United States Dollar

United States Dollar

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United States DollarThe United States issues paper currency and coins to pay for purchases, taxes, and debts.

Printed Money

Denominations

There are seven different paper money denominations in the United States: $1, $2, $5, $10, $20, $50, and $100.

Larger notes including those for $500, $1,000, $5,000, and $10,000 are no longer printed by the US. However, they are still recognized as legal cash and can possibly be in use. Since 1861, all U.S. bills have been legal tender and can be redeemed for their full face value.

The official currency of the United States and several other nations is the US dollar. The Coinage Act of 1792 established the United States dollar on par with the Spanish silver dollar, divided it into 100 cents, and permitted the minting of coins with dollar and cent values.

The United States dollar (symbol: $; code: USD; often abbreviated as US$ or U.S. Dollar to differentiate it from other dollar-denominated currencies; also known as the dollar, U.S. dollar, American dollar, or informally buck) is the official coin of the United States and numerous other nations. The Coinage Act of 1792 established the United States dollar on par with the Spanish silver dollar, divided it into 100 cents, and permitted the minting of coins with dollar and cent values. Federal Reserve Notes, which are commonly referred to as "greenbacks" due to their predominately green tint, are the type of U.S. banknotes that are issued.

The Federal Reserve System, which serves as the country's central bank, manages the monetary policy of the United States.

A bimetallic standard of 371.25 grains of fine silver or, starting in 1837, 23.22 grains of fine gold, or $20.67 per troy ounce, was used to define the U.S. dollar at its inception. The dollar was exclusively linked to gold by the Gold Standard Act of 1900. Its conversion to gold was changed in 1934 to $35 per troy ounce. All ties to gold have been severed since 1971. 

After the First World War, the U.S. dollar emerged as a significant global reserve currency. The Bretton Woods Agreement, signed at the close of the Second World War, saw the dollar replace the pound sterling as the world's main reserve currency. The dollar, which is a free-floating currency, is the most often used currency in international trade. Federal Reserve Notes (and, in a few instances, U.S. coins) are used in circulation, and it is also accepted as legal tender in a number of nations and as the de facto unit of account in many others.



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