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 territories per the United States Constitution since 1792. As it is the most used in international transactions, the U.S. dollar is the world’s primary reserve currency. As of June 27, 2018, there are approximately $1.67 trillion in circulation, of which $1.62 trillion is in Federal Reserve notes (the remaining $50 billion is in the form of coins). it is divided into 100 smaller cent (¢) units. What is US Dollar? Understanding US Dollar. How Coins are minted? Interesting facts about USA Dollar.
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 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 Sacagawea or presidential dollar).
USA Currency: Bank Notes and Coins
American paper currency is issued in several denominations: $1, $2, $5, $10, $20, $50, and $100. The Bureau of Engraving and Printing manufactures paper money. It also redesigns money, with new appearances and enhanced security features to prevent counterfeiting.
The United States no longer issues bills in larger denominations, such as $500, $1,000, $5,000, and $10,000 bills. However, they are still legal tender and may still be in circulation.
Coins of USA
The United States issues several denominations, with the most common being: 1¢, 5¢, 10¢, 25¢, 50¢, and $1. The U.S. Mint is responsible for manufacturing and circulating coins to pay for goods and services. It also issues collectible and commemorative coins that honor a person, place, or event and are available for purchase.
There are currently five different denominations of the US Dollar, which have been nicknamed:
Understanding US Dollar
From Visual.ly Dollar Bill a US dollar bill has features shown in the image below.
Interesting Facts about US Dollar
- Since 1956 all banknotes bear the printed motto: In God We Trust
- Banknotes of 50 and 100 dollars can stay in circulation for up to eight years, 20 dollar notes circulate for an average 2 years, whereas the durability of a single dollar banknote is just 18 months.
- The new 100 dollar notes bear an image of the Independence Hall in which the clock indicates the time: 4:10 pm.
- Dollar notes are not made of paper but instead, they are made of a cotton-linen blend for a longer duration.
- The only time when US banknotes showed the image of a woman was in 1886 when Martha Washington’s effigy was placed on the obverse of silver certificates for one dollar, together with the image of her husband, the first President of the United States, George Washington.
- “Dollarization” is the process of incorporation of one currency into the economic market of a different country.
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