US Dollar

The United States dollar, or the American dollar, is the official currency of the United States of America and its overseas territories. The dollar is subdivided into 100 smaller units called cents. The circulating paper money consists of Federal Reserve Notes that are denominated in dollars. The U.S. dollar is the world’s primary reserve currency. As of June 2017, it made up more than 60% of the world’s foreign exchange reserves. Several countries use it as their official currency, and in many others it is the de facto currency. Besides the United States, it is also used as the sole currency in two British Overseas Territories: the British Virgin Islands and Turks and Caicos Islands. The origin of the dollar is the Spanish dollar, also called piece of eight, which was the first global currency used in the 15th–19th centuries. The Spanish dollar was widely used in the Americas, East Asia, and the Far East. It served as the model for the first official dollar currencies: the Dutch leeuwendaalder, the German thaler, the Italian testa d’oro, and the Portuguese joão. These coins, called lion dollars or guilders, were used until the 19th century in large portions of Asia and Europe. The first U.S. dollar was issued in 1792. The word “dollar” comes from the German word “Thaler,” a large silver coin used in Europe in the 1500s. The dollar was officially adopted as the United States’ monetary unit in 1785, when the Continental Congress approved the dollar as the standard unit of money for the new nation. The dollar has been the currency of the United States since 1792. The dollar sign ($), sometimes called the “peso sign” or the “dollar mark”, is used in front of the amount to denote the dollar. This symbol was first used on American coins in 1793. The dollar was originally divided into eight parts, called “pieces”. These pieces were further divided into halves, quarters, and eighths, called “bits”. The dollar was also subdivided into 1000 “mils” or “milles”. However, these smaller divisions are no longer used. The dollar has been on a floating exchange rate since 1971, when the Bretton Woods system collapsed. The dollar has seen significant volatility since then, and its value has fluctuated in relation to other currencies and to commodities such as gold. The United States dollar is the official currency of the United States of America and its overseas territories. The dollar is subdivided into 100 smaller units called cents. The circulating paper money consists of Federal Reserve Notes that are denominated in dollars. The U.S. dollar is the world’s primary reserve currency. As of June 2017, it made up more than 60% of the world’s foreign exchange reserves. Several countries use it as their official currency, and in many others it is the de facto currency. Besides the United States, it is also used as the sole currency in two British Overseas Territories: the British Virgin Islands and Turks and Caicos Islands. The origin of the dollar is the Spanish dollar, also called piece of eight, which was the first global currency used in the 15th–19th centuries. The Spanish dollar was widely used in the Americas, East Asia, and the Far East. It served as the model for the first official dollar currencies: the Dutch leeuwendaalder, the German thaler, the Italian testa d’oro, and the Portuguese joão. These coins, called lion dollars or guilders, were used until the 19th century in large portions of Asia and Europe. The first U.S. dollar was issued in 1792. The word “dollar” comes from the German word “Thaler,” a large silver coin used in Europe in the 1500s. The dollar was officially adopted as the United States’ monetary unit in 1785, when the Continental Congress approved the dollar as the standard unit of money for the new nation. The dollar has been the currency of the United States since 1792. The dollar sign ($), sometimes called the “peso sign” or the “dollar mark”, is used in front of the amount to denote the dollar. This symbol was first used on American coins in 1793. The dollar was originally divided into eight parts, called “pieces”. These pieces were further divided into halves, quarters, and eighths, called “bits”. The dollar was also subdivided into 1000 “mils” or “milles”. However, these smaller divisions are no longer used. The dollar has been on a floating exchange rate since 1971, when the Bretton Woods system collapsed. The dollar has seen significant volatility since then, and its value has fluctuated in relation to other currencies and to commodities such as gold.