Both are legal tender, but banknotes from the 2009 series are gradually being phased out and replaced by their newer counterparts which have more advanced security features. There are two sets of US dollar banknotes in circulation: the 2009 series known as 'Series 2009A', and the 2017 series known as 'Series 2017A'. 50¢ and $1 coins are also minted but are not as widely used. Coins are available in denominations: 1¢, 5¢ (nickel), 10¢ (dime) and 25¢ (quarter). There are seven denominations of US dollar banknotes in circulation: $1, $5, $10, $20, $50 and $100 which are frequently used, plus a rarer $2 bill which is not as widely circulated but is still printed and is legal tender. One US dollar ($) can be subdivided into 100 cents (¢). Since you're dividing by the buyback rate, a lower buyback rate means you'd get more sterling compared to a higher buyback rate. To calculate the sterling value of a given amount of US dollars, you need to divide the US dollar amount by the buyback rate. When it comes to selling US dollars, the buyback rate is expressed in terms of how many US dollars you'd need to sell in order to get £1, so a buyback rate of 1.2836 means you'd need to sell $1.2836 to get £1. You can calculate the total amount of US dollars you'd receive for a given amount of sterling by simply multiplying the sterling amount by the exchange rate. When you buy US dollars, the exchange rate you get is the amount of US dollars you'll receive for every pound that you spend, so for example a rate of 1.2836 means you'd get $1.2836 for each £1 that you spend. This is due to a quirk of how British currency providers display their buyback exchange rates. No, you'll get more for your US dollars if you sell when the US dollar buyback rate is low.
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