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Official currency of the The states

United states dollar
US one dollar bill, obverse, series 2009.jpg

1-dollar bill (obverse)

ISO 4217
Code USD (numeric:
Unit of measurement
Symbol $, U.s.a.$, U$


  • Ace, bean, bill, bone, buck, deuce, dub, ducat, doubloon, fin, frog, greenback, large, simoleons, skins, smackeroo, smackers, spondulix, Tom, yard, and eagle
  • Plural:
  • dead presidents, greenish, basic, clams
  • Based on denomination:
  • Washingtons, Jeffersons, Lincolns, Hamiltons, Jacksons, Grants, Benjamins, C-note, grand, sawbuck, single, Bluefaces
 ten Eagle






 Cent ¢
 Freq. used $1, $5, $10, $twenty, $50, $100
 Rarely used $two (withal printed); $500, $1,000, $five,000, $ten,000 (discontinued, nonetheless legal tender)
 Freq. used 1¢, 5¢, x¢, 25¢
 Rarely used 50¢, $1 (withal minted);

¢ 2¢, 3¢, xx¢, $two.fifty, $3, $5, $10, $20 (discontinued, still legal tender)
Date of introduction April 2, 1792; 230 years ago
Replaced Continental currency
Diverse foreign currencies, including:
Pound sterling
Spanish dollar
User(s) see
§ Formal (ten),
§ Informal (xi)
Central banking concern Federal Reserve
 Website federalreserve.gov
Printer Bureau of Engraving and Press
Mint United States Mint
 Website usmint.gov
Aggrandizement 8.three%
 Source BLS, Baronial 2022
 Method CPI
Pegged by encounter § Pegged currencies

United States dollar
$; lawmaking:
USD; likewise abbreviated
or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the
U.S. dollar,
American dollar, or colloquially
cadet) is the official currency of the United states and several other countries. The Coinage Act of 1792 introduced the U.South. dollar at par with the Castilian 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 predominantly greenish color.

The monetary policy of the United states is conducted by the Federal Reserve System, which acts as the nation’s fundamental bank.

The U.Due south. dollar was originally defined under a bimetallic standard of 371.25 grains (24.057 yard) (0.7735 troy ounces) fine silver or, from 1837, 23.22 grains (1.505 g) fine gold, or $xx.67 per troy ounce. The Gold Standard Deed 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 aureate have been repealed.[2]

The U.S. dollar became an important international reserve currency subsequently the First World War, and displaced the pound sterling as the world’s chief reserve currency by the Bretton Woods Agreement towards the end of the Second World War. The dollar is the about widely used currency in international transactions,[3]
and a complimentary-floating currency. It is also the official currency in several countries and the
de facto
currency in many others,[iv]
with Federal Reserve Notes (and, in a few cases, U.Southward. coins) used in apportionment.

Every bit of February x, 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 U.s.a. Notes).[6]



In the Constitution


Commodity I, Section 8 of the U.S. Constitution provides that Congress has the power “[t]o coin money.”[seven]
Laws implementing this ability are currently codified in Title 31 of the U.S. Code, under Department 5112, which prescribes the forms in which the United States dollars should be issued.[8]
These coins are both designated in the department as “legal tender” in payment of debts.[8]
The Sacagawea dollar is one case of the copper alloy dollar, in contrast to the American Silvery Eagle which is pure silver. Section 5112 also provides for the minting and issuance of other coins, which have values ranging from one cent (U.S. Penny) to 100 dollars.[8]
These other coins are more fully described in Coins of the United States dollar.

Article I, Section 9 of the Constitution provides that “a regular Statement and Account of the Receipts and Expenditures of all public Coin shall be published from fourth dimension to time,”[nine]
which is further specified past Section 331 of Championship 31 of the U.Southward. Code.[10]
The sums of money reported in the “Statements” are currently expressed in U.S. dollars, thus the U.Due south. dollar may be described as the unit of account of the United States.[11]
“Dollar” is i of the offset words of Section ix, in which the term refers to the Spanish milled dollar, or the coin worth eight Spanish reales.

The Coinage Human activity


In 1792, the U.Due south. Congress passed the Coinage Deed, of which Section 9 authorized the production of various coins, including:[12]

: 248

Dollars or Units—each to be of the value of a Spanish milled dollar as the same is now current, and to contain three hundred and seventy-1 grains and iv sixteenth parts of a grain of pure, or 4 hundred and 16 grains of standard silvery.

Department 20 of the Human action designates the United states dollar as the unit of currency of the United States:[12]

: 250–1

[T]he money of account of the United States shall be expressed in dollars, or units…and that all accounts in the public offices and all proceedings in the courts of the U.s.a. shall be kept and had in conformity to this regulation.

Decimal units


Unlike the Spanish milled dollar, the Continental Congress and the Coinage Act prescribed a decimal system of units to become with the unit dollar, equally follows:[13]
manufacturing plant, or one-thousandth of a dollar; the
cent, or i-hundredth of a dollar; the
dime, or one-tenth of a dollar; and the
eagle, or ten dollars. The current relevance of these units:

  • Only the
    (¢) is used as everyday division of the dollar.
  • The
    is used solely as the proper noun of the coin with the value of x cents.
  • The
    () is relatively unknown, but before the mid-20th century was familiarly used in matters of sales taxes, also equally gasoline prices, which are normally in the form of $ΧΧ.ΧΧ9 per gallon (e.g., $3.599, commonly written equally $3.59+
  • The
    is also largely unknown to the general public.[16]
    This term was used in the
    Coinage Deed of 1792
    for the denomination of ten dollars, and after was used in naming gold coins.

The Spanish peso or dollar was historically divided into 8
bits) – hence
pieces of eight. Americans likewise learned counting in non-decimal

cents before 1857 when Mexican
were more oftentimes encountered than American cents; in fact this practise survived in New York Stock Exchange quotations until 2001.[17]

In 1854, Secretary of the Treasury James Guthrie proposed creating $100, $50, and $25 gold coins, to be referred to as a
half union, and
quarter marriage, respectively,[19]
thus implying a denomination of one Union = $100. Even so, no such coins were ever struck, and merely patterns for the $50 one-half matrimony exist.

When currently issued in circulating form, denominations less than or equal to a dollar are emitted as U.S. coins, while denominations greater than or equal to a dollar are emitted equally Federal Reserve Notes, disregarding these special cases:

  • Golden coins issued for circulation until the 1930s, up to the value of $20 (known as the
    double eagle)
  • Bullion or commemorative gilt, silvery, platinum, and palladium coins valued up to $100 as legal tender (though worth far more as bullion).
  • Civil War paper currency issue in denominations beneath $1, i.e. fractional currency, sometimes pejoratively referred to as



In the 16th century, Count Hieronymus Schlick of Bohemia began minting coins known equally
joachimstalers, named for Joachimstal, the valley in which the silver was mined. In turn, the valley’s proper noun is titled afterwards Saint Joachim, whereby
tal, a cognate of the English language word
dale, is German for ‘valley.’[20]
was subsequently shortened to the German
taler, a word that eventually found its manner into many languages, including:[20]
(Czech, Slovak and Slovene);
(Danish and Swedish);
(Arabic); and

Though the Dutch pioneered in modern-twenty-four hour period New York in the 17th century the use and the counting of money in silver dollars in the class of German-Dutch
and native Dutch
(‘lion dollars’), information technology was the ubiquitous Spanish American eight-real coin which became exclusively known every bit the
since the 18th century.[21]



The colloquialism

buck(due south)

(much similar the British
for the pound sterling) is ofttimes used to refer to dollars of diverse nations, including the U.S. dollar. This term, dating to the 18th century, may accept originated with the colonial leather trade, or it may also have originated from a poker term.[22]


is some other nickname, originally practical specifically to the 19th-century Demand Annotation dollars, which were printed black and green on the backside, created past Abraham Lincoln to finance the North for the Civil War.[23]
Information technology is still used to refer to the U.S. dollar (but not to the dollars of other countries). The term
is as well used by the financial press in other countries, such every bit Commonwealth of australia,[24]
New Zealand,[25]
South Africa,[26]
and India.[27]

Other well-known names of the dollar as a whole in denominations include


, and

expressionless presidents
, the latter of which referring to the deceased presidents pictured on nigh bills. Dollars in general have also been known as


(e.thou. “twenty basic” = $xx). The newer designs, with portraits displayed in the main trunk of the obverse (rather than in cameo insets), upon paper color-coded by denomination, are sometimes referred to as


notes or

Monopoly coin
citation needed


was the original French discussion for the U.S. dollar, used for example in the French text of the Louisiana Purchase. Though the U.S. dollar is chosen
in Modern French, the term
is even so used amidst the speakers of Cajun French and New England French, too as speakers in Haiti and other French-speaking Caribbean islands.

Nicknames specific to denomination:

  • The quarter dollar money is known every bit
    two bits, betraying the dollar’s origins as the “piece of eight” ($.25 or
  • The $1 nib is nicknamed
  • The infrequently-used $two bill is sometimes called
    Tom, or
    (afterward Thomas Jefferson).
  • The $5 neb is sometimes called
    fiver, or
  • The $x pecker is sometimes chosen
    x-spot, or
    (after Alexander Hamilton).
  • The $twenty nib is sometimes chosen
    double sawbuck,
    (after Andrew Jackson), or
    double eagle.
  • The $fifty bill is sometimes called a
    yardstick, or a
    grant, after President Ulysses Southward. Grant.
  • The $100 bill is called
    Ben, or
    Franklin, referring to its portrait of Benjamin Franklin. Other nicknames include
    (C being the Roman numeral for 100),
    century notation, or
    (due east.k.
    two bills
    = $200).
  • Amounts or multiples of $1,000 are sometimes chosen
    in colloquial speech, abbreviated in written form to
    K, or
    kilo; e.g. $10k = $ten,000). Besides, a
    can also refer to a multiple of $1,000 (east.g. “fifty large” = $50,000).

Dollar sign


The symbol $, usually written before the numerical amount, is used for the U.S. dollar (too as for many other currencies). The sign was the result of a belatedly 18th-century evolution of the scribal abbreviation


for the peso, the common proper noun for the Castilian dollars that were in wide circulation in the New World from the 16th to the 19th centuries. The


and the

due south

somewhen came to be written over each other giving rise to


Some other popular caption is that information technology is derived from the Pillars of Hercules on the Castilian Coat of artillery of the Spanish dollar. These Pillars of Hercules on the silver Spanish dollar coins take the form of two vertical confined (||) and a swinging fabric band in the shape of an


Yet another caption suggests that the dollar sign was formed from the upper-case letter letters




written or printed ane on top of the other. This theory, popularized past novelist Ayn Rand in
Atlas Shrugged,[32]
does not consider the fact that the symbol was already in utilize earlier the formation of the United States.[33]



Origins: the Spanish dollar


The U.S. dollar was introduced at par with the Spanish-American argent dollar (or
Spanish peso,
Spanish milled dollar,
eight-real money,
slice-of-eight). The latter was produced from the rich silver mine output of Spanish America; minted in Mexico Urban center, Potosí (Republic of bolivia), Lima (Republic of peru) and elsewhere; and was in broad circulation throughout the Americas, Asia and Europe from the 16th to 19th centuries. The minting of machine-milled Spanish dollars since 1732 additional its worldwide reputation as a trade coin and positioned it to exist model for the new currency of the United States.

Fifty-fifty after the United States Mint commenced issuing coins in 1792, locally minted
were less arable in apportionment than Castilian American
reales; hence Spanish, Mexican and American dollars all remained legal tender in the Usa until the Coinage Act of 1857. In particular, Colonists’ familiarity with the Spanish two-real quarter peso
was the reason for issuing a quasi-decimal 25-cent quarter dollar money rather than a 20-cent coin.

For the relationship between the Spanish dollar and the individual land colonial currencies, see Connecticut pound, Delaware pound, Georgia pound, Maryland pound, Massachusetts pound, New Hampshire pound, New Jersey pound, New York pound, North Carolina pound, Pennsylvania pound, Rhode Isle pound, South Carolina pound, and Virginia pound.

Coinage Act of 1792


Alexander Hamilton finalized the details of the 1792 Coinage Deed and the establishment of the U.S. Mint.

On July 6, 1785, the Continental Congress resolved that the money unit of measurement of the United states of america, the dollar, would contain 375.64 grains of fine argent; on August 8, 1786, the Continental Congress continued that definition and further resolved that the coin of account, corresponding with the division of coins, would proceed in a decimal ratio, with the sub-units being mills at 0.001 of a dollar, cents at 0.010 of a dollar, and dimes at 0.100 of a dollar.[13]

After the adoption of the United States Constitution, the U.S. dollar was defined by the Coinage Human action of 1792. Information technology specified a “dollar” based on the Spanish milled dollar to contain

grains of fine silver, or 416.0 grains (26.96 g) of “standard silvery” of fineness 371.25/416 = 89.24%; equally well equally an “hawkeye” to contain

grains of fine gold, or 270.0 grains (17.l g) of 22 karat or 91.67% fine golden.[34]
Alexander Hamilton arrived at these numbers based on a treasury assay of the average fine silver content of a selection of worn Spanish dollars, which came out to be 371 grains. Combined with the prevailing gold-silvery ratio of xv, the standard for golden was calculated at 371/15 = 24.73 grains fine aureate or 26.98 grains 22K gold. Rounding the latter to 27.0 grains finalized the dollar’s standard to 24.75 grains of fine gold or 24.75*15 = 371.25 grains = 24.0566 grams = 0.7735 troy ounces of fine silver.

The same coinage act as well set up the value of an hawkeye at 10 dollars, and the dollar at


eagle. It called for silver coins in denominations of 1,



, and


dollar, equally well every bit gold coins in denominations of 1,




eagle. The value of gold or argent contained in the dollar was so converted into relative value in the economy for the buying and selling of appurtenances. This allowed the value of things to remain adequately constant over time, except for the influx and outflux of gold and silverish in the nation’southward economy.[35]

Though a Spanish dollar freshly minted after 1772 theoretically contained 417.7 grains of silvery of fineness 130/144 (or 377.i grains fine silver), reliable assays of the period in fact confirmed a fine silvery content of 370.95 grains (24.037 g) for the average Spanish dollar in circulation.
The new U.S. silver dollar of 371.25 grains (24.057 g) therefore compared favorably and was received at par with the Spanish dollar for foreign payments, and after 1803 the United states of america Mint had to append making this coin out of its limited resources since it failed to stay in domestic circulation. It was only after Mexican independence in 1821 when their peso’s fine silver content of 377.1 grains was firmly upheld, which the U.S. afterward had to compete with using a heavier 378.0 grains (24.49 g) Merchandise dollar coin.



The early currency of the Us did not exhibit faces of presidents, equally is the custom at present;[37]
although today, by police force, only the portrait of a deceased individual may appear on Usa currency.[38]
In fact, the newly formed government was against having portraits of leaders on the currency, a practice compared to the policies of European monarchs.[39]
The currency as we know information technology today did not get the faces they currently take until after the early on 20th century; before that “heads” side of coinage used profile faces and striding, seated, and standing figures from Greek and Roman mythology and composite Native Americans. The last coins to exist converted to profiles of historic Americans were the dime (1946) and the Dollar (1971).

Continental currency


Continental ane third dollar bill (obverse)

After the American Revolution, the thirteen colonies became independent. Freed from British monetary regulations, they each issued £sd paper money to pay for war machine expenses. The Continental Congress besides began issuing “Continental Currency” denominated in Spanish dollars. For its value relative to states’ currencies, run across Early American currency.

Continental currency depreciated desperately during the war, giving rise to the famous phrase “non worth a continental”.[40]
A primary problem was that monetary policy was non coordinated betwixt Congress and the states, which connected to issue bills of credit. Additionally, neither Congress nor the governments of the several states had the will or the means to retire the bills from circulation through taxation or the sale of bonds.[41]
The currency was ultimately replaced past the silvery dollar at the charge per unit of 1 silver dollar to m continental dollars. It gave rise to the phrase “not worth a continental”, and was responsible for the clause in article 1, section ten of the U.s.a. Constitution which reads: “No state shall… make anything only gold and silver coin a tender in payment of debts”.

Silver and gold standards, 19th century


From implementation of the 1792 Mint Act to the 1900 implementation of the gilt standard the dollar was on a bimetallic silver-and-gold standard, defined as either 371.25 grains (24.056 k) of fine silver or 24.75 grains of fine golden (gold-argent ratio 15).

Subsequent to the Coinage Act of 1834 the dollar’s fine gold equivalent was revised to 23.two grains; it was slightly adjusted to 23.22 grains (1.505 one thousand) in 1837 (gilt-silver ratio ~16). The aforementioned act besides resolved the difficulty in minting the “standard argent” of 89.24% fineness past revising the dollar’southward blend to 412.5 grains, 90% silver, still containing 371.25 grains fine silver. Gold was as well revised to 90% fineness: 25.8 grains gross, 23.22 grains fine gilt.

Following the rise in the price of silvery during the California Gold Rush and the disappearance of circulating silver coins, the Coinage Human activity of 1853 reduced the standard for silvery coins less than $i from 412.v grains to 384 grains (24.9 g), xc% silver per 100 cents (slightly revised to 25.0 1000, 90% silvery in 1873). The Human action also express the free silver right of individuals to convert bullion into only one money, the silver dollar of 412.5 grains; smaller coins of lower standard can only be produced by the United States Mint using its own bullion.

Summary and links to coins issued in the 19th century:

  • In base of operations metal: 1/2 cent, i cent, 5 cents.
  • In argent: one-half dime, dime, quarter dollar, half dollar, silver dollar.
  • In golden: gold $1, $2.l quarter hawkeye, $5 half hawkeye, $10 eagle, $20 double eagle
  • Less mutual denominations: bronze ii cents, nickel 3 cents, argent iii cents, silverish twenty cents, gold $3.

Note problems, 19th century


In lodge to finance the War of 1812, Congress authorized the issuance of Treasury Notes, interest-bearing brusque-term debt that could exist used to pay public dues. While they were intended to serve equally debt, they did function “to a express extent” as money. Treasury Notes were again printed to help resolve the reduction in public revenues resulting from the Panic of 1837 and the Panic of 1857, as well every bit to assist finance the Mexican–American War and the Civil State of war.

Paper money was issued once again in 1862 without the bankroll of precious metals due to the Ceremonious War. In addition to Treasury Notes, Congress in 1861 authorized the Treasury to borrow $50 one thousand thousand in the grade of Demand Notes, which did not deport interest merely could be redeemed on demand for precious metals. Notwithstanding, past December 1861, the Union government’due south supply of specie was outstripped by demand for redemption and they were forced to suspend redemption temporarily. In Feb 1862 Congress passed the
Legal Tender Act of 1862, issuing United States Notes, which were not redeemable on demand and bore no interest, but were legal tender, meaning that creditors had to accept them at confront value for any payment except for public debts and import tariffs. However, silver and gold coins continued to be issued, resulting in the depreciation of the newly printed notes through Gresham’s Law. In 1869, Supreme Court ruled in Hepburn v. Griswold that Congress could not require creditors to have United States Notes, but overturned that ruling the adjacent year in the Legal Tender Cases. In 1875, Congress passed the
Specie Payment Resumption Act, requiring the Treasury to allow U.S. Notes to be redeemed for gold afterward January ane, 1879.

Gold standard, 20th century


Though the dollar came under the golden standard
de jure
only after 1900, the bimetallic era was ended
de facto
when the Coinage Act of 1873 suspended the minting of the standard argent dollar of 412.five grains (26.73 yard = 0.8595 oz t), the merely fully legal tender coin that individuals could convert bullion into in unlimited (or Free silver) quantities,[42]
and right at the onset of the silver rush from the Comstock Lode in the 1870s. This was the so-called “Crime of ’73”.

Gilded Standard Human action
of 1900 repealed the U.Southward. dollar’s historic link to argent and defined it solely as 23.22 grains (1.505 g) of fine gilt (or $20.67 per troy ounce of 480 grains). In 1933, gold coins were confiscated by Executive Order 6102 under Franklin D. Roosevelt, and in 1934 the standard was changed to $35 per troy ounce fine gilt, or 13.71 grains (0.888 g) per dollar.

Later 1968 a series of revisions to the gold peg was implemented, culminating in the Nixon Shock of August 15, 1971, which suddenly ended the convertibility of dollars to aureate. The U.S. dollar has since floated freely on the foreign exchange markets.

Federal Reserve Notes, 20th century to present


Obverse of a rare 1934 $500 Federal Reserve Note, featuring a portrait of President William McKinley

Reverse of a $500 Federal Reserve Annotation

Congress connected to issue paper money afterwards the Civil War, the latest of which is the Federal Reserve Notation that was authorized by the Federal Reserve Act of 1913. Since the discontinuation of all other types of notes (Gold Certificates in 1933, Silver Certificates in 1963, and U.s. Notes in 1971), U.S. dollar notes have since been issued exclusively as Federal Reserve Notes.

Emergence as reserve currency


The U.South. dollar first emerged as an important international reserve currency in the 1920s, displacing the British pound sterling as it emerged from the Get-go Earth State of war relatively unscathed and since the U.s.a. was a significant recipient of wartime gold inflows. Subsequently the Usa emerged as an even stronger global superpower during the Second World State of war, the Bretton Woods Agreement of 1944 established the U.S. dollar every bit the world’s primary reserve currency and the only mail-war currency linked to gilt. Despite all links to gold being severed in 1971, the dollar continues to exist the world’s foremost reserve currency for international merchandise to this twenty-four hour period.

The Bretton Woods Understanding of 1944 also divers the post-Earth War Two monetary order and relations amid mod-twenty-four hour period independent states, by setting upwardly a organisation of rules, institutions, and procedures to regulate the international monetary organization. The agreement founded the International Budgetary Fund and other institutions of the modern-day World Banking company Group, establishing the infrastructure for conducting international payments and accessing the global capital letter markets using the U.S. dollar.

The monetary policy of the Usa is conducted by the Federal Reserve System, which acts as the nation’south fundamental bank. Information technology was founded in 1913 under the Federal Reserve Act in order to furnish an elastic currency for the United States and to supervise its banking organization, particularly in the aftermath of the Panic of 1907.

For most of the post-war period, the U.S. regime has financed its own spending past borrowing heavily from the dollar-lubricated global capital markets, in debts denominated in its ain currency and at minimal interest rates. This ability to borrow heavily without facing a significant balance of payments crisis has been described as the United States’due south exorbitant privilege.



The United States Mint has issued legal tender coins every twelvemonth from 1792 to the nowadays. From 1934 to the present, the but denominations produced for circulation take been the familiar penny, nickel, dime, quarter, half dollar, and dollar.

Denomination Mutual name Obverse Reverse Obverse portrait and design date Reverse motif and blueprint date Weight Diameter Textile Border Circulation
penny US One Cent Obv.png 2005 Penny Rev Unc D.png Abraham Lincoln (1909) Union Shield (2010) 2.5 g
(0.088 oz)
0.75 in
(19.05 mm)
97.5% Zn covered by two.5% Cu Obviously Wide
Five cents
nickel Jefferson-Nickel-Unc-Obv.jpg US Nickel 2013 Rev.png Thomas Jefferson (2006) Monticello (1938) 5.0 grand
(0.176 oz)
0.835 in
(21.21 mm)
75% Cu
25% Ni
Plain Wide
dime 2017-D Roosevelt dime obverse transparent.png Dime Reverse 13.png Franklin D. Roosevelt (1946) Olive co-operative, torch, and oak co-operative (1946) 2.268 g
(0.08 oz)
0.705 in
(17.91 mm)
91.67% Cu
viii.33% Ni
118 reeds Wide
Quarter dollar
quarter 2021-P US Quarter Obverse.jpg Quarter new.jpg George Washington (1932) Washington crossing the Delaware (2021) five.67 g
(0.2 oz)
0.955 in
(24.26 mm)
91.67% Cu
viii.33% Ni
119 reeds Wide
One-half dollar
one-half US Half Dollar Obverse 2015.png US 50 Cent Rev.png John F. Kennedy (1964) Presidential Seal (1964) eleven.34 one thousand
(0.4 oz)
1.205 in
(30.61 mm)
91.67% Cu
eight.33% Ni
150 reeds Limited
Dollar coin
dollar money, golden dollar Sacajawea 1.jpg 2003 Sacagawea Rev.png Sacajawea


Diverse; new blueprint per year viii.10 g
(0.286 oz)
1.043 in
(26.l mm)
88.5% Cu
6% Zn
3.5% Mn
2% Ni
Plain 2000-2006
Lettered 2007-Present

Gold and silverish coins have been previously minted for general circulation from the 18th to the 20th centuries. The last aureate coins were minted in 1933. The last 90% silver coins were minted in 1964, and the concluding twoscore% argent half dollar was minted in 1970.

The United States Mint currently produces circulating coins at the Philadelphia and Denver Mints, and commemorative and proof coins for collectors at the San Francisco and West Point Mints. Mint marking conventions for these and for past mint branches are discussed in
Coins of the U.s.a. dollar#Mint marks.

The ane-dollar money has never been in popular apportionment from 1794 to present, despite several attempts to increase their usage since the 1970s, the most important reason of which is the continued production and popularity of the one-dollar bill.[43]
Half dollar coins were normally used currency since inception in 1794, but has fallen out of use from the mid-1960s when all silver one-half dollars began to be hoarded.

The nickel is the only coin whose size and composition (5 grams, 75% copper, and 25% nickel) is still in use from 1865 to today, except for wartime 1942-1945 Jefferson nickels which independent silverish.

Due to the penny’s depression value, some efforts have been made to eliminate the penny as circulating coinage.

For a discussion of other discontinued and canceled denominations, run across
Obsolete denominations of U.s.a. currency#Coinage
Canceled denominations of United States currency#Coinage.

Collector coins


Collector coins are technically legal tender at face value but are usually worth far more due to their numismatic value or for their precious metal content. These include:

  • American Hawkeye bullion coins
    • American Silver Eagle $ane (one troy oz) Silvery bullion coin 1986–present
    • American Gold Eagle $v (

      troy oz), $10 (

      troy oz), $25 (

      troy oz), and $l (1 troy oz) Gilt bullion coin 1986–present
    • American Platinum Eagle $ten (

      troy oz), $25 (

      troy oz), $l (

      troy oz), and $100 (1 troy oz) Platinum bullion money 1997–present
    • American Palladium Hawkeye $25 (1 troy oz) Palladium bullion coin 2017–present
  • United States commemorative coins—special result coins, amongst these:
    • $50.00 (One-half Wedlock) minted for the Panama-Pacific International Exposition (1915)
    • Silver proof sets minted since 1992 with dimes, quarters and half-dollars made of silver rather than the standard copper-nickel
    • Presidential dollar coins proof sets minted since 2007



Denomination Front Opposite Portrait Opposite motif Showtime serial Latest series Circulation
I dollar US one dollar bill, obverse, series 2009.jpg US one dollar bill, reverse, series 2009.jpg George Washington Neat Seal of the United States Series 1963[a]

Series 1935[b]
Series 2017A[46] Wide
Two dollars US $2 obverse.jpg US $2 reverse.jpg Thomas Jefferson Declaration of Independence
by John Trumbull
Serial 1976 Series 2017A Limited
5 dollars US $5 Series 2006 obverse.jpg US $5 Series 2006 reverse.jpg Abraham Lincoln Lincoln Memorial Series 2006 Serial 2017A Broad
10 dollars US10dollarbill-Series 2004A.jpg US $10 Series 2004 reverse.jpg Alexander Hamilton U.South. Treasury Series 2004A Series 2017A Wide
Xx dollars US20-front.jpg US20-back.jpg Andrew Jackson White House Series 2004 Series 2017A Wide
Fifty dollars 50 USD Series 2004 Note Front.jpg 50 USD Series 2004 Note Back.jpg Ulysses S. Grant United States Capitol Series 2004 Series 2017A Wide
One hundred dollars Obverse of the series 2009 $100 Federal Reserve Note.jpg New100back.jpg Benjamin Franklin Independence Hall Serial 2009A[47] Series 2017A Wide

The U.Due south. Constitution provides that Congress shall have the power to “borrow money on the credit of the United states of america.”[48]
Congress has exercised that ability by authorizing Federal Reserve Banks to issue Federal Reserve Notes. Those notes are “obligations of the United States” and “shall be redeemed in lawful money on demand at the Treasury Department of the U.s.a., in the urban center of Washington, Commune of Columbia, or at any Federal Reserve bank”.[49]
Federal Reserve Notes are designated past law as “legal tender” for the payment of debts.[fifty]
Congress has also authorized the issuance of more than ten other types of banknotes, including the United States Notation[51]
and the Federal Reserve Bank Notation. The Federal Reserve Note is the only type that remains in apportionment since the 1970s.

Federal Reserve Notes are printed by the Bureau of Engraving and Printing and are made from cotton cobweb newspaper (as opposed to wood fiber used to make common paper). The “large-sized notes” issued before 1928 measured 7.42 in × 3.125 in (188.5 mm × 79.iv mm), while small-sized notes introduced that year measure 6.xiv in × 2.61 in × 0.0043 in (155.96 mm × 66.29 mm × 0.xi mm).[52]
The dimensions of the mod (small-size) U.S. currency is identical to the size of Philippine peso banknotes issued under Usa administration after 1903, which had proven highly successful.[53]
The American big-note bills became known as “equus caballus blankets” or “saddle blankets.”[54]

Currently printed denominations are $1, $two, $5, $10, $20, $50, and $100. Notes higher up the $100 denomination stopped being printed in 1946 and were officially withdrawn from apportionment in 1969. These notes were used primarily in inter-bank transactions or past organized criminal offense; it was the latter usage that prompted President Richard Nixon to issue an executive lodge in 1969 halting their use. With the appearance of electronic banking, they became less necessary. Notes in denominations of $500, $1,000, $five,000, $10,000, and $100,000 were all produced at one time; see large denomination bills in U.S. currency for details. With the exception of the $100,000 bill (which was only issued as a Series 1934 Gold Document and was never publicly circulated; thus it is illegal to own), these notes are now collectors’ items and are worth more than their face value to collectors.

Though still predominantly green, the post-2004 series comprise other colors to better distinguish different denominations. Equally a result of a 2008 decision in an accessibility lawsuit filed by the American Quango of the Blind, the Bureau of Engraving and Printing is planning to implement a raised tactile feature in the next redesign of each note, except the $1 and the electric current version of the $100 bill. It also plans larger, higher-contrast numerals, more colour differences, and distribution of currency readers to help the visually dumb during the transition period.[55]

Countries that use United states of america dollar






Monetary policy


The Federal Reserve Act created the Federal Reserve System in 1913 as the central bank of the Usa. Its primary task is
to conduct the nation’s monetary policy to promote maximum employment, stable prices, and moderate long-term interest rates in the U.S. economy.
It is also tasked to promote the stability of the financial system and regulate financial institutions, and to act as lender of last resort.[61]

The Monetary policy of the United states is conducted past the Federal Open Market Committee, which is composed of the Federal Reserve Board of Governors and 5 out of the 12 Federal Reserve Depository financial institution presidents, and is implemented by all twelve regional Federal Reserve Banks.

Monetary policy refers to actions fabricated past central banks that decide the size and growth rate of the money supply available in the economic system, and which would result in desired objectives like low inflation, low unemployment, and stable financial systems. The economic system’s aggregate money supply is the total of

  • M0 money, or Monetary Base
    – “dollars” in currency and bank money balances credited to the fundamental bank’due south depositors, which are backed by the central bank’s assets,
  • plus M1, M2, M3 money
    – “dollars” in the class of depository financial institution money balances credited to banks’ depositors, which are backed by the bank’southward avails and investments.

The FOMC influences the level of money available to the economic system by the following means:

  • Reserve requirements
    – specifies a required minimum per centum of deposits in a commercial bank that should be held as a reserve (i.east. as deposits with the Federal Reserve), with the residue available to loan or invest. College requirements mean less coin loaned or invested, helping keep inflation in check. Raising the
    federal funds charge per unit
    earned on those reserves too helps achieve this objective.
  • Open market operations
    – the Federal Reserve buys or sells Usa Treasury bonds and other securities held by banks in substitution for reserves; more reserves increase a depository financial institution’south chapters to loan or invest elsewhere.
  • Discount window lending
    – banks can borrow from the Federal Reserve.

Monetary policy directly affects interest rates; it indirectly affects stock prices, wealth, and currency substitution rates. Through these channels, monetary policy influences spending, investment, production, employment, and inflation in the Us. Effective budgetary policy complements fiscal policy to support economic growth.

The adjusted monetary base has increased from approximately $400 billion in 1994, to $800 billion in 2005, and to over $3 trillion in 2013.[63]

When the Federal Reserve makes a purchase, it credits the seller’due south reserve business relationship (with the Federal Reserve). This money is not transferred from any existing funds—information technology is at this point that the Federal Reserve has created new high-powered money. Commercial banks and then decide how much money to keep in deposit with the Federal Reserve and how much to hold as physical currency. In the latter case, the Federal Reserve places an lodge for printed coin from the U.Southward. Treasury Department.[64]
The Treasury Section, in plow, sends these requests to the Bureau of Engraving and Press (to print new dollar bills) and the Bureau of the Mint (to postage stamp the coins).

The Federal Reserve’south monetary policy objectives to keep prices stable and unemployment low is often chosen the
dual mandate. This replaces by practices nether a gold standard where the main concern is the aureate equivalent of the local currency, or under a golden exchange standard where the concern is fixing the exchange rate versus some other gilded-convertible currency (previously practiced worldwide under the Bretton Forest Agreement of 1944 via stock-still exchange rates to the U.South. dollar).

International utilise as reserve currency


Worldwide employ of the U.Due south. dollar:


 External adopters of the United states of america dollar

 Currencies pegged to the United states of america dollar

 Currencies pegged to the US dollar w/ narrow band

Worldwide utilise of the euro:

 External adopters of the euro

 Currencies pegged to the euro

 Currencies pegged to the euro w/ narrow band



The main currency used for global trade between Europe, Asia, and the Americas has historically been the Spanish-American silver dollar, which created a global silver standard arrangement from the 16th to 19th centuries, due to arable silver supplies in Spanish America.[65]
The U.South. dollar itself was derived from this coin. The Spanish dollar was afterwards displaced past the British pound sterling in the advent of the international gold standard in the final quarter of the 19th century.

The U.S. dollar began to displace the pound sterling as international reserve currency from the 1920s since it emerged from the Beginning World State of war relatively unscathed and since the United States was a pregnant recipient of wartime gold inflows.[66]
Subsequently the U.S. emerged as an even stronger global superpower during the Second World War, the Bretton Woods Understanding of 1944 established the post-war international monetary arrangement, with the U.S. dollar ascending to become the world’s primary reserve currency for international trade, and the only postal service-war currency linked to gilt at $35 per troy ounce.[67]

As international reserve currency


The U.Due south. dollar is joined by the world’s other major currencies – the euro, pound sterling, Japanese yen and Chinese renminbi – in the currency basket of the special cartoon rights of the International Budgetary Fund. Central banks worldwide have huge reserves of U.S. dollars in their holdings and are significant buyers of U.South. treasury bills and notes.[68]

Foreign companies, entities, and private individuals concord U.S. dollars in foreign deposit accounts called eurodollars (non to be confused with the euro), which are exterior the jurisdiction of the Federal Reserve Arrangement. Individual individuals also hold dollars exterior the cyberbanking system mostly in the form of United states of america$100 bills, of which 80% of its supply is held overseas.

The U.s.a. Section of the Treasury exercises considerable oversight over the SWIFT financial transfers network,[69]
and consequently has a huge sway on the global fiscal transactions systems, with the ability to impose sanctions on foreign entities and individuals.[70]

In the global markets


The U.S. dollar is predominantly the standard currency unit in which goods are quoted and traded, and with which payments are settled in, in the global commodity markets.[71]
The U.S. Dollar Index is an of import indicator of the dollar’due south strength or weakness versus a basket of half dozen foreign currencies.

The United States Government is capable of borrowing trillions of dollars from the global majuscule markets in U.S. dollars issued by the Federal Reserve, which is itself nether U.Due south. government purview, at minimal involvement rates, and with nearly nil default risk. In contrast, foreign governments and corporations incapable of raising money in their own local currencies are forced to issue debt denominated in U.S. dollars, along with its consequent college interest rates and risks of default.[72]
The United States’south ability to borrow in its own currency without facing a significant balance of payments crisis has been frequently described equally its exorbitant privilege.[73]

A frequent topic of argue is whether the strong dollar policy of the United States is indeed in America’s own best interests, every bit well as in the all-time involvement of the international community.[74]

Currencies fixed to the U.Due south. dollar


For a more exhaustive discussion of countries using the U.S. dollar as official or customary currency, or using currencies which are pegged to the U.S. dollar, see
International use of the U.S. dollar#Dollarization and fixed substitution rates
Currency substitution#U.s. dollar.

Countries using the U.S. dollar as their official currency include:

  • In the Americas: Panama, Ecuador, El salvador, British Virgin Islands, Turks and Caicos Islands, and the Caribbean area Netherlands.
  • The constituent states of the onetime Trust Territory of the Pacific Islands: Palau, the Federated States of Micronesia, and the Republic of the marshall islands.
  • Others: East Timor.

Among the countries using the U.S. dollar together with other foreign currencies and their local currency are Cambodia and Zimbabwe.

Currencies pegged to the U.Due south. dollar include:

  • In the Caribbean: the Bahamian dollar, Barbadian dollar, Belize dollar, Bermudan dollar, Cayman Islands dollar, East Caribbean dollar, Netherlands Antillean guilder and the Aruban florin.
  • The currencies of five oil-producing Arab countries: the Saudi riyal, United Arab Emirates dirham, Omani rial, Qatari riyal and the Bahraini dinar.
  • Others: the Hong Kong dollar, Macanese pataca, Jordanian dinar, Lebanese pound.



Ownership power of one U.S. dollar compared to 1775 Spanish milled dollar
 Yr  Equivalent  ownership power
1775  $1.00
1780  $0.59
1790  $0.89
1800  $0.64
1810  $0.66
1820  $0.69
1830  $0.88
1840  $0.94
1850  $one.03
1860  $0.97
 Yr  Equivalent  ownership ability
1870  $0.62
1880  $0.79
1890  $0.89
1900  $0.96
1910  $0.85
1920  $0.39
1930  $0.47
1940  $0.56
1950  $0.33
1960  $0.26
 Year  Equivalent  buying ability
1970  $0.20
1980  $0.10
1990  $0.06
2000  $0.05
2007  $0.04
2008  $0.04
2009  $0.04
2010  $0.035
2011  $0.034
2012  $0.03

Inflation value of dollar

The 6th paragraph of Section 8 of Commodity i of the U.S. Constitution provides that the U.S. Congress shall accept the power to “money money” and to “regulate the value” of domestic and foreign coins. Congress exercised those powers when it enacted the Coinage Human activity of 1792. That Human action provided for the minting of the first U.S. dollar and it declared that the U.Southward. dollar shall have “the value of a Spanish milled dollar as the same is now current”.[75]

The tabular array above shows the equivalent amount of goods that, in a particular twelvemonth, could be purchased with $1. The table shows that from 1774 through 2012 the U.S. dollar has lost about 97.0% of its buying ability.[76]

The refuse in the value of the U.Due south. dollar corresponds to price inflation, which is a rise in the general level of prices of goods and services in an economy over a catamenia of time.[77]
A consumer price alphabetize (CPI) is a measure estimating the average cost of consumer appurtenances and services purchased by households. The United states Consumer Price Alphabetize, published by the Bureau of Labor Statistics, is a measure estimating the boilerplate toll of consumer goods and services in the United States.[78]
It reflects inflation equally experienced by consumers in their mean solar day-to-day living expenses.[79]
A graph showing the U.S. CPI relative to 1982–1984 and the almanac twelvemonth-over-year alter in CPI is shown at right.

The value of the U.S. dollar declined significantly during wartime, especially during the American Civil War, Globe War I, and World War 2.[80]
The Federal Reserve, which was established in 1913, was designed to replenish an “elastic” currency subject field to “substantial changes of quantity over short periods”, which differed significantly from previous forms of high-powered money such as aureate, national banknotes, and silverish coins.[81]
Over the very long run, the prior gold standard kept prices stable—for instance, the toll level and the value of the U.S. dollar in 1914 were not very dissimilar from the price level in the 1880s. The Federal Reserve initially succeeded in maintaining the value of the U.S. dollar and price stability, reversing the inflation caused by the First World War and stabilizing the value of the dollar during the 1920s, before presiding over a 30% deflation in U.S. prices in the 1930s.[82]

Under the Bretton Forest system established afterward Earth War Ii, the value of gold was stock-still to $35 per ounce, and the value of the U.S. dollar was thus anchored to the value of gilded. Ascent government spending in the 1960s, withal, led to doubts near the ability of the United States to maintain this convertibility, gold stocks dwindled as banks and international investors began to convert dollars to gold, and equally a consequence, the value of the dollar began to decline. Facing an emerging currency crisis and the imminent danger that the Usa would no longer be able to redeem dollars for aureate, gold convertibility was finally terminated in 1971 by President Nixon, resulting in the “Nixon shock”.[83]

The value of the U.S. dollar was therefore no longer anchored to aureate, and it vicious upon the Federal Reserve to maintain the value of the U.S. currency. The Federal Reserve, however, continued to increase the coin supply, resulting in stagflation and a rapidly declining value of the U.South. dollar in the 1970s. This was largely due to the prevailing economic view at the time that inflation and existent economic growth were linked (the Phillips curve), and so inflation was regarded as relatively benign.[83]
Between 1965 and 1981, the U.Due south. dollar lost two thirds of its value.[76]

In 1979, President Carter appointed Paul Volcker Chairman of the Federal Reserve. The Federal Reserve tightened the money supply and inflation was substantially lower in the 1980s, and hence the value of the U.S. dollar stabilized.[83]

Over the thirty-year period from 1981 to 2009, the U.S. dollar lost over one-half its value.[76]
This is because the Federal Reserve has targeted not zero inflation, but a low, stable rate of inflation—between 1987 and 1997, the rate of inflation was approximately iii.5%, and between 1997 and 2007 information technology was approximately two%. The so-chosen “Slap-up Moderation” of economical weather condition since the 1970s is credited to monetary policy targeting price stability.[84]

At that place is an ongoing debate most whether central banks should target zero inflation (which would mean a constant value for the U.S. dollar over fourth dimension) or low, stable inflation (which would mean a continuously only slowly declining value of the dollar over time, every bit is the example now). Although some economists are in favor of a null aggrandizement policy and therefore a constant value for the U.S. dollar,[82]
others argue that such a policy limits the power of the central banking concern to control interest rates and stimulate the economy when needed.[85]

Pegged currencies


Commutation rates


Historical substitution rates


Currency units per one U.S. dollar, averaged over the year[86]
Currency units 1970[i] 1980[i] 1985[i] 1990[i] 1993 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2018[89]
Euro  —  —  —  —  — 0.9387 one.0832 ane.1171 1.0578 0.8833 0.8040 0.8033 0.7960 0.7293 0.6791 0.7176 0.6739 0.7178 0.7777 0.7530 0.7520 0.9015 0.8504
Japanese yen 357.vi 240.45 250.35 146.25 111.08 113.73 107.80 121.57 125.22 115.94 108.fifteen 110.11 116.31 117.76 103.39 93.68 87.78 79.70 79.82 97.lx 105.74 121.05 111.130
Pound sterling 8s 4d
0.4484[ii] 0.8613[ii] 0.6207 0.6660 0.6184 0.6598 0.6946 0.6656 0.6117 0.5456 0.5493 0.5425 0.4995 0.5392 0.6385 0.4548 0.6233 0.6308 0.6393 0.6066 0.6544 0.7454
Swiss franc 4.12 one.68 2.46[90] 1.39 i.48 1.50 1.69 i.69 1.62 1.xl i.24 1.fifteen i.29 1.23 1.12 1.08 1.03 0.93 0.93 0.xc 0.92 i.00 0.98
Canadian dollar[91] 1.081 1.168 1.321 1.1605 1.2902 1.4858 ane.4855 1.5487 1.5704 one.4008 1.3017 one.2115 1.1340 1.0734 one.0660 1.1412 1.0298 0.9887 0.9995 1.0300 one.1043 1.2789 1.2842
Mexican peso[92] 0.01250–0.02650[3] ii.80[three] 2.67[iii] 2.50[iii] iii.1237 ix.553 9.459 9.337 nine.663 10.793 11.290 10.894 10.906 10.928 11.143 thirteen.498 12.623 12.427 thirteen.154 12.758 thirteen.302 15.837 19.911
Chinese Renminbi[93] 2.46 one.7050 ii.9366 iv.7832 5.7620 8.2783 8.2784 8.2770 8.2771 8.2772 8.2768 8.1936 seven.9723 seven.6058 6.9477 6.8307 half-dozen.7696 vi.4630 vi.3093 six.1478 6.1620 half-dozen.2840 6.383
Pakistani rupee 4.761 ix.9 15.9284 21.707 28.107 51.9 51.nine 63.v 60.5 57.75 57.eight 59.7 60.4 60.83 67 80.45 85.75 88.6 90.7 105.477 100.661 104.763 139.850
Indian rupee seven.56 8.000 12.38 16.96 31.291 43.13 45.00 47.22 48.63 46.59 45.26 44.00 45.nineteen 41.18 43.39 48.33 45.65 46.58 53.37 58.51 62.00 64.1332 68.xi
Singapore dollar  —  — 2.179 1.903 1.6158 1.6951 1.7361 1.7930 1.7908 one.7429 ane.6902 1.6639 1.5882 1.5065 1.4140 1.4543 1.24586 one.2565 1.2492 one.2511 i.2665 1.3748 one.343

Current exchange rates


Current USD exchange rates

See also


  • Counterfeit United States currency
  • Dedollarisation
  • International use of the U.S. dollar
  • List of the largest trading partners of the Us
  • Monetary policy of the United States
  • Petrodollar recycling
  • Strong dollar policy
  • U.Southward. Dollar Index



  1. ^


  2. ^


  3. ^

    Alongside Cambodian riel

  4. ^

    Alongside Democratic republic of timor-leste centavo coins

  5. ^

    Alongside Ecuadorian centavo coins

  6. ^

    Alongside Bitcoin

  7. ^

    Alongside Panamanian balboa

  8. ^

    Aslope Zimdollar

  9. ^

    Usa of America

  10. ^

    Kingdom of the Netherlands

  11. ^

    Uk of Nifty Britain and Northern Ireland

  12. ^

    Alongside Pound sterling

  13. ^

    United Kingdom of Great United kingdom and Northern Ireland

  14. ^

    United states of America

  15. ^

    U.s. of America

  16. ^

    U.s.a. of America

  17. ^

    Kingdom of the Netherlands

  18. ^


  19. ^

    U.k. of Corking Britain and Northern Ireland

  20. ^

    U.s.a. of America
  1. ^





    Mexican peso values prior to 1993 revaluation
  2. ^



    derived from AUD–USD=one.1055 and AUD–GBP=0.4957 at cease of December 1979: 0.4957/1.1055=0.448394392;
    derived from AUD–USD=0.8278 and AUD–GBP=0.7130 at end of December 1984: 0.7130/0.8278=0.861319159.
  3. ^





    Value at the showtime of the twelvemonth



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    A History of the Dollar
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    Rand, Ayn. [1957] 1992.
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Further reading


  • Prasad, Eswar Due south. (2014).
    The Dollar Trap: How the U.S. Dollar Tightened Its Grip on Global Finance. Princeton, NJ: Princeton University Printing. ISBN978-0-691-16112-9.

External links


  • U.Southward. Agency of Engraving and Printing Archived May 30, 1997, at the Wayback Auto
  • U.S. Currency and Coin Outstanding and in Apportionment
  • American Currency Exhibit at the San Francisco Federal Reserve Banking company
  • Relative values of the U.South. dollar, from 1774 to nowadays
  • Historical Currency Converter
  • Summary of BEP Production Statistics

Images of U.S. currency and coins


  • U.S. Currency Education Program page with images of all current banknotes
  • U.Southward. Mint: Paradigm Library
  • Historical and current banknotes of the U.s.
    (in English and German language)

Source: https://en.wikipedia.org/wiki/United_States_dollar

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