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Todays Date : 07/21/2019

The dollar, symbol $, code USD, and is also known as the U.S. Dollar or the American Dollar. The U.S. Dollar is the official currency of the United States of America and its overseas territories. The U.S. Dollar is the most used currency in international transactions and is one of the world’s largest reserve currencies. The dollar is also the most widely traded currency in the world, and is an accepted standard for comparing other currency exchange values. The Euro/US dollar exchange is the most common exchange on the global foreign exchange market. Many other countries outside of the U.S. and its territories have officially dollarized, or use the dollar alongside or instead of their own domestic currency. The U.S. dollar is issued and managed by the U.S. Federal Reserve.

These countries currently use the US Dollar exclusively:

  • The British Virgin Islands
  • The Caribbean Netherlands
  • East Timor
  • Ecuador
  • El Salvador
  • Marshall Islands
  • Micronesia
  • Palau
  • Panama
  • Turks & Caicos

These countries currently use the US Dollar alongside their national currency or others:

  • The Bahamas
  • Belize
  • Cambodia
  • Haiti
  • Lebanon
  • Liberia
  • Nicaragua
  • Uruguay
  • Vietnam
  • Zimbabwe

The first American dollar decimal coins were issued by the U.S. Mint when it was founded in 1792, and were modeled after the Spanish dollar, according to the Coinage Act of 1792. 

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Currency Quick Facts

Name: United States of America

Symbol: $

Code: USD

Decimal Unit: 100 cents

Nicknames: buck

Coins: 1¢, 5¢, 10¢, 25¢, 50¢; rarely used $1

Notes: $1, $2, $5, $10, $20, $50, $100

Central Bank: U.S. Federal Reserve

Country(ies): United States, British Virgin Islands, Caribbean Netherlands, East Timor, Ecuador, El Salvador, Marshall Islands, Micronesia, Palau, Panama, Turks & Caicos

Currency Characteristics

Early coin currency pictured the famous busts of Greek and Roman mythology figures and Native Americans. Today, coins of the U.S. dollar depict the images of U.S. presidents on their front side, with the penny featuring Abraham Lincoln, the nickel with Thomas Jefferson, the dime with Franklin D. Roosevelt, the quarter with George Washington, the half dollar with John F. Kennedy, and the commemorative dollar coin breaking the mold with a depiction of Native American aid to the explorers Marco and Polo, the famous Sacagawea. Beginning in 1999, the U.S. Mint began to release new quarters with reverse sides depicting symbols and images representative of each of the 50 states of the U.S. Coins of the U.S. dollar are circulated in decimal values of 1 cent, 5 cents, 10 cents, 25 cents, 50 cents, and the rarer one dollar coin.

Banknotes of the U.S. dollar are all primarily green at all value levels, with bills after 2004 introducing some variations with other colors present. The American dollar is often thought of as “paper money,” but is instead made of 75% cotton fiber and 25% linen (flax). These bills are intricately designed on both sides so as to prevent easy counterfeiting. U.S. dollar banknotes are used in values of $1, $2, (no longer in mint but still in circulation), $5, $10, $20, $50, and $100. Bills for values over $100 were discontinued by President Nixon in 1946.

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