Mozambican metical 24,500 meticais per USD, until the Zimbabwean dollar took the title in late August 2005. On July 1, 2006, Mozambique redenominated the metical at a rate of 1000:1. The new ISO 4217 code is MZN. New coins and banknotes were introduced on July 1, 2006, and the transitional period during which both old and new meticais could be used lasted until December 31, 2006. During the conversion, the new currency was locally abbreviated as MTn, but has since largely returned to MT. Old meticais were redeemed by the Bank of Mozambique for a period of six years, until December 31,
History of the United States dollar to monetary issues again in the early 1790s under the leadership of Alexander Hamilton, the Secretary of the Treasury at the time. Congress acted on Hamilton's recommendations in the Coinage Act of 1792, which established the dollar as the basic unit of account for the United States. The word "dollar" is derived from Low Saxon cognate of the High German "Thaler". The most commonly circulated and readily available currency, used by common Americans, at this time, was the Spanish Peso, also known as the "Spanish milled dollar", which was valued for its high silver content. In the early 19th century,