see. The NHL did not adopt
1177-449: A major league, and stayed away from Spurs games. However, halfway through the season, the NHL's Kansas City Scouts began serious talks about moving to Denver. Knowing he could not even begin to compete with an NHL team, Mullenix began talks with a group of Ottawa businessmen who insisted the Spurs move immediately as a condition of further talks. As a result, the Spurs abruptly moved to become
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#17328691498641284-626: A merger, or he would attempt to purchase an existing club and relocate it to Houston. Neither came to fruition, and as a result the Aeros elected to fold on July 6, 1978. Another proposal had the Edmonton Oilers and the New England Whalers moving to the NHL, with the Winnipeg Jets following a year later, but this was also not accepted by the NHL. The final two seasons of the WHA saw the debut of many superstars, some of whom became hockey legends in
1391-649: A series of revisions to the gold peg was implemented, culminating in the Nixon Shock of August 15, 1971, which suddenly ended the convertibility of dollars to gold. The U.S. dollar has since floated freely on the foreign exchange markets . Congress continued to issue paper money after the Civil War, the latest of which is the Federal Reserve Note that was authorized by the Federal Reserve Act of 1913 . Since
1498-487: A treasury assay of the average fine silver content of a selection of worn Spanish dollars , which came out to be 371 grains. Combined with the prevailing gold-silver ratio of 15, the standard for gold was calculated at 371/15 = 24.73 grains fine gold or 26.98 grains 22K gold. Rounding the latter to 27.0 grains finalized the dollar's standard to 24.75 grains of fine gold or 24.75*15 = 371.25 grains = 24.0566 grams = 0.7735 troy ounces of fine silver. The same coinage act also set
1605-541: A two-year retirement for the chance to play alongside his sons, Mark and Marty , who opted to turn pro a year ahead of their NHL draft eligibility. In the 1974–75 season , to broaden a depleted talent pool, the WHA began signing European players, which the NHL had largely ignored up to that time, in serious numbers, including stars such as Swedish Anders Hedberg and Ulf Nilsson and Czech center Vaclav Nedomansky , who had just defected from Czechoslovakia . Winnipeg especially loaded up with Scandinavian players and became
1712-632: Is in Federal Reserve Notes (the remaining $ 50 billion is in the form of coins and older-style United States Notes ). As of September 20, 2023, the Federal Reserve estimated that the total amount of currency in circulation was approximately US$ 2.33 trillion . Article I , Section 8 of the U.S. Constitution provides that Congress has the power "[t]o coin money ." Laws implementing this power are currently codified in Title 31 of
1819-455: Is that it is derived from the Pillars of Hercules on the Spanish coat of arms of the Spanish dollar . These Pillars of Hercules on the silver Spanish dollar coins take the form of two vertical bars ( || ) and a swinging cloth band in the shape of an S . Yet another explanation suggests that the dollar sign was formed from the capital letters U and S written or printed one on top of
1926-649: Is the most widely used currency in international transactions , and a free-floating currency . It is also the official currency in several countries and the de facto currency in many others, with Federal Reserve Notes (and, in a few cases, U.S. coins) used in circulation. The monetary policy of the United States is conducted by the Federal Reserve System , which acts as the nation's central bank . As of February 10, 2021, currency in circulation amounted to US$ 2.10 trillion , $ 2.05 trillion of which
2033-575: The 1974 Summit Series against the Soviets, giving an opportunity for Hull and 46-year-old Gordie Howe to play for Canada against the Soviet team, which the Soviets won 4-1-3. In the 1976 Canada Cup , the NHL and NHLPA broadened the scope of the competition, inviting to the tournament a number of hockey countries and allowing each invited country to send the best possible team they could muster, so this time WHA players were permitted. WHA players played on four of
2140-613: The 1979–80 season : the Edmonton Oilers, New England (renamed Hartford) Whalers, Quebec Nordiques, and Winnipeg Jets. Of these four teams, two of the three Canadian teams — the Nordiques and Jets — eventually moved south to Denver and Phoenix , respectively. The Arizona Coyotes suspended operations following the 2023–24 season with the team's hockey assets being sold to the expansion Utah Hockey Club . The Whalers later moved from Hartford to Raleigh, North Carolina , and were renamed
2247-690: The Carolina Hurricanes . The Oilers are the only WHA merger team to retain both their original nickname and city. The World Hockey Association was founded in 1971 by American promoters Dennis Murphy and Gary Davidson . The men had previously been the founder and first president of the American Basketball Association , respectively. They quickly recruited Bill Hunter , president of the junior Western Canada Hockey League . Hunter and Murphy traveled across North America recruiting franchise owners, and by September 1971, had announced that
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#17328691498642354-468: The Coinage Act of 1834 the dollar's fine gold equivalent was revised to 23.2 grains; it was slightly adjusted to 23.22 grains (1.505 g) in 1837 (gold-silver ratio ~16). The same act also resolved the difficulty in minting the "standard silver" of 89.24% fineness by revising the dollar's alloy to 412.5 grains, 90% silver, still containing 371.25 grains fine silver. Gold was also revised to 90% fineness: 25.8 grains gross, 23.22 grains fine gold. Following
2461-700: The Colorado Avalanche , where they have won the Stanley Cup three times (1996, 2001, 2022), the Winnipeg Jets moved to Phoenix in 1996 and became the Phoenix Coyotes , and the Hartford Whalers moved to North Carolina in 1997 and became the Carolina Hurricanes , where they have won the Stanley Cup in 2006. To date, the Oilers remain as the last ex-WHA team still in its original city, where they have won
2568-544: The Comstock Lode in the 1870s. This was the so-called "Crime of '73". The Gold Standard Act of 1900 repealed the U.S. dollar's historic link to silver and defined it solely as 23.22 grains (1.505 g) of fine gold (or $ 20.67 per troy ounce of 480 grains). In 1933, gold coins were confiscated by Executive Order 6102 under Franklin D. Roosevelt , and in 1934 the standard was changed to $ 35 per troy ounce fine gold, or 13.71 grains (0.888 g) per dollar. After 1968
2675-527: The Continental Congress resolved that the money unit of the United States, the dollar, would contain 375.64 grains of fine silver; on August 8, 1786, the Continental Congress continued that definition and further resolved that the money of account, corresponding with the division of coins, would proceed in a decimal ratio , with the sub-units being mills at 0.001 of a dollar, cents at 0.010 of
2782-517: The Dutch pioneered in modern-day New York in the 17th century the use and the counting of money in silver dollars in the form of German-Dutch reichsthalers and native Dutch leeuwendaalders ('lion dollars'), it was the ubiquitous Spanish American eight-real coin which became exclusively known as the dollar since the 18th century. The colloquialism buck(s) (much like the British quid for
2889-709: The Montreal Canadiens . The Whalers had similar rivalries with the Boston Bruins and New York Rangers , and skated to the 1986–87 Adams Division title. In the 1990s, the former WHA clubs suffered from escalating player salaries (ironically, the same trend that was instigated by the WHA). The ex-WHA clubs based in Canada were also hit hard by the declining value of the Canadian dollar . The Nordiques moved to Denver in 1995 and became
2996-545: The NHL's competitive equals, winning more games than they lost in interleague exhibition games. The WHA had many lasting effects on NHL hockey. The NHL used to recruit virtually all its players from Canada, but following the success of the Jets' Hedberg and Nilsson, scouts began looking overseas for the best players that Europe could offer. Teams such as the Whalers and Fighting Saints offered excellent opportunities for young American players, and several U.S.-born or -raised NHL stars of
3103-684: The Ottawa Civics while on a road trip. After only seven games as the Civics, the franchise folded when it became clear that the Ottawa group did not have nearly enough financing to buy the team. The Spurs/Civics franchise only played 41 games total, making them easily the shortest-lived franchise in WHA history. The NHL soon fulfilled its promise to Denver by moving the Scouts there to become the Colorado Rockies in
3210-602: The Ottawa Nationals 7–4. Although the quality of hockey in the early years was predictably below that of the NHL, the WHA had indeed made stars out of many players that had little or no playing time in the NHL. The New England Whalers eventually won the WHA's inaugural championship, later renamed the Avco World Trophy when the Avco Financial Services Corporation became its main sponsor. However,
3317-511: The Toronto Toros ' lease terms at Maple Leaf Gardens as difficult as possible after they moved from Ottawa. The Toros were owned by John F. Bassett, son of Canadian media mogul John Bassett . The older Bassett had formerly been part-owner of the Leafs with Ballard and Stafford Smythe before falling out with his two partners. At the time of the Toros' lease at Maple Leaf Gardens, Ballard was serving
Howard Baldwin Trophy - Misplaced Pages Continue
3424-657: The U.S. Code , under Section 5112, which prescribes the forms in which the United States dollars should be issued. These coins are both designated in the section as " legal tender " in payment of debts. The Sacagawea dollar is one example of the copper alloy dollar, in contrast to the American Silver Eagle which is pure silver . Section 5112 also provides for the minting and issuance of other coins, which have values ranging from one cent ( U.S. Penny ) to 100 dollars. These other coins are more fully described in Coins of
3531-401: The pound sterling ) is often used to refer to dollars of various nations, including the U.S. dollar. This term, dating to the 18th century, may have originated with the colonial leather trade, or it may also have originated from a poker term. Greenback is another nickname, originally applied specifically to the 19th-century Demand Note dollars, which were printed black and green on
3638-401: The unit of account of the United States. "Dollar" is one of the first words of Section 9, in which the term refers to the Spanish milled dollar , or the coin worth eight Spanish reales . In 1792, the U.S. Congress passed the Coinage Act , of which Section 9 authorized the production of various coins, including: Dollars or Units —each to be of the value of a Spanish milled dollar as
3745-495: The 1976 offseason. Part of the financial trouble was attributed to the high player salaries. For instance, the Philadelphia Blazers signed Derek Sanderson for $ 2.6 million, which surpassed that of Brazilian soccer star, Pelé , making him the highest-paid athlete in the world at the time. Unfortunately, his play did not live up to the expectations of his salary, and between an early-season injury, intemperate remarks to
3852-532: The Coliseum for their own use from 1972 onwards. The Raiders were first forced to rent space at Madison Square Garden , where they were tenants to the Rangers. The situation rapidly became untenable, with an onerous lease and poor attendance, so the three original owners defaulted and the league ended up taking control of the team midway through the season. The Raiders were sold after their inaugural season. They were renamed
3959-772: The Dayton Arrows and the San Francisco Sharks , relocated before the first season began, becoming the Houston Aeros and Quebec Nordiques , respectively. The Calgary Broncos and the Miami Screaming Eagles, folded outright before the first puck dropped, being replaced by the Philadelphia Blazers and the Cleveland Crusaders . The New York Raiders , initially intended to be the WHA's flagship team, suffered from numerous problems. While they planned to play in
4066-693: The Islanders, the WHA moved the Golden Blades to New Jersey soon after taking control. Renamed the Jersey Knights, they played at the Cherry Hill Arena which had a slope in the ice surface, causing pucks to shoot upward from results of a pass or shot, chain link fencing instead of Plexiglas surrounding the rink, and inadequate, cramped changing and dressing facilities. Ahead of the 1973–74 season, Toronto Maple Leafs owner Harold Ballard deliberately made
4173-544: The NHL in early 1979. Under the deal, four WHA clubs – the Edmonton Oilers, New England Whalers (renamed the Hartford Whalers), Quebec Nordiques and Winnipeg Jets – joined the NHL. The other two WHA teams, the Cincinnati Stingers and Birmingham Bulls , were paid $ 1.5 million apiece in compensation. The NHL treated the new clubs' arrival as an expansion, not a merger, and refused to recognize any WHA records. While
4280-461: The NHL in the same way the Vancouver Canucks and California Golden Seals had in the preceding decade. When the NHL reneged on the agreement, and Spurs owner Ivan Mullenix was unable to negotiate an early entry into the NHL, he accepted an offer to join the WHA for the 1975–76 season. However, Denver residents felt betrayed after three years of hype for an NHL team. They did not consider the WHA
4387-635: The NHL to the WHA in the first year, led by star forward Bobby Hull , whose ten-year, $ 2.75 million contract was a record at the time. The WHA took the initiative to sign European players, ushering in a new era in North American hockey. The WHA was chronically unstable, with franchises occasionally relocating or folding in the middle of the season. It had an acrimonious relationship with the NHL, resulting in numerous legal battles, as well as competition for control of players and markets. In spite of this, merger talks began almost immediately. NHL owners voted down
Howard Baldwin Trophy - Misplaced Pages Continue
4494-438: The NHL, including Wayne Gretzky , Mark Messier , Mike Liut , and Mike Gartner . The Birmingham Bulls alone featured future NHLers Rick Vaive , Michel Goulet , Rob Ramage , Ken Linseman , Craig Hartsburg , Rod Langway , Mark Napier , Pat Riggin and Gaston Gingras . By the end of the final season, only six teams remained. Facing financial difficulty and unable to meet payrolls, the WHA finally came to an agreement with
4601-497: The NHL, preventing it from enforcing the reserve clause and freeing all players who had restraining orders against them, including Hull, to play with their WHA clubs. The decision effectively ended the NHL's monopoly on major league professional hockey talent. On November 1, 1971, twelve teams were formally announced. They included cities without NHL teams such as the Miami Screaming Eagles , as well as teams in cities where
4708-485: The National Hockey League were first initiated, with Houston, Cincinnati, Winnipeg, New England, Quebec, and Edmonton applying for entry to the NHL, who voted the proposal down. Merger discussions resumed in 1978, but Houston was not part of the proposal this time. During the final series of talks, Aeros owner Kenneth Schnitzer suggested to the NHL that either his team be admitted as an expansion team independent of
4815-464: The New York Golden Blades for the 1973–74 season, but were forced into a Sundays-only home schedule due to the high price of rent and scheduling conflicts with other events at Madison Square Garden. This was not enough to save the team, and the league was forced to take over the franchise again 24 games into the second season. Realizing that it could not hope to compete with both the Rangers and
4922-538: The Screaming Eagles folded outright, replaced by the Philadelphia Blazers and the Cleveland Crusaders . Although the league had many players under contract by June 1972, including a few NHL stars such as Bernie Parent, many of them were career minor league and college players. The new league was not considered much of a threat, until Bobby Hull , arguably the NHL's top forward at the time, jumped over. Hull had not been thought to be seriously considering signing with
5029-751: The Soviets, did not permit WHA players, due to the decision of series organizer Alan Eagleson , an NHL agent who was influential in forming the Canadian team. Bobby Hull , one of the best WHA players, was ruled ineligible to play because of his defection from the NHL, despite being initially selected by coach Harry Sinden . Dennis Hull initially planned to boycott the event as well as a show of support for his older brother, but Bobby persuaded him to stay on Team Canada. Other WHA stars turned down included Gerry Cheevers , J.C. Tremblay and Derek Sanderson . Some NHL owners also threatened not to free their players to participate if WHA players were permitted. The WHA organized
5136-741: The Stanley Cup five times. Only the Jets (later the Arizona Coyotes) franchise never won the Cup, with their furthest advance in the Stanley Cup playoffs being the Western Conference Finals in 2012. List of WHA players and executives inducted into the Hockey Hall of Fame : This is a list of the trophies and awards that were handed out annually by the World Hockey Association. Three Canadian teams completed all seven WHA seasons based in
5243-530: The Treasury James Guthrie proposed creating $ 100, $ 50, and $ 25 gold coins, to be referred to as a union , half union , and quarter union , respectively, thus implying a denomination of 1 Union = $ 100. However, no such coins were ever struck, and only patterns for the $ 50 half union exist. When currently issued in circulating form, denominations less than or equal to a dollar are emitted as U.S. coins , while denominations greater than or equal to
5350-837: The Treasury to borrow $ 50 million in the form of Demand Notes , which did not bear interest but could be redeemed on demand for precious metals. However, by December 1861, the Union government's supply of specie was outstripped by demand for redemption and they were forced to suspend redemption temporarily. In February 1862 Congress passed the Legal Tender Act of 1862 , issuing United States Notes , which were not redeemable on demand and bore no interest, but were legal tender , meaning that creditors had to accept them at face value for any payment except for public debts and import tariffs. However, silver and gold coins continued to be issued, resulting in
5457-555: The U.S. dollar at par with the Spanish silver dollar , divided it into 100 cents , and authorized the minting of coins denominated in dollars and cents. U.S. banknotes are issued in the form of Federal Reserve Notes , popularly called greenbacks due to their predominantly green color. The U.S. dollar was originally defined under a bimetallic standard of 371.25 grains (24.057 g) (0.7734375 troy ounces) fine silver or, from 1834 , 23.22 grains (1.505 g) fine gold, or $ 20.67 per troy ounce . The Gold Standard Act of 1900 linked
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#17328691498645564-450: The United States and to supervise its banking system, particularly in the aftermath of the Panic of 1907 . For most of the post-war period, the U.S. government has financed its own spending by borrowing heavily from the dollar-lubricated global capital markets, in debts denominated in its own currency and at minimal interest rates. This ability to borrow heavily without facing a significant balance of payments crisis has been described as
5671-519: The United States dollar . Article I, Section 9 of the Constitution provides that "a regular Statement and Account of the Receipts and Expenditures of all public Money shall be published from time to time", which is further specified by Section 331 of Title 31 of the U.S. Code. The sums of money reported in the "Statements" are currently expressed in U.S. dollars, thus the U.S. dollar may be described as
5778-625: The United States until the Coinage Act of 1857 . In particular, colonists' familiarity with the Spanish two- real quarter peso was the reason for issuing a quasi-decimal 25-cent quarter dollar coin rather than a 20-cent coin. For the relationship between the Spanish dollar and the individual state colonial currencies, see Connecticut pound , Delaware pound , Georgia pound , Maryland pound , Massachusetts pound , New Hampshire pound , New Jersey pound , New York pound , North Carolina pound , Pennsylvania pound , Rhode Island pound , South Carolina pound , and Virginia pound . On July 6, 1785,
5885-402: The United States was a significant recipient of wartime gold inflows. After the United States emerged as an even stronger global superpower during the Second World War , the Bretton Woods Agreement of 1944 established the U.S. dollar as the world's primary reserve currency and the only post-war currency linked to gold. Despite all links to gold being severed in 1971, the dollar continues to be
5992-404: The WHA, even though he was in contentious salary negotiations with the Chicago Black Hawks , and when he told reporters that he would only move to the WHA "for a million dollars", it was both intended by Hull and taken by his audience to be a joke since a million dollars at that time was considered to be a ridiculous amount of money for a hockey player. Nevertheless, the Winnipeg Jets offered Hull
6099-434: The WHA, including Mark Howe , Wayne Gretzky , Mike Gartner , Mike Liut , and Mark Messier . Messier was the last WHA veteran to play in the NHL; he opened his professional career with 52 games with the Indianapolis Racers and Cincinnati Stingers in 1978–79 , and played his last NHL game on April 3, 2004. The final active player and official in any on-ice capacity for the league was referee Don Koharski , who started as
6206-422: The Whalers and Oilers earning playoff berths. The Oilers chose to protect Wayne Gretzky in the dispersal draft, which would prove fortuitous. Gretzky and the Whalers' Gordie Howe were selected to the mid-season All-Star Game, respectively the second-youngest and the oldest ever to play in the match. The 1980s was a successful period for the former WHA teams. The Oilers shattered numerous NHL records and amassed
6313-427: The Whalers. Los Angeles and Vancouver feared losing home dates with NHL teams from the East. Montreal and Toronto were not enamored at the prospect of having to split revenue from Hockey Night in Canada broadcasts six ways rather than three. When a second vote was held in Chicago on March 22, 1979, Montreal and Vancouver changed their votes, allowing the deal to go forward. Vancouver and Los Angeles were won over by
6420-485: The World Hockey Association had an All-Star game, but the format changed with regularity. United States dollar The United States dollar ( symbol : $ ; currency code : USD ; also abbreviated US$ to distinguish it from other dollar-denominated currencies ; referred to as the dollar , U.S. dollar , American dollar , or colloquially buck ) is the official currency of the United States and several other countries . The Coinage Act of 1792 introduced
6527-453: The average Spanish dollar in circulation. The new U.S. silver dollar of 371.25 grains (24.057 g) therefore compared favorably and was received at par with the Spanish dollar for foreign payments, and after 1803 the United States Mint had to suspend making this coin out of its limited resources since it failed to stay in domestic circulation. It was only after Mexican independence in 1821 when their peso's fine silver content of 377.1 grains
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#17328691498646634-449: The backside, created by Abraham Lincoln to finance the North for the Civil War . It is still used to refer to the U.S. dollar (but not to the dollars of other countries). The term greenback is also used by the financial press in other countries, such as Australia , New Zealand , South Africa , and India . Other well-known names of the dollar as a whole in denominations include greenmail , green , and dead presidents ,
6741-427: The blue pucks, but any remaining blue WHA pucks are highly sought after collectors' items . The former WHA clubs, by the terms of the expansion, could protect only two goalies and two skaters each in the player dispersal draft . The Jets posted a dismal nine wins in their second season (second-fewest all-time for a season in the NHL), and finished last. The other WHA teams did respectably well in their first year, with
6848-411: The brand new Nassau Veterans Memorial Coliseum , Nassau County did not consider the WHA a major league and wanted nothing to do with the Raiders. The county recruited William Shea , leader of New York City's successful lobbying campaign to get baseball's National League to expand following the 1957 departures of the Brooklyn Dodgers and New York Giants . Working with the NHL, Shea swiftly won over
6955-440: The buying and selling of goods. This allowed the value of things to remain fairly constant over time, except for the influx and outflux of gold and silver in the nation's economy. Though a Spanish dollar freshly minted after 1772 theoretically contained 417.7 grains of silver of fineness 130/144 (or 377.1 grains fine silver), reliable assays of the period in fact confirmed a fine silver content of 370.95 grains (24.037 g) for
7062-401: The class of the league, with Hedberg and Nilsson combining with Bobby Hull to form one of hockey's most formidable forward lines. Along with the mass import of European stars, Vancouver attempted unsuccessfully to lure Phil Esposito away from the NHL by offering a contract similar to that of Bobby Hull, with a million dollars upfront. The 1972 Summit Series , which pitted Team Canada against
7169-414: The currency, a practice compared to the policies of European monarchs. The currency as we know it today did not get the faces they currently have until after the early 20th century; before that "heads" side of coinage used profile faces and striding, seated, and standing figures from Greek and Roman mythology and composite Native Americans. The last coins to be converted to profiles of historic Americans were
7276-461: The deal. The NHL had originally been willing to take only the Oilers, Whalers, and Jets, but the WHA insisted that the Nordiques be included as well. Third, although the NHL had insisted on treating the deal as an expansion, it agreed to freeze the expansion fee for each team at $ 6 million U.S., the same fee paid by every other team that had joined the NHL in the 1970s. By comparison, when the Atlanta Flames were sold and moved to Calgary one year later,
7383-428: The depreciation of the newly printed notes through Gresham's law . In 1869, Supreme Court ruled in Hepburn v. Griswold that Congress could not require creditors to accept United States Notes, but overturned that ruling the next year in the Legal Tender Cases . In 1875, Congress passed the Specie Payment Resumption Act , requiring the Treasury to allow U.S. Notes to be redeemed for gold after January 1, 1879. Though
7490-478: The dime (1946), the half Dollar (1948), and the Dollar (1971). After the American Revolution , the Thirteen Colonies became independent . Freed from British monetary regulations, they each issued £sd paper money to pay for military expenses. The Continental Congress also began issuing "Continental Currency" denominated in Spanish dollars. For its value relative to states' currencies, see Early American currency . Continental currency depreciated badly during
7597-426: The discontinuation of all other types of notes (Gold Certificates in 1933, Silver Certificates in 1963, and United States Notes in 1971), U.S. dollar notes have since been issued exclusively as Federal Reserve Notes . The U.S. dollar first emerged as an important international reserve currency in the 1920s, displacing the British pound sterling as it emerged from the First World War relatively unscathed and since
7704-421: The dollar came under the gold standard de jure only after 1900, the bimetallic era was ended de facto when the Coinage Act of 1873 suspended the minting of the standard silver dollar of 412.5 Troy grains = 26.73 g; 0.859 ozt, the only fully legal tender coin that individuals could convert bullion into in unlimited (or Free silver ) quantities, and right at the onset of the silver rush from
7811-580: The dollar solely to gold. From 1934, its equivalence to gold was revised to $ 35 per troy ounce . In 1971 all links to gold were repealed. The U.S. dollar became an important international reserve currency after the First World War , and displaced the pound sterling as the world's primary reserve currency by the Bretton Woods Agreement towards the end of the Second World War . The dollar
7918-452: The early 1980s (such as Mark Howe , Rod Langway , Dave Langevin , Robbie Ftorek , and Paul Holmgren ) had begun their pro careers in the WHA. As a result, the NHL evolved into a truly cosmopolitan league during the 1980s. The WHA ended the NHL policy of paying its players only a fraction of the league's profits and, combined with the abolition of the reserve clause, led to much higher player salaries. Many great stars began their careers in
8025-486: The exclusive beer supplier for the Oilers' and Jets' arenas; it is probable that this concession was made in exchange for the Canadiens' vote. The agreement officially took effect on June 22, 1979 (three months to the day after the deciding vote). On that day, the WHA folded and the NHL formally granted expansion franchises to Edmonton, Hartford, Quebec City, and Winnipeg. On the ice, the WHA teams had proven themselves to be
8132-432: The four new clubs were allowed to stock their rosters through the expansion draft , NHL teams were allowed to reclaim players who had jumped to the WHA. The WHA was able to extract three key concessions. First, the WHA teams were allowed to protect two goaltenders and two skaters to keep their rosters from being completely stripped clean by the NHL teams. Second, the NHL allowed all of the WHA's Canadian teams to be part of
8239-526: The initially reluctant president of the New York Rangers , Bill Jennings , who was persuaded that it would be better to accept competition from an NHL team that would at least be willing to pay his club compensation for sharing the Rangers' territory as opposed to a WHA team that would owe his franchise nothing. The NHL quickly awarded a franchise to Long Island, the New York Islanders , who locked up
8346-401: The lack of hockey teams in a number of major American cities and mid-level Canadian cities, and also hoped to attract the best players by paying more than NHL owners would. The WHA successfully challenged the NHL's reserve clause , which had bound players to their NHL teams even without a valid contract, allowing players in both leagues greater freedom of movement. Sixty-seven players jumped from
8453-397: The latter of which referring to the deceased presidents pictured on most bills. Dollars in general have also been known as bones (e.g. "twenty bones" = $ 20). The newer designs, with portraits displayed in the main body of the obverse (rather than in cameo insets), upon paper color-coded by denomination, are sometimes referred to as bigface notes or Monopoly money . Piastre
8560-418: The league would begin in 1972 with ten teams, each having paid $ 25,000 for their franchise. The average NHL salary in 1972 was $ 25,000, the lowest of the four major sports, while each player was bound by a reserve clause , that automatically extended their contract by one year when it expired, tying them to their team for the life of their career. In October 1972, the WHA announced that it would not use
8667-539: The league's promoters believed there was room for more than one team, such as the Los Angeles Aces , Chicago Cougars , and New York Raiders . Two of the original twelve teams moved before the first season started: the Dayton Arrows became the Houston Aeros and the San Francisco Sharks became the Quebec Nordiques . The Los Angeles franchise then took the nickname Sharks to replace Aces. The Calgary Broncos and
8774-401: The modern-day World Bank Group , establishing the infrastructure for conducting international payments and accessing the global capital markets using the U.S. dollar. The monetary policy of the United States is conducted by the Federal Reserve System , which acts as the nation's central bank . It was founded in 1913 under the Federal Reserve Act in order to furnish an elastic currency for
8881-512: The numerical amount, is used for the U.S. dollar (as well as for many other currencies). The sign was perhaps the result of a late 18th-century evolution of the scribal abbreviation p for the peso , the common name for the Spanish dollars that were in wide circulation in the New World from the 16th to the 19th centuries. The p and the s eventually came to be written over each other giving rise to $ . Another popular explanation
8988-546: The other. This theory, popularized by novelist Ayn Rand in Atlas Shrugged , does not consider the fact that the symbol was already in use before the formation of the United States. The U.S. dollar was introduced at par with the Spanish-American silver dollar (or Spanish peso , Spanish milled dollar , eight-real coin , piece-of-eight ). The latter was produced from the rich silver mine output of Spanish America ,
9095-522: The press, and Blazer financial troubles, Sanderson's contract was bought out before the end of the season. As well, big stars lacked supporting players and the quality of the on-ice product suffered. The WHA won several key victories, including a court ruling that prevented the NHL from binding players to its teams via the reserve clause, and the signings of more NHL stars such as Gordie Howe , Andre Lacroix , Marc Tardif , and in later years, Frank Mahovlich and Paul Henderson . Howe had been lured out of
9202-542: The promise of a balanced schedule, with each team playing the others twice at home and twice on the road. The Canadiens' owners, Molson Breweries , were feeling the effects of a massive boycott that originated in Edmonton, Quebec City, and Winnipeg and spread across Canada. With the boycott severely hurting Molson's sales, the brewer reached agreement with the owners of the three Canadian WHA teams to have Molson replace their competitors (and Nordiques owners) Carling O'Keefe as
9309-509: The public offices and all proceedings in the courts of the United States shall be kept and had in conformity to this regulation. Unlike the Spanish milled dollar, the Continental Congress and the Coinage Act prescribed a decimal system of units to go with the unit dollar, as follows: the mill , or one-thousandth of a dollar; the cent , or one-hundredth of a dollar; the dime , or one-tenth of
9416-589: The reserve clause, stating that "The reserve clause won't stand up to the scrutiny of ... players, players associations, the United States Congress , the public, and the Supreme Court ." The WHA also promised much higher salaries than the NHL offered, and by the time the league began play, it had lured 67 former NHL players to its league, including Bernie Parent , Gerry Cheevers , Derek Sanderson , J. C. Tremblay , and Ted Green . The biggest name signed
9523-478: The rise in the price of silver during the California Gold Rush and the disappearance of circulating silver coins, the Coinage Act of 1853 reduced the standard for silver coins less than $ 1 from 412.5 grains to 384 grains (24.9 g), 90% silver per 100 cents (slightly revised to 25.0 g, 90% silver in 1873). The Act also limited the free silver right of individuals to convert bullion into only one coin,
9630-560: The sale was $ 16 million U.S. The deal came up for a vote at the NHL Board of Governors meeting in Key Largo, Florida on March 8, 1979. The final tally was 12–5, one vote short of passage, as a three-quarters majority was required to permit a merger. The Boston Bruins , Los Angeles Kings , Montreal Canadiens , Toronto Maple Leafs and Vancouver Canucks voted against the deal. The Bruins were not pleased with having to share New England with
9737-480: The same city, and were the same three Canadian teams that ultimately joined the NHL. The other WHA team to enter the NHL, the Whalers, were the only other WHA team to play all of its home games over seven seasons within a relatively small geographical area, having moved 100 miles (160 km) from Boston to Hartford. Of the original 12 WHA franchises, only the Winnipeg Jets remained for all seven seasons without relocating, changing team names, or folding. Every season of
9844-504: The same is now current, and to contain three hundred and seventy-one grains and four sixteenth parts of a grain of pure, or four hundred and sixteen grains of standard silver. Section 20 of the Act designates the United States dollar as the unit of currency of the United States: [T]he money of account of the United States shall be expressed in dollars, or units...and that all accounts in
9951-532: The signings. The Black Hawks were successful in having a restraining order filed against Hull and the Jets pending the outcome of legal action the Black Hawks were taking against the WHA. The new league was eager for the court action, intending to challenge the legality of the reserve clause. In November 1972, Judge A. Leon Higginbotham Jr. of the U.S. District Court in Philadelphia placed an injunction against
10058-552: The silver dollar at the rate of 1 silver dollar to 1000 continental dollars. This resulted in the clause "No state shall... make anything but gold and silver coin a tender in payment of debts" being written into the United States Constitution article 1, section 10 . From implementation of the 1792 Mint Act to the 1900 implementation of the gold standard , the dollar was on a bimetallic silver-and-gold standard, defined as either 371.25 grains (24.056 g) of fine silver or 24.75 grains of fine gold (gold-silver ratio 15). Subsequent to
10165-534: The silver dollar of 412.5 grains; smaller coins of lower standard can only be produced by the United States Mint using its own bullion. Summary and links to coins issued in the 19th century: In order to finance the War of 1812 , Congress authorized the issuance of Treasury Notes , interest-bearing short-term debt that could be used to pay public dues. While they were intended to serve as debt, they did function "to
10272-599: The tournament's six teams. In December 1976 and January 1977, the Super Series '76-77 tournament took place, opposing the HC CSKA Moscow (Red Army) and WHA teams. The Red Army won the series 6–2. By the 1976–77 season , it had become evident that many of the WHA's franchises were teetering on the verge of financial collapse, and that the (at one time) combined 32 teams of the NHL and WHA had badly strained professional hockey's talent pool. In 1977, merger discussions with
10379-411: The trophy had not yet been completed, and the Whalers skated their divisional championship trophy around the ice surface, much to the embarrassment of the WHA office. Right from the start, the league was plagued with problems. Many teams often found themselves in financial difficulty, folding or moving from one city to another, sometimes mid-season. Citing arena troubles, two of the original twelve teams,
10486-414: The value of an eagle at 10 dollars, and the dollar at 1 ⁄ 10 eagle. It called for silver coins in denominations of 1, 1 ⁄ 2 , 1 ⁄ 4 , 1 ⁄ 10 , and 1 ⁄ 20 dollar, as well as gold coins in denominations of 1, 1 ⁄ 2 and 1 ⁄ 4 eagle. The value of gold or silver contained in the dollar was then converted into relative value in the economy for
10593-423: The war, giving rise to the famous phrase "not worth a continental". A primary problem was that monetary policy was not coordinated between Congress and the states, which continued to issue bills of credit. Additionally, neither Congress nor the governments of the several states had the will or the means to retire the bills from circulation through taxation or the sale of bonds. The currency was ultimately replaced by
10700-477: The world's foremost reserve currency for international trade to this day. The Bretton Woods Agreement of 1944 also defined the post-World War II monetary order and relations among modern-day independent states , by setting up a system of rules, institutions, and procedures to regulate the international monetary system . The agreement founded the International Monetary Fund and other institutions of
10807-610: Was a professional ice hockey major league that operated in North America from 1972 to 1979 . It was the first major league to compete with the National Hockey League (NHL) since the collapse of the Western Hockey League in 1926. Although the WHA was not the first league since that time to attempt to challenge the NHL's supremacy, it was by far the most successful in the modern era. The WHA tried to capitalize on
10914-412: Was firmly upheld, which the U.S. later had to compete with using a heavier 378.0 grains (24.49 g) Trade dollar coin . The early currency of the United States did not exhibit faces of presidents, as is the custom now; although today, by law, only the portrait of a deceased individual may appear on United States currency. In fact, the newly formed government was against having portraits of leaders on
11021-467: Was former Chicago Black Hawks star Bobby Hull , who agreed to a ten-year, $ 2.7 million contract with the Winnipeg Jets , the largest in hockey history at the time, and one that lent the league instant credibility. The NHL tried to block several of the defections. The Boston Bruins attempted to restrain Sanderson and Cheevers from joining the WHA, though a United States federal court refused to prohibit
11128-461: Was later shortened to the German taler , a word that eventually found its way into many languages, including: tolar ( Czech , Slovak and Slovenian ); daler ( Danish and Swedish ); talar ( Polish ); dalar and daler ( Norwegian ); daler or daalder ( Dutch ); talari ( Ethiopian ); tallér ( Hungarian ); tallero ( Italian ); دولار ( Arabic ); and dollar ( English ). Though
11235-792: Was minted in Mexico City , Potosí (Bolivia), Lima (Peru), and elsewhere, and was in wide circulation throughout the Americas, Asia, and Europe from the 16th to the 19th centuries. The minting of machine-milled Spanish dollars since 1732 boosted its worldwide reputation as a trade coin and positioned it to be the model for the new currency of the United States . Even after the United States Mint commenced issuing coins in 1792, locally minted dollars and cents were less abundant in circulation than Spanish American pesos and reales ; hence Spanish, Mexican, and American dollars all remained legal tender in
11342-465: Was obvious that Ballard was angered at the WHA being figuratively in his backyard, and took out his frustration with the renegade league on the Toros. These terms compelled Bassett to move the team to Birmingham after three seasons. The league bottomed out in 1975–76 with its third expansion team, the Denver Spurs . A mainstay of the minor Western Hockey League , they were originally supposed to join
11449-639: Was the original French word for the U.S. dollar, used for example in the French text of the Louisiana Purchase . Though the U.S. dollar is called dollar in Modern French, the term piastre is still used among the speakers of Cajun French and New England French , as well as speakers in Haiti and other French-speaking Caribbean islands. Nicknames specific to denomination: The symbol $ , usually written before
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