Quarter

Definition

A quarter is a unit of currency that is equal to one-fourth of a dollar in the United States. It is a commonly used coin that is widely accepted for various monetary transactions and applications.

5 Must Know Facts For Your Next Test

1. The quarter is a silver-colored coin that has a diameter of 24.26 millimeters and a thickness of 1.75 millimeters.
2. The quarter was first minted in 1796 and has undergone several design changes over the years, with the current design featuring a portrait of George Washington on the obverse.
3. The quarter is commonly used for making change, paying for small purchases, and as a representation of one-fourth of a dollar.
4. Quarters can be used in various money applications, such as vending machines, parking meters, and laundromats, where they are often the preferred form of payment for these types of transactions.
5. The quarter is an important component of the US monetary system, as it facilitates the exchange of goods and services and allows for the convenient division of larger monetary amounts.

Review Questions

• Explain the role of the quarter in US currency and how it is commonly used in money applications.
  • The quarter is a vital component of the US monetary system, as it represents one-fourth of a dollar and is a widely accepted coin for various transactions and applications. Quarters are commonly used to make change, pay for small purchases, and operate vending machines, parking meters, and laundromats, where they are often the preferred form of payment. The quarter's small denomination and widespread acceptance make it an essential tool for facilitating the exchange of goods and services and allowing for the convenient division of larger monetary amounts.
• Describe the physical characteristics and historical background of the quarter coin.
  • The quarter is a silver-colored coin that has a diameter of 24.26 millimeters and a thickness of 1.75 millimeters. It was first minted in 1796 and has undergone several design changes over the years, with the current design featuring a portrait of George Washington on the obverse. The quarter's physical properties and its long history as a part of the US currency system contribute to its widespread recognition and use in a variety of money applications.
• Analyze the importance of the quarter in the context of solving money applications, and explain how its unique characteristics and role in the US monetary system make it a crucial tool for these types of problems.
  • The quarter is a fundamental component in solving money applications, as it represents a crucial fraction of the dollar and is a widely recognized and accepted form of currency. Its small denomination and ubiquity in financial transactions make the quarter an essential tool for dividing larger monetary amounts, making change, and facilitating the exchange of goods and services. The quarter's physical characteristics, such as its size and weight, also make it a convenient and practical form of payment for various applications, including vending machines, parking meters, and laundromats. By understanding the role and significance of the quarter within the US monetary system, students can effectively apply this knowledge to solve a wide range of money-related problems and scenarios.

Related terms

Coin: A piece of metal, usually in the shape of a disc, that is used as a form of money or currency.

Dollar: The basic unit of currency in the United States, divided into 100 cents.

Currency: A system of money in general use in a particular country.