The mill or mille(₥) (sometimes mil in the UK) is an abstract unit of currency. In the U.S. it is equivalent to 1/1000 of a U.S. dollar, while in the UK it was proposed as being 1/1000 of the pound sterling during the decades of discussion on the decimalization of the pound. ... Jump to: navigation, search USD redirects here. ... Jump to: navigation, search The pound sterling is the official currency of the United Kingdom (UK). ... On February 15, 1971, variously known as Decimal Day, Decimalisation Day and D-Day, the United Kingdom and Ireland decimalised their historical currencies. ...

No coins were ever made in this denomination for Britain or the U.S.; the denomination is used sometimes in accounting, and coins have been made for other currencies in the past. The term comes from the Latin mille, meaning 1,000. A coin of account is a unit of money that does not exist as an actual coin (that is, a metal disk) but is used in figuring prices or other amounts of money. ... Jump to: navigation, search Latin is an Indo-European language originally spoken in the region around Rome called Latium. ...

US usage

In the US, the term was invented by the United States Congress in 1786, and was described as the "lowest money of accompt, of which 1000 shall be equal to the federal dollar." Coinage in the denomination of the mill was legislated in 1786, but never carried out. The Congress of the United States is the legislative branch of the federal government of the United States of America. ... 1786 was a common year starting on Sunday (see link for calendar). ...

Mill token

Tokens in this denomination were issued by some states and local governments (and by some private interests) for such uses as payment of sales tax. These were of inexpensive material such as tin, aluminum, plastic, or paper. Rising inflation depreciated the value of these tokens in relation to the value of their constituent materials; this depreciation led to their almost complete abandonment. (Virtually none were made after the 1960s.) In some circles, the demise of the mill is regarded as the logical outcome of an "inflation-oriented" economic system (based on stocks, etc.) as opposed to a "deflation-oriented" economic system (based on the availability of tangible assets, specifically gold, silver and other precious metals). A mill token used for sales tax purposes in the state of Missouri. ... A sales tax is a tax on consumption. ... Jump to: navigation, search General Name, Symbol, Number tin, Sn, 50 Chemical series poor metals Group, Period, Block 14, 5, p Appearance silvery lustrous gray Atomic mass 118. ... Aluminum is a soft and lightweight metal with a dull silvery appearance, due to a thin layer of oxidation that forms quickly when it is exposed to air. ... Jump to: navigation, search Plastic is a term that covers a range of synthetic or semisynthetic polymerization products. ... Jump to: navigation, search This article needs to be cleaned up to conform to a higher standard of quality. ... Jump to: navigation, search The 1960s in its most obvious sense refers to the decade between 1960 and 1969, but the expression has taken on a wider meaning over the past twenty years. ...

The U.S. Coinage Act of 1792 describes milles and other subdivisions of the dollar:

"That the money of account of the United States shall be expressed in dollars or units, dimes or tenths, cents or hundredths, and milles or thousandths, a dime being the tenth part of a dollar, a cent the hundredth part of a dollar, a mille the thousandth part of a dollar, and that all accounts in the public offices and all proceedings in the courts of the United States shall be kept and had in conformity to this regulation."

Nowadays, most Americans are familiar with the concept of a "mill", if only peripherally. This is due primarily to the price of gasoline being denominated almost universally (in the US) in terms of tenths of a cent (e.g., "$2.699/gallon"). There are also common occurrences of "half-cent" (a legitimate coinage for part of the 19th century) discounts on goods bought in quantity. Despite the commonness of such fractions of cents, the term "mill" remains widely unknown. A dime is a coin issued by the United States Mint with a denomination of one-tenth of a United States dollar, or ten cents. ... Jump to: navigation, search A two cent euro coin A US penny In currency, the cent is a monetary unit that equals th of the basic unit of value. ... The half cent coin was produced in the United States from 1793-1857. ...

Property taxes are also expressed in terms of mills per dollar assessed, although most Americans aren't aware of the derivation. For instance, with a millage rate of 5.753 mills, a $100,000 house would be taxed 575,300 mills, or $575.30. Jump to: navigation, search // Property tax is an ad valorem tax that an owner of real estate or other property pays on the value of the thing taxed. ...

UK usage

Proposed on several occasions as a division of the British pound under the Pound and Mil system, the mill was occasionally used in accounting. The 1862 report from the Select Committee on Weights and Measures [1] noted that the Equitable Insurance Company had been using mills (rather than keeping accounts in shillings and what would later be called "old pence") for such purposes for over 100 years. Accountancy (British English) or accounting (American English) is the process of maintaining, auditing, and processing financial information for business purposes. ... Jump to: navigation, search 1862 was a common year starting on Wednesday (see link for calendar). ... A Select Committee of the British Parliament is a committee made up of a small number of members appointed to deal with particular areas or issues. ...