United States dollar

United States dollar
US one dollar bill, obverse, series 2009.jpg
One-dollar bill (obverse)
ISO 4217
CodeUSD (numeric: 840)
Subunit0.01
Unit
Symbol$, US$, U$
Nickname
List
Denominations
Superunit
 10Eagle
Subunit
110Dime
1100Cent
11000Mill
Symbol
Cent¢
Mill
Banknotes
 Freq. used$1, $5, $10, $20, $50, $100
 Rarely used$2 (still printed); $500, $1,000, $5,000, $10,000 (discontinued, still legal tender)
Coins
 Freq. used, , 10¢, 25¢
 Rarely used50¢, $1 (still minted); 12¢ , , 20¢, $2.50, $3, $5, $10, $20 (discontinued, still legal tender)
Demographics
Date of introductionApril 2, 1792 (1792-04-02)[1]
ReplacedContinental currency
Various foreign currencies, including:
Pound sterling
Spanish dollar
User(s)see § Formal (11), § Informal (11)
Issuance
Central bankFederal Reserve
 Websitefederalreserve.gov
PrinterBureau of Engraving and Printing
MintUnited States Mint
 Websiteusmint.gov
Valuation
Inflation8.3%
 SourceBLS, August 2022
 MethodCPI
Pegged bysee § Pegged currencies

The United States dollar (symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the official currency of the United States and several other countries. The Coinage Act of 1792 introduced the U.S. dollar at par with the Spanish silver dollar, divided it into 100 cents, and authorized the minting of coins denominated in dollars and cents. U.S. banknotes are issued in the form of Federal Reserve Notes, popularly called greenbacks due to their predominantly green color.

The monetary policy of the United States is conducted by the Federal Reserve System, which acts as the nation's central bank.

The U.S. dollar was originally defined under a bimetallic standard of 371.25 grains (24.057 g) (0.7735 troy ounces) fine silver or, from 1837, 23.22 grains (1.505 g) fine gold, or $20.67 per troy ounce. The Gold Standard Act of 1900 linked the dollar solely to gold. From 1934, its equivalence to gold was revised to $35 per troy ounce. Since 1971, all links to gold have been repealed.[2]

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. The dollar is the most widely used currency in international transactions,[3] and a free-floating currency. It is also the official currency in several countries and the de facto currency in many others,[4][5] with Federal Reserve Notes (and, in a few cases, U.S. coins) used in circulation.

As of February 10, 2021, currency in circulation amounted to US$2.10 trillion, $2.05 trillion of which is in Federal Reserve Notes (the remaining $50 billion is in the form of coins and older-style United States Notes).[6]

  1. ^ "Coinage Act of 1792" (PDF). United States Congress. Archived from the original (PDF) on April 7, 2004. Retrieved April 2, 2008.
  2. ^ "Nixon Ends Convertibility of US Dollars to Gold and Announces Wage/Price Controls". Federal Reserve Bank of Richmond. Retrieved October 17, 2018.
  3. ^ "The Implementation of Monetary Policy – The Federal Reserve in the International Sphere" (PDF). Retrieved October 17, 2018.
  4. ^ Cohen, Benjamin J. 2006. The Future of Money, Princeton University Press. ISBN 0-691-11666-0.
  5. ^ Agar, Charles. 2006. Vietnam, (Frommer's). ISBN 0-471-79816-9. p. 17: "the dollar is the de facto currency in Cambodia."
  6. ^ "How much U.S. currency is in circulation?". Federal Reserve. Retrieved February 27, 2021.

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