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I recall in my youth my grandfather showing me some mill paper stamps which had been used for tax purposes; I don't recall if it was state or Federal or more details, just that there were tangible items in the value of a mill. -- Infrogmation 17:10, 27 Sep 2003 (UTC)
From United States dollar:
- The U.S. dollar is divided into 100 cents. Originally, it was further divided into 1000 mills, a currency unit used until World War II made aluminum too expensive to be used for the coins (and rising inflation made them essentially worthless).
So, is it abstract or not? Quincy 12:02, 9 Dec 2003 (UTC)
An old ledger on display at the California gold rush town of Columbia refers to mils in terms not associated with taxes. This denomination of currency appeared to be extant, judging by its treatment of the term. Perhaps the coin, if it existed, was a state-produced currency? I have not found a surviving example, if it was. I'm still looking. Nonaeroterraqueous (talk) 02:11, 4 November 2011 (UTC)
I changed the absolute statement regarding the existence of mil coins, as they did indeed exist in some currenciesm such as the Maltese Lira. 188.8.131.52 13:53, 30 October 2005 (UTC)
- I can't imagine a context where simple common sense would fail to distinguish between $.001 and $1,000,000 Nik42 06:05, 14 December 2005 (UTC)
Oh dear.. the mils are 1/10 of a cent in Malta. They're still used for pricing products, especially pharmaceuticals and food, but they're no longer in circulation, and the amount is round up or down depending on whether the number of mils is 5 or greater. Hope this helps. Maltesedog 08:22, 26 January 2006 (UTC)
It's worth noting that, for some reason, gas prices are still given in mil grades (maybe someone knows why). I think some real estate deals involve mils also. RudolfRadna 15 February 2006 (UTC)
- Probably for the same reason that other prices end in 9 cents. If the price is given as $3.099, people think of it as "$3.09" instead of "$3.10". Nik42 09:47, 20 August 2006 (UTC)
- This is an important point, though, because it is now impossible to pay the 9/10ths of a cent for gas, so the companies round up. This is not done with other prices ending in 9; they don't round $3.99 up to $4.00. This adds up to huge amounts of money, perhaps illegally.Theroguex (talk) 02:44, 4 December 2014 (UTC)
In the United States, the term was first used by the Continental Congress in 1786, being 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 was never carried out.
The link given does not mention a mill coin. It explicitely gives the half-cent as the smallest coin. I'm removing the part about a mill coin Nik42 09:47, 20 August 2006 (UTC)
After talking about the coinage act of 1792, the sentence "These were of inexpensive material such as tin, aluminum, plastic or paper." seems to imply plastic was used from the start, and is possibly misleading for people who don't know plastic wouldn't have been viable for around 100 years. Perhaps it should read something along the lines of: "These were of inexpensive material such as tin, aluminum, paper, or later on, plastic." 184.108.40.206 01:33, 27 January 2007 (UTC)
- Concur. "Inexpensive material such as ... aluminum, plastic ..." will soon be hard for anyone to appreciate without further explanation of the cheap energy that abounded in the early 20th century.Patent.drafter (talk) 01:24, 22 June 2008 (UTC)
- "Mandatory Palestine"? Is this the correct usage? not "Mandate of Palestine"?
- "peruta" spelled this way? Isn't that a contradiction with Israeli pruta?
- Maybe fils is no longer used in practice in Jordan, but isn't fils still a monetary unit in Jordan. Like "sen" in Japan (1/100 yen).
- Yes, when referring to Palestine during the Mandate, it is always called "Mandatory Palestine", to distinguish it from other uses of "Palestine".
- Transliteration is always, to some extent, a matter of opinion, but there is a schwa after the 'p'. In Hebrew, 'p' must always be followed by a vowel; the sound 'pr', as in 'pretty', doesn't exist in Hebrew. If you like, you can change the spelling of Israeli pruta, but I didn't think it was worth changing for such a minor inconsistency.
- The article on Jordanian dinar says that in 1992 they stopped using 10ths and 1000ths, and started on using 100ths only.
- Zsero 15:48, 22 May 2007 (UTC)
- But - what about watermills; sawmills; milling machines; etc ... ? Maybe a disambig would be better than a redirect?Patent.drafter (talk) 01:24, 22 June 2008 (UTC)
Fair use rationale for Image:MillToken.jpeg
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Removed the following paragraph
The act authorized the minting of mille coins, which were to contain 1.1 pennyweights (1.7 grams) of copper, but such a denomination was never minted, and the half cent (at 5 milles) was the smallest coin ever produced by the U.S. Mint.
I believe that a mil is 1000th of a dollar in Finance too. I believe the Tradeworx reference has a typo in it and the whole section should be deleted. Here is an NYU paper defining mils properly. Quote: "The maximum charge is $0.003 (three mils) per executed share. " http://pages.stern.nyu.edu/~jhasbrou/Teaching/2014%20Winter%20Markets/PDFHandouts/STTP15W.pdf
- It means that .001 units are frequently used in accounting, but there doesn't seem to be a currently-circulating 1 mill coin... AnonMoos (talk) 00:08, 27 April 2014 (UTC)
notional is jargon=
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