United States dollar
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 its territories. 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 historically predominantly green color.
|United States dollar|
|1,000||Grand, rack (slang), band (slang)|
|1⁄20||Nickel or half dime|
|1⁄100||Cent or penny|
|Symbol||$, US$, U$|
|Cent or penny||¢|
List of nicknames
|Freq. used||$1, $5, $10, $20, $50, $100|
|Rarely used||$2 (still printed); $500, $1,000, $5,000, $10,000 (discontinued, still legal tender)|
|Freq. used||1¢, 5¢, 10¢, 25¢|
|Rarely used||50¢, $1 (still minted); ½¢ 2¢, 3¢ (Nickel); 3¢ (Silver); 20¢, $2.50, $3, $20 (discontinued, still legal tender); $5, $10 (legal tender, now commemorative only)|
|Date of introduction||April 2, 1792|
Various foreign currencies, including:
|Official user(s)|| United States
|Unofficial user(s)|| The Bahamas (alongside Bahamian dollar)|
Tijuana, Mexico
|Central bank||Federal Reserve|
|Printer||Bureau of Engraving and Printing|
|Mint||United States Mint|
|Source||InflationData.com, December 2021|
The U.S. dollar was originally defined under a bimetallic standard of 371.25 grains (24.057 g) 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 Since 1971 all links to gold have been repealed.
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. It is also the official currency in several countries and the de facto currency in many others, 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).