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. As stated above, MM is generally used in business to represent millions since the letter M by itself has historically meant 1,000. That said, if your organization uses M and it doesn’t cause confusion, you are free to use M to abbreviate one million.
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“M” is the only acceptable abbreviation to use for “million” in UK English. You’ll find that a lot of UK native speakers won’t even know what “mm” stands for (outside of the “millimeter” measurement that is abbreviated to “mm”). “MM” is an old-fashioned abbreviation, but it still sees https://www.bookstime.com/ some usage today. You might come across “mm” in scientific or engineering fields, where different values are required, and they can reach well into the millions as a unit. “M” is only used as an abbreviation when talking about a lot of money or in scientific communities.
- By adopting “MM,” companies can ensure that their financial reports meet these standards, enhancing their credibility and attractiveness to global investors.
- 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.
- 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.
- The Romans used “M” to signify 1,000, and this convention persisted through the centuries, influencing various aspects of numerical representation in Western cultures.
- Yes, MM is recognized globally in the world of finance and accounting to represent one million.
What Does “MM” Stand for in Dollars?
These notes were used primarily in inter-bank transactions or mm meaning money by organized crime; it was the latter usage that prompted President Richard Nixon to issue an executive order in 1969 halting their use. With the advent of electronic banking, they became less necessary. Notes in denominations of $500, $1,000, $5,000, $10,000 (discontinued, but still legal tender); $100,000 were all produced at one time; see large denomination bills in U.S. currency for details. With the exception of the $100,000 bill (which was only issued as a Series 1934 Gold Certificate and was never publicly circulated; thus it is illegal to own), these notes are now collectors’ items and are worth more than their face value to collectors. As commerce and trade expanded during the Renaissance, the need for more sophisticated financial reporting became apparent. Merchants and bankers required a standardized way to represent large sums of money, leading to the adoption of “MM” to denote millions.
Collector coins
As a data analyst who works closely with the finance industry, I‘ve always been fascinated by the ubiquitous use of “MM” as an abbreviation for millions among banking and accounting professionals. It differs from the standard “k” and “M” abbreviations used in the metric system and most other sectors. I decided to take a deep dive into the origins and rationale behind “MM” to better understand this unique element of finance culture.
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. In finance and accounting, MM (or lowercase “mm”) commonly denotes that the units of figures presented are in millions. In this context, MM is the same as writing “M multiplied by M,” which is equal to “1,000 times 1,000,” which equals 1,000,000 (one million). The word “million” is not a commonly abbreviated word, but its abbreviations still have their place.
The MM abbreviation works whether the entry is in dollars, some other currency or millions of items or customers. Roman numerals are often used in accounting to help abbreviate and designate numbers. For example, the Roman numeral MM is frequently used to designate that the units used in presenting information (financial and non-financial) in millions. For example, an annual salary of $60,000 might appear as $60k instead of $60M. While obscure outside banking circles, MM enjoys near universal usage within finance and accounting as the standard abbreviation for “millions”. This convention originated from Roman numeral accounting traditions and became engrained centuries ago.
Monetary policy
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. Constitution provides that Congress has the power “to coin money.”9 Laws implementing this power are currently codified in Title 31 of the U.S. 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.10 These other coins are more fully described in Coins of the United States dollar. 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.
” This abbreviation works for both spoken and written dialogue, and is easily recognizable. Darrel Lamb leads Old Republic Surety’s West Region surety operation in all facets of contract surety including business development, underwriting, marketing, agency management, strategic vision, operations, compliance, https://www.instagram.com/bookstime_inc and employee development. Territory includes Washington, Oregon, Montana, Idaho, Hawaii, Alaska, California, and Utah. Darrel has over 30 years of proven success and is skilled in developing relationships with internal and external stakeholders to drive superior business results. Whether you are starting your first company or you are a dedicated entrepreneur diving into a new venture, Bizfluent is here to equip you with the tactics, tools and information to establish and run your ventures.
The dollar is the most widely used currency in international transactions,4 and a free-floating currency. It is also the official currency in several countries and the de facto currency in many others,56 with Federal Reserve Notes (and, in a few cases, U.S. coins) used in circulation. Generally, the abbreviation with two M’s is preferred in finance. One thing to consider is that when writing about large amounts of money, the words “million” or “billion” are often left out altogether, as are superfluous zeroes. When plural, as in “millions,” it refers to multiples of 1,000,000.
