In 1870 the yen was designed as a coin similar to the U.S. silver dollar and was minted in gold until 1888, and then in silver until 1914. Multiple-yen coins continued to be minted in gold until 1932. The yen was divided into 100 sen and into 1,000 rin. In 1949 the yen was assigned a fixed value of 360 to one U.S. dollar, and the sen and rin subsequently dropped out of usage, although they continue to be employed in financial calculations. The yen began to float in value in 1971; the exchange rate fell below 120 to the dollar for the first time in 1992. Today coins are minted in denominations of 1, 5, 10, 50, 100, and 500 yen, along with banknotes of 1,000, 5,000, and 10,000 yen. Notes of 500 yen are being phased out. The yen is one of the strongest currencies in the world.