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The New York City Subway is a rapid transit system in the New York City boroughs of Manhattan, Brooklyn, Queens, and the Bronx. It is owned by the government of New York City and leased to the New York City Transit Authority, [14] an affiliate agency of the state-run Metropolitan Transportation Authority (MTA). [15]
When the New York City Transit Authority was created in July 1953, the fare was raised to 15 cents (equivalent to $1.71 in 2023) and a token was issued. [89] In 1970 the fare was raised to 30 cents. [90] This token is 23mm in diameter with a Y cut out, and is known as the "Large Y Cutout".