United States dollar

United States dollar
USDnotes.png
ISO 4217
Code USD
Number 840
Exponent 2
Denominations
Superunit
 10 eagle
 100 union
 1000 grand
Subunit
 ​110 dime
 ​1100 cent
 ​11000 mill
Symbol $
cent ¢
mill
Nickname
Banknotes
 Freq. used $1, $5, $10, $20, $50, $100
 Rarely used $2
Coins
 Freq. used , , 10¢,
 Rarely used , $1
Demographics
Official user(s)

 United States
 East Timor[2][Note 1]
 Ecuador[3][Note 2]
 El Salvador[4]
 Federated States of Micronesia
 Marshall Islands
 Palau
 Panama[Note 3]
 Zimbabwe[Note 4]

Unofficial user(s)
Issuance
Central bank Federal Reserve System
 Website www.federalreserve.gov
Printer Bureau of Engraving and Printing
 Website www.moneyfactory.gov
Mint United States Mint
 Website www.usmint.gov
Valuation
Inflation 2.04% (October 2017)
 Source inflationdata.com
 Method CPI
Pegged by

The United States dollar (sign: $; code: USD; also abbreviated US$ and referred to as the dollar, U.S. dollar, or American dollar) is the official currency of the United States and its insular territories per the United States Constitution since 1792. For most practical purposes, it is divided into 100 smaller cent (¢) units, but officially it can be divided into 1000 mills (₥). The circulating paper money consists of Federal Reserve Notes that are denominated in United States dollars (12 U.S.C. § 418).

Since the suspension in 1971[8] of convertibility of paper U.S. currency into any precious metal, the U.S. dollar is, de facto, fiat money.[9] As it is the most used in international transactions, the U.S. dollar is the world's primary reserve currency.[10] Several countries use it as their official currency, and in many others it is the de facto currency.[11] Besides the United States, it is also used as the sole currency in two British Overseas Territories in the Caribbean: the British Virgin Islands and Turks and Caicos Islands. A few countries use the Federal Reserve Notes for paper money, while still minting their own coins, or also accept U.S. dollar coins (such as the Susan B. Anthony dollar). As of September 20, 2017, there were approximately $1.58 trillion in circulation, of which $1.53 trillion was in Federal Reserve notes (the remaining $50 billion is in the form of coins).[12]

  1. ^ nichol, Mark. "50 Slang Terms for Money". dailywritingtips.com. Retrieved May 31, 2016. 
  2. ^ "Central Bank of Timor-Leste". Retrieved Mar 22, 2017. The official currency of Timor-Leste is the United States dollar, which is legal tender for all payments made in cash. 
  3. ^ "Ecuador". CIA World Factbook. October 18, 2010. Retrieved October 27, 2010. The dollar is legal tender 
  4. ^ "El Salvador". CIA World Factbook. October 21, 2010. Retrieved October 27, 2001. The US dollar became El Salvador's currency in 2001 
  5. ^ FCO country profile Archived June 10, 2010, at the Wayback Machine.
  6. ^ "British Indian Ocean Territory Currency". Wwp.greenwichmeantime.com. March 6, 2013. Retrieved May 5, 2013. 
  7. ^ http://www.demtullpitcairn.com/2016JanFebMarch.pdf
  8. ^ "Nixon Ends Convertibility of US Dollars to Gold and Announces Wage/Price Controls". Federal Reserve Bank of Richmond. Retrieved September 25, 2017. 
  9. ^ "Is U.S. currency still backed by gold?". Board of Governors of the Federal Reserve System. Retrieved September 25, 2017. 
  10. ^ "The Implementation of Monetary Policy – The Federal Reserve in the International Sphere" (PDF). Retrieved August 24, 2010. 
  11. ^ Benjamin J. Cohen, The Future of Money, Princeton University Press, 2006, ISBN 0-691-11666-0; cf. "the dollar is the de facto currency in Cambodia", Charles Agar, Frommer's Vietnam, 2006, ISBN 0-471-79816-9, p. 17
  12. ^ "How much U.S. currency is in circulation?". Federal Reserve. Retrieved November 10, 2017. 


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