Wiki:United States dollar
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 Coinage Act of 1792. One dollar is divided into 100 cents (symbol: Â¢) or 1000 mills (for accounting purposes and for taxing; symbol: â¥). The Coinage Act of 1792 created a decimal currency by creating the dime, nickel and penny coins. In addition the act created the dollar, half dollar, and quarter dollar coins. All of these coins are still minted in 2020.
In addition, several forms of paper money were introduced by Congress over the years. The latest of these, the Federal Reserve Note, was authorized by the Federal Reserve Act of 1913, while all existing U.S. currency remains legal tender. Issuance of the previous form of the currency (U.S. notes) was discontinued in January 1971. As a result, currently circulating paper money consists primarily of Federal Reserve Notes that are denominated in United States dollars (12 U.S.C. Â§ 418).
Since the suspension in 1971 of convertibility of paper U.S. currency into any precious metal, the U.S. dollar is de facto fiat money. As it is the most used in international transactions, the U.S. dollar is the world's primary reserve currency. 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). As of January 31, 2019, there are approximately $1.7 trillion in circulation, of which $1.65 trillion is in the Federal Reserve Notes (the remaining $50 billion is in the form of U.S. notes and coins).
The U.S. dollar as a currency is often referred to as the greenback by foreign exchange traders and the financial press in other countries, such as Australia, New Zealand, South Africa, and India.
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