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The United States
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
United States
and its territories per the United States
United States
Constitution since 1792. In practice, the dollar is divided into 100 smaller cent (¢) units, but is occasionally divided into 1000 mills (₥) for accounting. The circulating paper money consists of Federal Reserve
Federal Reserve
Notes that are denominated in United States dollars (12 U.S.C. § 418). Since the suspension in 1971[4] of convertibility of paper U.S. currency into any precious metal, the U.S. dollar is, de facto, fiat money.[5] As it is the most used in international transactions, the U.S. dollar is the world's primary reserve currency.[6] Several countries use it as their official currency, and in many others it is the de facto currency.[7] Besides the United States, it is also used as the sole currency in two British Overseas Territories
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
Sacagawea
or presidential dollar). As of January 31, 2019, there are approximately $1.7 trillion in circulation, of which $1.65 trillion is in Federal Reserve
Federal Reserve
Notes (the remaining $50 billion is in the form of U.S. notes and coins).[8] 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.[9][10][11][12][13]

Contents

1 Overview 2 Etymology

2.1 Nicknames

3 Dollar
Dollar
sign 4 History

4.1 Continental currency 4.2 Silver
Silver
and gold standards

5 Coins

5.1 Collector coins 5.2 Dollar
Dollar
coins 5.3 Mint marks

5.3.1 Notes

6 Banknotes 7 Means of issue 8 Value 9 Exchange rates

9.1 Historical exchange rates 9.2 Current exchange rates

10 See also 11 Notes 12 References 13 Further reading 14 External links

14.1 Images of U.S. currency and coins

Overview[edit] Article I, Section 8 of the U.S. Constitution provides that the Congress has the power "To coin money".[14] Laws implementing this power are currently codified at 31 U.S.C. § 5112. Section 5112 prescribes the forms in which the United States
United States
dollars should be issued.[15] These coins are both designated in Section 5112 as "legal tender" in payment of debts.[15] The Sacagawea dollar
Sacagawea dollar
is one example of the copper alloy dollar. The pure silver dollar is known as the American Silver Eagle. Section 5112 also provides for the minting and issuance of other coins, which have values ranging from one cent to 100 dollars.[15] These other coins are more fully described in Coins of the United States
United States
dollar. The Constitution provides that "a regular Statement and Account of the Receipts and Expenditures of all public Money shall be published from time to time".[16] That provision of the Constitution is made specific by Section 331 of Title 31 of the United States Code.[17] The sums of money reported in the "Statements" are currently being expressed in U.S. dollars (for example, see the 2009 Financial Report of the United States
United States
Government).[18] The U.S. dollar may therefore be described as the unit of account of the United States. The word "dollar" is one of the words in the first paragraph of Section 9 of Article I of the Constitution. There, "dollars" is a reference to the Spanish milled dollar, a coin that had a monetary value of 8 Spanish units of currency, or reales. In 1792 the U.S. Congress passed a Coinage Act. Section 9 of that act authorized the production of various coins, including "DOLLARS OR UNITS—each to be of the value of a Spanish milled dollar
Spanish milled dollar
as the same is now current, and to contain three hundred and seventy-one grains and four sixteenth parts of a grain of pure, or four hundred and sixteen grains of standard silver". Section 20 of the act provided, "That the money of account of the United States
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 United States
United States
shall be kept and had in conformity to this regulation". In other words, this act designated the United States
United States
dollar as the unit of currency of the United States. Unlike the Spanish milled dollar, the U.S. dollar is based upon a decimal system of values. In addition to the dollar the coinage act officially established monetary units of mill or one-thousandth of a dollar (symbol ₥), cent or one-hundredth of a dollar (symbol ¢), dime or one-tenth of a dollar, and eagle or ten dollars, with prescribed weights and composition of gold, silver, or copper for each. It was proposed in the mid-1800s that one hundred dollars be known as a union, but no union coins were ever struck and only patterns for the $50 half union exist. However, only cents are in everyday use as divisions of the dollar; "dime" is used solely as the name of the coin with the value of 10¢, while "eagle" and "mill" are largely unknown to the general public, though mills are sometimes used in matters of tax levies, and gasoline prices are usually in the form of $X.XX9 per gallon, e.g., $3.599, more commonly written as $3.59​9⁄10. When currently issued in circulating form, denominations equal to or less than a dollar are emitted as U.S. coins while denominations equal to or greater than a dollar are emitted as Federal Reserve
Federal Reserve
Notes (with the exception of gold, silver, platinum and palladium coins valued up to $100 as legal tender, but worth far more as bullion). Both one-dollar coins and notes are produced today, although the note form is significantly more common. In the past, "paper money" was occasionally issued in denominations less than a dollar (fractional currency) and gold coins were issued for circulation up to the value of $20 (known as the "double eagle", discontinued in the 1930s). The term eagle was used in the Coinage Act of 1792 for the denomination of ten dollars, and subsequently was used in naming gold coins. Paper currency less than one dollar in denomination, known as "fractional currency", was also sometimes pejoratively referred to as "shinplasters". In 1854, James Guthrie, then Secretary of the Treasury, proposed creating $100, $50 and $25 gold coins, which were referred to as a "Union", "Half Union", and "Quarter Union",[19] thus implying a denomination of 1 Union = $100.

Series of 1917 $1 United States
United States
bill Today, USD notes are made from cotton fiber paper, unlike most common paper, which is made of wood fiber. U.S. coins are produced by the United States
United States
Mint. U.S. dollar banknotes are printed by the Bureau of Engraving and Printing and, since 1914, have been issued by the Federal Reserve. The "large-sized notes" issued before 1928 measured 7.42 by 3.125 inches (188.5 by 79.4 mm); small-sized notes, introduced that year, measure 6.14 by 2.61 by 0.0043 inches (155.96 by 66.29 by 0.11 mm). When the current, smaller sized U.S. currency was introduced it was referred to as Philippine-sized currency because the Philippines
Philippines
had previously adopted the same size for its legal currency, the Philippine peso.

Etymology[edit] Further information: Dollar In the 16th century, Count Hieronymus Schlick of Bohemia
Bohemia
began minting coins known as Joachimstalers, named for Joachimstal, the valley where the silver was mined. The German word for valley is thal, or nowadays usually Tal (cognate with "dale" in English). St. Joachim's Valley is now known as Jáchymov, in the Czech Republic
Czech Republic
(then part of the Kingdom of Bohemia).[20] Joachimstaler was later shortened to the German Taler, a word that eventually found its way into many languages, including Danish and Swedish as daler, Norwegian as dalar and daler, Dutch as daler or daalder, Ethiopian as talari, Hungarian as tallér, Italian as tallero, and English as dollar.[20] Alternatively, thaler is said to come from the German coin Guldengroschen
Guldengroschen
("great guilder", being of silver but equal in value to a gold guilder), minted from the silver from Joachimsthal. The coins minted at Joachimsthal soon lent their name to other coins of similar size and weight from other places. One such example, was a Dutch coin depicting a lion, hence its Dutch name leeuwendaler (in English: "lion dollar"). The leeuwendaler was authorized to contain 427.16 grains of .75 fine silver and passed locally for between 36 and 42 stuivers. It was lighter than the large-denomination coins then in circulation, thus it was more advantageous for a Dutch merchant to pay a foreign debt in leeuwendalers and it became the coin of choice for foreign trade. The leeuwendaler was popular in the Dutch East Indies
Dutch East Indies
and in the Dutch North American New Netherland
New Netherland
Colony (Tri-State area), and circulated throughout the Thirteen Colonies
Thirteen Colonies
during the 17th and early 18th centuries. It was also separately popular throughout Eastern Europe, where it led to the current Romanian and Moldovan currency being called leu (literally "lion"). Among the English-speaking community, the Dutch coin came to be popularly known as lion dollar – and is the origin of the English dollar.[21] The modern American-English pronunciation of dollar is still remarkably close to the 17th-century Dutch pronunciation of daler.[22] By analogy with this lion dollar, Spanish pesos – with the same weight and shape as the lion dollar – came to be known as Spanish dollars.[22] By the mid-18th century, the lion dollar had been replaced by the Spanish dollar, the famous "piece of eight", which was distributed widely in the Spanish colonies in the New World and in the Philippines.[23] Eventually, dollar became the name of the first official American currency.

Nicknames[edit] See also: Slang terms for money § United States The colloquialism "buck"(s) (much like the British word "quid"(s, pl) for the pound sterling) is often used to refer to dollars of various nations, including the U.S. dollar. This term, dating to the 18th century, may have originated with the colonial leather trade. It may also have originated from a poker term.[24] "Greenback" is another nickname originally applied specifically to the 19th-century Demand Note
Demand Note
dollars created by Abraham Lincoln
Abraham Lincoln
to finance the costs of the Civil War for the North.[25] The original note was printed in black and green on the back side. It is still used to refer to the U.S. dollar (but not to the dollars of other countries). Other well-known names of the dollar as a whole in denominations include "greenmail", "green" and "dead presidents" (the last because deceased presidents are pictured on most bills). The term greenback is also used by forex traders with reference to the U.S. dollar as a currency,[9] and by the financial press in other countries, such as Australia,[10] New Zealand,[11] South Africa,[12] and India.[13] A "grand", sometimes shortened to simply "G", is a common term for the amount of $1,000. The suffix "K" or "k" (from "kilo-") is also commonly used to denote this amount (such as "$10k" to mean $10,000). However, the $1,000 note is no longer in general use. A "large" or "stack", it is usually a reference to a multiple of $1,000 (such as "fifty large" meaning $50,000). The $100 note is nicknamed "Benjamin", "Benji", "Ben", or "Franklin" (after Benjamin Franklin), "C-note" (C being the Roman numeral
Roman numeral
for 100), "Century note" or "bill" (e.g. "two bills" being $200). The $50 note is occasionally called a "yardstick" or a "grant" (after President Ulysses S. Grant, pictured on the obverse). The $20 note is referred to as a "double sawbuck", "Jackson" (after Andrew Jackson), or "double eagle". The $10 note is referred to as a "sawbuck", "ten-spot" or "Hamilton" (after Alexander Hamilton). The $5 note as "Lincoln", "fin", "fiver" or "five-spot". The infrequently-used $2 note is sometimes called "deuce", "Tom", or "Jefferson" (after Thomas Jefferson). The $1 note as a "single" or "buck". The dollar has also been referred to as a "bone" and "bones" in plural (e.g. "twenty bones" is equal to $20). The newer designs, with portraits displayed in the main body of the obverse (rather than in cameo insets), upon paper color-coded by denomination, are sometimes referred to as "bigface" notes or "Monopoly money". "Piastre" was the original French word for the U.S. dollar, used for example in the French text of the Louisiana Purchase. Calling the dollar a piastre is still common among the speakers of Cajun French and New England
New England
French. Modern French uses dollar for this unit of currency as well. The term is still used as slang for U.S. dollars in the French-speaking Caribbean
Caribbean
islands, most notably Haiti.

Dollar
Dollar
sign[edit] Main article: Dollar
Dollar
sign Spanish silver real or peso of 1768 The symbol $, usually written before the numerical amount, is used for the U.S. dollar (as well as for many other currencies). The sign was the result of a late 18th-century evolution of the scribal abbreviation "ps" for the peso, the common name for the Spanish dollars that were in wide circulation in the New World
New World
from the 16th to the 19th centuries. These Spanish pesos or dollars were minted in Spanish America, namely in Mexico City; Potosí, Bolivia; and Lima, Peru. The p and the s eventually came to be written over each other giving rise to $.[26][27][28][29] Another popular explanation is that it is derived from the Pillars of Hercules on the Spanish Coat of arms of the Spanish dollar. These Pillars of Hercules
Pillars of Hercules
on the silver Spanish dollar
Spanish dollar
coins take the form of two vertical bars () and a swinging cloth band in the shape of an "S". Yet another explanation suggests that the dollar sign was formed from the capital letters U and S written or printed one on top of the other. This theory, popularized by novelist Ayn Rand
Ayn Rand
in Atlas Shrugged,[30] does not consider the fact that the symbol was already in use before the formation of the United States.[31]

History[edit] See also: History of the United States
United States
dollar .mw-parser-output .tmulti .thumbinner display:flex;flex-direction:column .mw-parser-output .tmulti .trow display:flex;flex-direction:row;clear:left;flex-wrap:wrap;width:100%;box-sizing:border-box .mw-parser-output .tmulti .tsingle margin:1px;float:left .mw-parser-output .tmulti .theader clear:both;font-weight:bold;text-align:center;align-self:center;background-color:transparent;width:100% .mw-parser-output .tmulti .thumbcaption text-align:left;background-color:transparent .mw-parser-output .tmulti .text-align-left text-align:left .mw-parser-output .tmulti .text-align-right text-align:right .mw-parser-output .tmulti .text-align-center text-align:center @media all and (max-width:720px) .mw-parser-output .tmulti .thumbinner width:100%!important;box-sizing:border-box;max-width:none!important;align-items:center .mw-parser-output .tmulti .trow justify-content:center .mw-parser-output .tmulti .tsingle float:none!important;max-width:100%!important;box-sizing:border-box;text-align:center .mw-parser-output .tmulti .thumbcaption text-align:center Obverse of rare 1934 $500 Federal Reserve
Federal Reserve
Note, featuring a portrait of President William McKinley.Reverse of a $500 Federal Reserve
Federal Reserve
Note. The American dollar coin was initially based on the value and look of the Spanish dollar
Spanish dollar
or piece of eight, used widely in Spanish America from the 16th to the 19th centuries. The first dollar coins issued by the United States
United States
Mint (founded 1792) were similar in size and composition to the Spanish dollar, minted in Mexico and Peru. The Spanish, U.S. silver dollars, and later, Mexican silver pesos circulated side by side in the United States, and the Spanish dollar and Mexican peso
Mexican peso
remained legal tender until the Coinage Act of 1857. The coinage of various English colonies also circulated. The lion dollar was popular in the Dutch New Netherland
New Netherland
Colony (New York), but the lion dollar also circulated throughout the English colonies during the 17th century and early 18th century. Examples circulating in the colonies were usually worn so that the design was not fully distinguishable, thus they were sometimes referred to as "dog dollars".[32] The U.S. dollar was first defined by the Coinage Act of 1792, which specified a "dollar" to be based in the Spanish milled dollar
Spanish milled dollar
and of 371 grains and 4 sixteenths part of a grain of pure or 416 grains (27.0 g) of standard silver and an "eagle" to be 247 and 4 eighths of a grain or 270 grains (17 g) of gold (again depending on purity).[33] The choice of the value 371 grains arose from Alexander Hamilton's decision to base the new American unit on the average weight of a selection of worn Spanish dollars. Hamilton got the treasury to weigh a sample of Spanish dollars
Spanish dollars
and the average weight came out to be 371 grains. A new Spanish dollar
Spanish dollar
was usually about 377 grains in weight, and so the new U.S. dollar was at a slight discount in relation to the Spanish dollar. The same coinage act also set the value of an eagle at 10 dollars, and the dollar at ​1⁄10 eagle. It called for 90% silver alloy coins in denominations of 1, ​1⁄2, ​1⁄4, ​1⁄10, and ​1⁄20 dollars; it called for 90% gold alloy coins in denominations of 1, ​1⁄2, ​1⁄4, and ​1⁄10 eagles. The value of gold or silver contained in the dollar was then converted into relative value in the economy for the buying and selling of goods. This allowed the value of things to remain fairly constant over time, except for the influx and outflux of gold and silver in the nation's economy.[34] The early currency of the United States
United States
did not exhibit faces of presidents, as is the custom now;[35] although today, by law, only the portrait of a deceased individual may appear on United States currency.[36] In fact, the newly formed government was against having portraits of leaders on the currency, a practice compared to the policies of European monarchs.[37] The currency as we know it today did not get the faces they currently have until after the early 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 be converted to profiles of historic Americans
Americans
were the dime (1946) and the Dollar
Dollar
(1971). For articles on the currencies of the colonies and states, see Connecticut
Connecticut
pound, Delaware
Delaware
pound, Georgia pound, Maryland
Maryland
pound, Massachusetts
Massachusetts
pound, New Hampshire
New Hampshire
pound, New Jersey
New Jersey
pound, New York pound, North Carolina
North Carolina
pound, Pennsylvania
Pennsylvania
pound, Rhode Island
Rhode Island
pound, South Carolina
South Carolina
pound, and Virginia
Virginia
pound.

Continental currency[edit] Continental One Third Dollar
Dollar
Bill (obverse) See also: Continental currency During the American Revolution
American Revolution
the thirteen colonies became independent states. Freed from British monetary regulations, they each issued £sd
£sd
paper money to pay for military expenses. The Continental Congress also began issuing "Continental Currency" denominated in Spanish dollars. The dollar was valued relative to the states' currencies at the following rates:

5 shillings – Georgia 6 shillings – Connecticut, Massachusetts, New Hampshire, Rhode Island, Virginia ​7 1⁄2 shillings – Delaware, Maryland, New Jersey, Pennsylvania 8 shillings – New York, North Carolina ​32 1⁄2 shillings – South Carolina Continental currency
Continental currency
depreciated badly during the war, giving rise to the famous phrase "not worth a continental".[38] A primary problem was that monetary policy was not coordinated between Congress and the states, which continued 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.[39] The currency was ultimately replaced by the silver dollar at the rate of 1 silver dollar to 1000 continental dollars.

Silver
Silver
and gold standards[edit] This section does not cite any sources. Please help improve this section by adding citations to reliable sources. Unsourced material may be challenged and removed. (July 2018) (Learn how and when to remove this template message) From 1792, when the Mint Act
Mint Act
was passed, the dollar was defined as 371.25 grains (24.056 g) of silver. The gold coins that were minted were not given any denomination and traded for a market value relative to the Congressional standard of the silver dollar. 1834 saw a shift in the gold standard to 23.2 grains (1.50 g), followed by a slight adjustment to 23.22 grains (1.505 g) in 1837 (16:1 ratio).[citation needed] In 1862, paper money was issued without the backing of precious metals, due to the Civil War. Silver
Silver
and gold coins continued to be issued and in 1878 the link between paper money and coins was reinstated. This disconnection from gold and silver backing also occurred during the War of 1812. The use of paper money not backed by precious metals had also occurred under the Articles of Confederation from 1777 to 1788. With no solid backing and being easily counterfeited, the continentals quickly lost their value, giving rise to the phrase "not worth a continental". This was a primary reason for the "No state shall... make any thing but gold and silver coin a tender in payment of debts" clause in article 1, section 10 of the United States
United States
Constitution. In order to finance the War of 1812, Congress authorized the issuance of Treasury Notes, interest-bearing short-term debt that could be used to pay public dues. While they were intended to serve as debt, they did function "to a limited extent" as money. Treasury Notes were again printed to help resolve the reduction in public revenues resulting from the Panic of 1837
Panic of 1837
and the Panic of 1857, as well as to help finance the Mexican–American War
Mexican–American War
and the Civil War. In addition to Treasury Notes, in 1861, Congress authorized the Treasury to borrow $50 million in the form of Demand Notes, which did not bear interest but could be redeemed on demand for precious metals. However, by December 1861, the Union government's supply of specie was outstripped by demand for redemption and they were forced to suspend redemption temporarily. The following February, Congress passed the Legal Tender Act of 1862, issuing United States
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 face 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
Hepburn v. Griswold
that Congress could not require creditors to accept United States
United States
Notes, but overturned that ruling the next year in the Legal Tender Cases. In 1875, Congress passed the Specie Payment Resumption Act, requiring the Treasury to allow US Notes to be redeemed for gold after January 1, 1879. The Treasury ceased to issue United States
United States
Notes in 1971. The Gold Standard Act
Gold Standard Act
of 1900 abandoned the bimetallic standard and defined the dollar as 23.22 grains (1.505 g) of gold, equivalent to setting the price of 1 troy ounce of gold at $20.67. Silver
Silver
coins continued to be issued for circulation until 1964, when all silver was removed from dimes and quarters, and the half dollar was reduced to 40% silver. Silver
Silver
half dollars were last issued for circulation in 1970. Gold coins were confiscated by Executive Order 6102
Executive Order 6102
issued in 1933 by Franklin Roosevelt. The gold standard was changed to 13.71 grains (0.888 g), equivalent to setting the price of 1 troy ounce of gold at $35. This standard persisted until 1968. Between 1968 and 1975, a variety of pegs to gold were put in place, eventually culminating in a sudden end, on August 15, 1971, to the convertibility of dollars to gold later dubbed the Nixon Shock. The last peg was $42.22 per ounce[citation needed] before the U.S. dollar was allowed to freely float on currency markets. According to the Bureau of Engraving and Printing, the largest note it ever printed was the $100,000 Gold Certificate, Series 1934. These notes were printed from December 18, 1934, through January 9, 1935, and were issued by the Treasurer of the United States
United States
to Federal Reserve Banks only against an equal amount of gold bullion held by the Treasury. These notes were used for transactions between Federal Reserve Banks and were not circulated among the general public.

Coins[edit] Main article: Coins of the United States
United States
dollar Official United States
United States
coins have been produced every year from 1792 to the present.

Denomination

Common name

Front

Reverse

Portrait and design date

Reverse motif and design date

Weight

Diameter

Material

Edge

Circulation

Cent1¢

penny

Abraham Lincoln

Union Shield

2.5 g(0.088 oz)

0.75 in(19.05 mm)

97.5% Zn covered by 2.5% Cu

plain

Wide

Five-Cents5¢

nickel

Thomas Jefferson

Monticello

5.0 g(0.176 oz)

0.835 in(21.21 mm)

75% Cu25% Ni

plain

Wide

Dime10¢

dime

Franklin D. Roosevelt

olive branch, torch, oak branch

2.268 g(0.08 oz)

0.705 in(17.91 mm)

91.67% Cu8.33% Ni

118 reeds

Wide

Quarter Dollar25¢

quarter

George Washington

Various; five designs per year

5.67 g(0.2 oz)

0.955 in(24.26 mm)

91.67% Cu8.33% Ni

119 reeds

Wide

Half Dollar50¢

half

John F. Kennedy

Presidential Seal

11.34 g(0.4 oz)

1.205 in(30.61 mm)

91.67% Cu8.33% Ni

150 reeds

Limited

Dollar
Dollar
coin$1

dollar coin, golden dollar

Profile of Sacagawea
Sacagawea
with her child, Jean Baptiste Charbonneau

Bald eagle
Bald eagle
in flight (2000–2008), Various; new design per year

8.10 g(0.286 oz)

1.043 in(26.50 mm)

88.5% Cu6% Zn3.5% Mn2% Ni

Lettered

Limited

Discontinued and canceled coin denominations include:

Half cent: ​1⁄2¢, 1793–1857 Silver
Silver
center cent: 1¢, 1792 (not circulated) Ring cent: 1¢, 1850–1851, 1853, 1884–1885 (not circulated) Two-cent billon: 2¢, 1836 (not circulated) Two-cent bronze: 2¢, 1863–1873 Two and a half cent piece: 2.5¢ (planned but not minted) Three-cent bronze: 3¢, 1863 (not circulated) Three-cent nickel: 3¢, 1865–1889 Trime (Three-cent silver): 3¢, 1851–1873 Half dime: 5¢, 1792–1873 Twenty-cent piece: 20¢, 1875–1878 Gold dollar: $1.00, 1849–1889 Two dollar piece: $2.00 (planned but not minted) Quarter eagle: $2.50, 1792–1929 Three-dollar piece: $3.00, 1854–1889 Stella: $4.00, 1879–1880 (not circulated) Half eagle: $5.00, 1795–1929 (some modern commemoratives are minted in this denomination) Eagle: $10.00, 1795–1933 (some modern commemoratives are minted in this denomination) Double eagle: $20.00, 1849–1933, 2009 Half-union: $50.00, 1877 (not circulated) Union (coin): $100.00 (planned but not minted) Collector coins for which everyday transactions are non-existent.[40]

American Eagles originally were not available from the Mint for individuals but had to be purchased from authorized dealers. In 2006, the Mint began direct sales to individuals of uncirculated bullion coins with a special finish, and bearing a "W" mintmark. American Silver
Silver
Eagle $1 (1 troy oz) Silver
Silver
bullion coin 1986–present American Gold Eagle
American Gold Eagle
$5 (​1⁄10 troy oz), $10 (​1⁄4 troy oz), $25 (​1⁄2 troy oz), and $50 (1 troy oz) Gold bullion coin 1986–present American Platinum Eagle
American Platinum Eagle
$10 (​1⁄10 troy oz), $25 (​1⁄4 troy oz), $50 (​1⁄2 troy oz), and $100 (1 troy oz) Platinum bullion coin 1997–present American Palladium Eagle
American Palladium Eagle
$25 (1 troy oz) Palladium bullion coin 2017–present United States
United States
commemorative coins—special issue coins $50.00 (Half Union) 1915 Presidential Proofs (see below) 2007–present Technically, all these coins are still legal tender at face value, though some are far more valuable today for their numismatic value, and for gold and silver coins, their precious metal value. From 1965 to 1970 the Kennedy half dollar
Kennedy half dollar
was the only circulating coin with any silver content, which was removed in 1971 and replaced with cupronickel. However, since 1992, the U.S. Mint
U.S. Mint
has produced special Silver
Silver
Proof Sets in addition to the regular yearly proof sets with silver dimes, quarters, and half dollars in place of the standard copper-nickel versions. In addition, an experimental $4.00 (Stella) coin was also minted in 1879, but never placed into circulation, and is properly considered to be a pattern rather than an actual coin denomination. The $50 coin mentioned was only produced in 1915 for the Panama-Pacific International Exposition (1915)
Panama-Pacific International Exposition (1915)
celebrating the opening of the Panama
Panama
Canal. Only 1,128 were made, 645 of which were octagonal; this remains the only U.S. coin that was not round as well as the largest and heaviest U.S. coin ever produced. A $100 gold coin was produced in High relief during 2015, although it was primarily produced for collectors, not for general circulation.[41] From 1934 to present, the only denominations produced for circulation have been the familiar penny, nickel, dime, quarter, half dollar and dollar. The nickel is the only coin still in use today that is essentially unchanged (except in its design) from its original version. Every year since 1866, the nickel has been 75% copper and 25% nickel, except for 4 years during World War II
World War II
when nickel was needed for the war. Due to the penny's low value, some efforts have been made to eliminate the penny as circulating coinage.[42][43]

Collector coins[edit] The United States
United States
Mint produces Proof Sets specifically for collectors and speculators. Silver
Silver
Proofs tend to be the standard designs but with the dime, quarter, and half dollar containing 90% silver. Starting in 1983 and ending in 1997, the Mint also produced proof sets containing the year's commemorative coins alongside the regular coins. Another type of proof set is the Presidential Dollar
Dollar
Proof Set where four special $1 coins are minted each year featuring a president. Because of budget constraints and increasing stockpiles of these relatively unpopular coins, the production of new Presidential dollar coins for circulation was suspended on December 13, 2011, by U.S. Treasury Secretary Timothy F. Geithner. Presidential dollars (along with all other dollar coin series) minted from 2012 onward were made solely for collectors.[44]

2007 had George Washington, John Adams, Thomas Jefferson, and James Madison 2008 had James Monroe, John Quincy Adams, Andrew Jackson, and Martin Van Buren 2009 had William Henry Harrison, John Tyler, James K. Polk, and Zachary Taylor 2010 had Millard Fillmore, Franklin Pierce, James Buchanan, and Abraham Lincoln 2011 had Andrew Johnson, Ulysses S. Grant, Rutherford B. Hayes, and James A. Garfield 2012 had Chester Arthur, Grover Cleveland
Grover Cleveland
(1st term), Benjamin Harrison, and Grover Cleveland
Grover Cleveland
(2nd term) 2013 had William McKinley, Theodore Roosevelt, William Howard Taft, and Woodrow Wilson 2014 had Warren G. Harding, Calvin Coolidge, Herbert Hoover, and Franklin D. Roosevelt 2015 had Harry S Truman, Dwight D. Eisenhower, John F. Kennedy, and Lyndon B. Johnson 2016 had Richard M. Nixon, Gerald R. Ford, James E. Carter
James E. Carter
and Ronald Reagan. Dollar
Dollar
coins[edit] Main article: Coins of the United States
United States
dollar The first United States
United States
dollar was minted in 1794. Known as the Flowing Hair Dollar, contained 416 grains of "standard silver" (89.25% silver and 10.75% copper), as specified by Section 13[45] of the Coinage Act of 1792. It was designated by Section 9 of that Act as having "the value of a Spanish milled dollar". Dollar
Dollar
coins have not been very popular in the United States.[46] Silver
Silver
dollars were minted intermittently from 1794 through 1935; a copper-nickel dollar of the same large size, featuring President Dwight D. Eisenhower, was minted from 1971 through 1978. Gold dollars were also minted in the 19th century. The Susan B. Anthony dollar coin was introduced in 1979; these proved to be unpopular because they were often mistaken for quarters, due to their nearly equal size, their milled edge, and their similar color. Minting of these dollars for circulation was suspended in 1980 (collectors' pieces were struck in 1981), but, as with all past U.S. coins, they remain legal tender. As the number of Anthony dollars held by the Federal Reserve
Federal Reserve
and dispensed primarily to make change in postal and transit vending machines had been virtually exhausted, additional Anthony dollars were struck in 1999. In 2000, a new $1 coin, featuring Sacagawea, (the Sacagawea
Sacagawea
dollar) was introduced, which corrected some of the problems of the Anthony dollar by having a smooth edge and a gold color, without requiring changes to vending machines that accept the Anthony dollar. However, this new coin has failed to achieve the popularity of the still-existing $1 bill and is rarely used in daily transactions. The failure to simultaneously withdraw the dollar bill and weak publicity efforts have been cited by coin proponents as primary reasons for the failure of the dollar coin to gain popular support.[47] In February 2007, the U.S. Mint, under the Presidential $1 Coin Act of 2005,[48] introduced a new $1 U.S. Presidential dollar coin. Based on the success of the "50 State Quarters" series, the new coin features a sequence of presidents in order of their inaugurations, starting with George Washington, on the obverse side. The reverse side features the Statue of Liberty. To allow for larger, more detailed portraits, the traditional inscriptions of "E Pluribus Unum", "In God We Trust", the year of minting or issuance, and the mint mark will be inscribed on the edge of the coin instead of the face. This feature, similar to the edge inscriptions seen on the British £1 coin, is not usually associated with U.S. coin designs. The inscription "Liberty" has been eliminated, with the Statue of Liberty
Statue of Liberty
serving as a sufficient replacement. In addition, due to the nature of U.S. coins, this will be the first time there will be circulating U.S. coins of different denominations with the same president featured on the obverse (heads) side (Lincoln/penny, Jefferson/nickel, Franklin D. Roosevelt/dime, Washington/quarter, Kennedy/half dollar, and Eisenhower/dollar). Another unusual fact about the new $1 coin is Grover Cleveland
Grover Cleveland
will have two coins with two different portraits issued due to the fact he was the only U.S. President to be elected to two non-consecutive terms.[49] Early releases of the Washington coin included error coins shipped primarily from the Philadelphia mint to Florida and Tennessee banks. Highly sought after by collectors, and trading for as much as $850 each within a week of discovery, the error coins were identified by the absence of the edge impressions "E PLURIBUS UNUM IN GOD WE TRUST 2007 P". The mint of origin is generally accepted to be mostly Philadelphia, although identifying the source mint is impossible without opening a mint pack also containing marked units. Edge lettering is minted in both orientations with respect to "heads", some amateur collectors were initially duped into buying "upside down lettering error" coins.[50] Some cynics also erroneously point out that the Federal Reserve
Federal Reserve
makes more profit from dollar bills than dollar coins because they wear out in a few years, whereas coins are more permanent. The fallacy of this argument arises because new notes printed to replace worn out notes, which have been withdrawn from circulation, bring in no net revenue to the government to offset the costs of printing new notes and destroying the old ones. As most vending machines are incapable of making change in banknotes, they commonly accept only $1 bills, though a few will give change in dollar coins.[citation needed]

Mint marks[edit]

Mint

Mint mark

Metal minted

Year established

Current status

Denver

D

All metals

1906

Facility open

Philadelphia

P or none[a]

All metals

1792

Facility open

San Francisco

S

All metals

1854

Facility open (mainly produces proof)

West Point

W or none[b]

Gold, Silver, Platinum and Palladium

1973

Facility open (mainly produces bullion)

Carson City

CC

Gold and Silver

1870

Facility closed, 1893[c]

Charlotte

C

Gold only

1838

Facility closed, 1861

Dahlonega

D[d]

Gold only

1838

Facility closed, 1861

Manila[e]

M or none[f]

All metals

1920

Facility closed, 1922; re-opened 1925–1941

New Orleans

O

Gold and Silver

1838

Facility closed, 1861; re-opened 1879–1909[g]

Notes[edit]

^ The letter "P" is used for the Philadelphia mint mark on all coins (except cents) released from 1980 onward. Before this it had only been used on silver Jefferson nickels from 1942 to 1945.

^ Between 1973 and 1986 there was no mint mark (these coins are indistinguishable from coins produced at the Philadelphia Mint
Philadelphia Mint
from 1973 to 1980); after 1988 the letter "W" was used for coinage, except for the 2009 Ultra High Relief Double Eagle.

^ It is now the home of the Nevada State Museum, which still strikes commemorative medallions with the "CC" mint mark (most recently in 2014 commemorating the Nevada Sesquicentennial), using former mint's the original coin press.

^ Although the mint mark "D" has been used by two separate mints, it is easy to distinguish between the two, as any 19th‑century coinage is Dahlonega, and any 20th- or 21st‑century coins are Denver.

^ During the period in which this mint branch was operational, The Philippines
Philippines
was an insular territory and then commonwealth of the U.S.; it was the first (and to date only) U.S. branch mint located outside the Continental United States.

^ The letter "M" was used for the Manila mint mark on all coins released from 1925 onward; before this it had produced its coins with no mintmark.

^ During the Civil War, this mint operated under the control of the State of Louisiana (February 1861) and the Confederate States of America (March 1861) until it ran out of bullion later in that year; some Half Dollars have been identified as being the issue of the State of Louisiana and the Confederacy.

Banknotes[edit] Main article: Federal Reserve
Federal Reserve
Note

Denomination

Front

Reverse

Portrait

Reverse motif

First series

Latest series

Circulation

One Dollar

George Washington

Great Seal of the United States

Series 1935

Series 2017[51]

Wide

Two Dollars

Thomas Jefferson

Declaration of Independence by John Trumbull

Series 1976

Series 2013

Limited

Five Dollars

Abraham Lincoln

Lincoln Memorial

Series 2006

Series 2013

Wide

Ten Dollars

Alexander Hamilton

U.S. Treasury

Series 2004A

Series 2017

Wide

Twenty Dollars

Andrew Jackson

White House

Series 2004

Series 2017

Wide

Fifty Dollars

Ulysses S. Grant

United States
United States
Capitol

Series 2004

Series 2013

Wide

One Hundred Dollars

Benjamin Franklin

Independence Hall

Series 2009

Series 2013

Wide

The U.S. Constitution provides that Congress shall have the power to "borrow money on the credit of the United States".[52] Congress has exercised that power by authorizing Federal Reserve
Federal Reserve
Banks to issue Federal Reserve
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 United States, in the city of Washington, District of Columbia, or at any Federal Reserve
Federal Reserve
bank".[53] Federal Reserve
Federal Reserve
Notes are designated by law as "legal tender" for the payment of debts.[54] Congress has also authorized the issuance of more than 10 other types of banknotes, including the United States
United States
Note[55] and the Federal Reserve
Federal Reserve
Bank Note. The Federal Reserve Note
Federal Reserve Note
is the only type that remains in circulation since the 1970s. Currently printed denominations are $1, $2, $5, $10, $20, $50, and $100. Notes above the $100 denomination stopped being printed in 1946 and were officially withdrawn from circulation in 1969. These notes were used primarily in inter-bank transactions or by organized crime; it was the latter usage that prompted President Richard Nixon
Richard Nixon
to issue an executive order in 1969 halting their use. With the advent of electronic banking, they became less necessary. Notes in denominations of $500, $1,000, $5,000, $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 Certificate 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, post-2004 series incorporate other colors to better distinguish different denominations. As a result of a 2008 decision in an accessibility lawsuit filed by the American Council of the Blind, the Bureau of Engraving and Printing
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 current version of the $100 bill. It also plans larger, higher-contrast numerals, more color differences, and distribution of currency readers to assist the visually impaired during the transition period.[56]

Means of issue[edit] The monetary base consists of coins and Federal Reserve
Federal Reserve
Notes in circulation outside the Federal Reserve
Federal Reserve
Banks and the U.S. Treasury, plus deposits held by depository institutions at Federal Reserve Banks. The adjusted monetary base has increased from approximately 400 billion dollars in 1994, to 800 billion in 2005, over 3000 billion in 2013.[57] The amount of cash in circulation is increased (or decreased) by the actions of the Federal Reserve
Federal Reserve
System. Eight times a year, the 12-person Federal Open Market Committee
Federal Open Market Committee
meets to determine U.S. monetary policy.[58] Every business day, the Federal Reserve System engages in Open market operations
Open market operations
to carry out that monetary policy.[59] If the Federal Reserve
Federal Reserve
desires to increase the money supply, it will buy securities (such as U.S. Treasury Bonds) anonymously from banks in exchange for dollars. Conversely, it will sell securities to the banks in exchange for dollars, to take dollars out of circulation.[60] When the Federal Reserve
Federal Reserve
makes a purchase, it credits the seller's reserve account (with the Federal Reserve). This money is not transferred from any existing funds—it is at this point that the Federal Reserve
Federal Reserve
has created new high-powered money. Commercial banks can freely withdraw in cash any excess reserves from their reserve account at the Federal Reserve. To fulfill those requests, the Federal Reserve places an order for printed money from the U.S. Treasury Department.[61] The Treasury Department in turn sends these requests to the Bureau of Engraving and Printing
Bureau of Engraving and Printing
(to print new dollar bills) and the Bureau of the Mint (to stamp the coins). Usually, the short-term goal of open market operations is to achieve a specific short-term interest rate target. In other instances, monetary policy might instead entail the targeting of a specific exchange rate relative to some foreign currency or else relative to gold. For example, in the case of the United States
United States
the Federal Reserve
Federal Reserve
targets the federal funds rate, the rate at which member banks lend to one another overnight. The other primary means of conducting monetary policy include: (i) Discount window
Discount window
lending (as lender of last resort); (ii) Fractional deposit lending (changes in the reserve requirement); (iii) Moral suasion (cajoling certain market players to achieve specified outcomes); (iv) "Open mouth operations" (talking monetary policy with the market).

Value[edit]

Buying power of one U.S. dollar compared to 1775 Continental currency

 Year 

 Equivalent  buying 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  $1.03

1860  $0.97

 Year 

 Equivalent  buying power

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 power

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

U.S. Consumer Price Index, starting from 1913 The 6th paragraph of Section 8 of Article 1 of the U.S. Constitution provides that the U.S. Congress shall have the power to "coin money" and to "regulate the value" of domestic and foreign coins. Congress exercised those powers when it enacted the Coinage Act of 1792. That Act provided for the minting of the first U.S. dollar and it declared that the U.S. dollar shall have "the value of a Spanish milled dollar as the same is now current".[62] The table to the right shows the equivalent amount of goods that, in a particular year, 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 power.[63] The decline in the value of the U.S. dollar corresponds to price inflation, which is a rise in the general level of prices of goods and services in an economy over a period of time.[64] A consumer price index (CPI) is a measure estimating the average price of consumer goods and services purchased by households. The United States Consumer Price Index, published by the Bureau of Labor Statistics, is a measure estimating the average price of consumer goods and services in the United States.[65] It reflects inflation as experienced by consumers in their day-to-day living expenses.[66] A graph showing the U.S. CPI relative to 1982–1984 and the annual year-over-year change in CPI is shown at right. The value of the U.S. dollar declined significantly during wartime, especially during the American Civil War, World War I, and World War II.[67] The Federal Reserve, which was established in 1913, was designed to furnish an "elastic" currency subject to "substantial changes of quantity over short periods", which differed significantly from previous forms of high-powered money such as gold, national bank notes, and silver coins.[68] Over the very long run, the prior gold standard kept prices stable—for instance, the price level and the value of the U.S. dollar in 1914 was not very different from the price level in the 1880s. The Federal Reserve
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.[69] Under the Bretton Woods system
Bretton Woods system
established after World War II, the value of gold was fixed to $35 per ounce, and the value of the U.S. dollar was thus anchored to the value of gold. Rising government spending in the 1960s, however, led to doubts about the ability of the United States
United States
to maintain this convertibility, gold stocks dwindled as banks and international investors began to convert dollars to gold, and as a result the value of the dollar began to decline. Facing an emerging currency crisis and the imminent danger that the United States would no longer be able to redeem dollars for gold, gold convertibility was finally terminated in 1971 by President Nixon, resulting in the "Nixon shock".[70] The value of the U.S. dollar was therefore no longer anchored to gold, and it fell upon the Federal Reserve
Federal Reserve
to maintain the value of the U.S. currency. The Federal Reserve, however, continued to increase the money supply, resulting in stagflation and a rapidly declining value of the U.S. dollar in the 1970s. This was largely due to the prevailing economic view at the time that inflation and real economic growth were linked (the Phillips curve), and so inflation was regarded as relatively benign.[70] Between 1965 and 1981, the U.S. dollar lost two thirds of its value.[63] In 1979, President Carter appointed Paul Volcker
Paul Volcker
Chairman of the Federal Reserve. The Federal Reserve
Federal Reserve
tightened the money supply and inflation was substantially lower in the 1980s, and hence the value of the U.S. dollar stabilized.[70] Over the thirty-year period from 1981 to 2009, the U.S. dollar lost over half its value.[63] 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 3.5%, and between 1997 and 2007 it was approximately 2%. The so-called "Great Moderation" of economic conditions since the 1970s is credited to monetary policy targeting price stability.[71] There is ongoing debate about whether central banks should target zero inflation (which would mean a constant value for the U.S. dollar over time) or low, stable inflation (which would mean a continuously but slowly declining value of the dollar over time, as is the case now). Although some economists are in favor of a zero inflation policy and therefore a constant value for the U.S. dollar,[69] others contend that such a policy limits the ability of the central bank to control interest rates and stimulate the economy when needed.[72]

Exchange rates[edit] Historical exchange rates[edit]

Currency
Currency
units per U.S. dollar, averaged over the year

19702 19802 19852 19902 1993 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2018[73]

Euro  —  —  —  —  — 0.9387 1.0832 1.1171 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 357.6 240.45 250.35 146.25 111.08 113.73 107.80 121.57 125.22 115.94 108.15 110.11 116.31 117.76 103.39 93.68 87.78 79.70 79.82 97.60 105.74 121.05 111.130

Pound sterling 8s 4d=0.4167 0.4484[74] 0.8613[74] 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 1.68 2.46[75] 1.39 1.48 1.50 1.69 1.69 1.62 1.40 1.24 1.15 1.29 1.23 1.12 1.08 1.03 0.93 0.93 0.90 0.92 1.00 0.98

Canadian dollar 1.081 1.168 1.321 1.1605 1.2902 1.4858 1.4855 1.5487 1.5704 1.4008 1.3017 1.2115 1.1340 1.0734 1.0660 1.1412 1.0298 0.9887 0.9995 1.0300 1.1043 1.2789 1.2842

Mexican peso 0.01250–0.026501 2.801 2.671 2.501 3.1237 9.553 9.459 9.337 9.663 10.793 11.290 10.894 10.906 10.928 11.143 13.498 12.623 12.427 13.154 12.758 13.302 15.837 19.911

Renminbi
Renminbi
yuan 2.46 1.7050 2.9366 4.7832 5.7620 8.2783 8.2784 8.2770 8.2771 8.2772 8.2768 8.1936 7.9723 7.6058 6.9477 6.8307 6.7696 6.4630 6.3093 6.1478 6.1620 6.2840 6.383

Pakistani rupee 4.761 9.9 15.9284 21.707 28.107 51.9 51.9 63.5 60.5 57.75 57.8 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 7.56 8.000 12.38 16.96 31.291 43.13 45.00 47.22 48.63 46.59 45.26 44.00 45.19 41.18 43.39 48.33 45.65 46.58 53.37 58.51 62.00 64.1332 68.11

Singapore dollar  —  — 2.179 1.903 1.6158 1.6951 1.7361 1.7930 1.7908 1.7429 1.6902 1.6639 1.5882 1.5065 1.4140 1.4543 1.24586 1.2565 1.2492 1.2511 1.2665 1.3748 1.343

Notes: 1. Mexican peso
Mexican peso
values prior to 1993 revaluation 2. Value at the start of the year Sources:

US: Last 4 years, 2009–2012, 2005–2008, 2001–2004, 1997–2000, 1993–1996, all available years[76] Multiple countries: 2004–present Australia: 1970–present China: 1974–1991, 1993–1995 Mexico: 1976–1991 Canada: 1977–1991 Current exchange rates[edit]

Current USD exchange rates

From Google Finance:

AUD CAD CHF EUR GBP HKD JPY RUB INR CNY

From Yahoo! Finance:

AUD CAD CHF EUR GBP HKD JPY RUB INR CNY

From XE:

AUD CAD CHF EUR GBP HKD JPY RUB INR CNY

From OANDA:

AUD CAD CHF EUR GBP HKD JPY RUB INR CNY

From fxtop.com:

AUD CAD CHF EUR GBP HKD JPY RUB INR CNY

See also[edit]

Government of the United States
United States
portal Numismatics
Numismatics
portal Money portal United States
United States
portal 50 State Quarters Coins of the United States
United States
dollar Counterfeit United States
United States
currency Federal Reserve
Federal Reserve
Note International use of the U.S. dollar List of the largest trading partners of the United States Large denominations of United States
United States
currency Series ( United States
United States
currency) Strong dollar policy U.S. Dollar
Dollar
Index Petrodollar recycling Other main currencies

Euro Japanese Yen Pound sterling Canadian dollar Australian dollar Swiss franc Notes[edit]

^ Alongside East Timor
East Timor
centavo coins

^ Alongside Ecuadorian centavo coins

^ Alongside Panamanian balboa
Panamanian balboa
coins

References[edit]

^ "Central Bank of Timor-Leste". Retrieved March 22, 2017. The official currency of Timor-Leste is the United States
United States
dollar, which is legal tender for all payments made in cash..mw-parser-output cite.citation font-style:inherit .mw-parser-output .citation q quotes:"""""""'""'" .mw-parser-output .citation .cs1-lock-free a background:url("//upload.wikimedia.org/wikipedia/commons/thumb/6/65/Lock-green.svg/9px-Lock-green.svg.png")no-repeat;background-position:right .1em center .mw-parser-output .citation .cs1-lock-limited a,.mw-parser-output .citation .cs1-lock-registration a background:url("//upload.wikimedia.org/wikipedia/commons/thumb/d/d6/Lock-gray-alt-2.svg/9px-Lock-gray-alt-2.svg.png")no-repeat;background-position:right .1em center .mw-parser-output .citation .cs1-lock-subscription a background:url("//upload.wikimedia.org/wikipedia/commons/thumb/a/aa/Lock-red-alt-2.svg/9px-Lock-red-alt-2.svg.png")no-repeat;background-position:right .1em center .mw-parser-output .cs1-subscription,.mw-parser-output .cs1-registration color:#555 .mw-parser-output .cs1-subscription span,.mw-parser-output .cs1-registration span border-bottom:1px dotted;cursor:help .mw-parser-output .cs1-ws-icon a background:url("//upload.wikimedia.org/wikipedia/commons/thumb/4/4c/Wikisource-logo.svg/12px-Wikisource-logo.svg.png")no-repeat;background-position:right .1em center .mw-parser-output code.cs1-code color:inherit;background:inherit;border:inherit;padding:inherit .mw-parser-output .cs1-hidden-error display:none;font-size:100% .mw-parser-output .cs1-visible-error font-size:100% .mw-parser-output .cs1-maint display:none;color:#33aa33;margin-left:0.3em .mw-parser-output .cs1-subscription,.mw-parser-output .cs1-registration,.mw-parser-output .cs1-format font-size:95% .mw-parser-output .cs1-kern-left,.mw-parser-output .cs1-kern-wl-left padding-left:0.2em .mw-parser-output .cs1-kern-right,.mw-parser-output .cs1-kern-wl-right padding-right:0.2em

^ "Ecuador". CIA World Factbook. October 18, 2010. Retrieved October 17, 2018. The dollar is legal tender

^ "El Salvador". CIA World Factbook. October 21, 2010. Retrieved October 17, 2018. The US dollar became El Salvador's currency in 2001

^ "Nixon Ends Convertibility of US Dollars to Gold and Announces Wage/Price Controls". Federal Reserve
Federal Reserve
Bank of Richmond. Retrieved October 17, 2018.

^ "Is U.S. currency still backed by gold?". Board of Governors of the Federal Reserve
Federal Reserve
System. Retrieved October 17, 2018.

^ "The Implementation of Monetary
Monetary
Policy – The Federal Reserve in the International Sphere" (PDF). Retrieved October 17, 2018.

^ Benjamin J. Cohen, The Future of Money, Princeton University Press, 2006, ISBN 0-691-11666-0; cf. "the dollar is the de facto currency in Cambodia", Charles Agar, Frommer's Vietnam, 2006, ISBN 0-471-79816-9, p. 17

^ "How much U.S. currency is in circulation?". Federal Reserve. Retrieved May 10, 2019.

^ a b "Definition of "Greenback " in Forex Trading". Forex trading charts. Retrieved July 7, 2019.

^ a b Scutt, David (June 3, 2019). "The Australian dollar
Australian dollar
is grinding higher as expectations for rate cuts from the US Federal Reserve build". Business Insider. Retrieved August 7, 2019.

^ a b Tappe, Anneken (August 9, 2018). " New Zealand dollar
New Zealand dollar
leads G-10 losers as greenback gains strengt". MarketWatch. Retrieved August 7, 2019.

^ a b "UPDATE 1-South Africa's rand firms against greenback, stocks rise". Reuters. Retrieved August 7, 2019.

^ a b "Why rupee is once again under pressure". Business Today. April 22, 2019. Retrieved August 7, 2019.

^ "Paragraph 5 of Section 8 of Article 1 of the Constitution of the United States
United States
of America". Topics.law.cornell.edu. Retrieved October 17, 2018.

^ a b c "Section 5112 of Title 31 of the United States
United States
Code". Retrieved October 17, 2018.

^ "Paragraph 7 of Section 9 of Article 1 of the Constitution of the United States
United States
of America". Topics.law.cornell.edu. Retrieved October 17, 2018.

^ "Section 331 of Title 31 of the United States
United States
Code". Law.cornell.edu. August 6, 2010. Retrieved October 17, 2018.

^ "2009 Financial Report of the United States
United States
Government" (PDF). Retrieved October 17, 2018.

^ Mehl, B. Max. " United States
United States
$50.00 Gold Pieces, 1877", in Star Rare Coins Encyclopedia and Premium Catalogue (20th edition, 1921)

^ a b National Geographic. June 2002. p. 1. Ask US.

^ "Dutch Colonial – Lion Dollar". Coins.lakdiva.org. Retrieved October 17, 2018.

^ a b "etymologiebank.nl". etymologiebank.nl. Retrieved October 17, 2018.

^ Julian, R.W. (2007). "All About the Dollar". Numismatist: 41.

^ "Buck". Online Etymology Dictionary. Retrieved October 17, 2018.

^ "Paper Money Glossary". Littleton Coin Company. Retrieved October 17, 2018.

^ Cajori, Florian ([1929]1993). A History of Mathematical Notations (Vol. 2). New York: Dover, 15–29. ISBN 0-486-67766-4

^ Aiton, Arthur S.; Wheeler, Benjamin W. (1931). "The First American Mint". The Hispanic American Historical Review. 11 (2). p. 198 and note 2 on p. 198. JSTOR 2506275.

^ Nussbaum, Arthur (1957). A History of the Dollar. New York: Columbia University Press. p. 56. The dollar sign, $, is connected with the peso, contrary to popular belief, which considers it to be an abbreviation of 'U.S.' The two parallel lines represented one of the many abbreviations of 'P,' and the 'S' indicated the plural. The abbreviation '$.' was also used for the peso, and is still used in Argentina.

^ "U.S. Bureau of Engraving and Printing
Bureau of Engraving and Printing
- FAQs". www.bep.gov.

^ Rand, Ayn. Atlas Shrugged. 1957. Signet. 1992. p628

^ James, James Alton (1970) [1937]. Oliver Pollock: The Life and Times of an Unknown Patriot. Freeport: Books for Libraries Press. p. 356. ISBN 978-0-8369-5527-9.

^ "The Lion Dollar: Introduction". Coins.nd.edu. Retrieved October 17, 2018.

^ Mint, U.S. "Coinage Act of 1792". U.S. treasury.

^ See [1].

^ " United States
United States
Dollar". OANDA. Retrieved October 17, 2018.

^ "Engraving and printing currency and security documents:Article b". Legal Information Institute. Retrieved December 19, 2013.

^ Matt Soniak (July 22, 2011). "On the Money: Everything You Ever Wanted to Know About Coin Portraits". Mental Floss. Retrieved October 17, 2018.

^ Newman, Eric P. (1990). The Early Paper Money of America (3 ed.). Iola, Wisconsin: Krause Publications. p. 17. ISBN 0-87341-120-X.

^ Wright, Robert E. (2008). One Nation Under Debt: Hamilton, Jefferson, and the History of What We Owe. New York, New York: McGraw-Hill. pp. 50–52. ISBN 978-0-07-154393-4.

^ "IRS Court Case Shakes the Foundations of the Debt Money System". Beyondmoney.net. November 8, 2007. Retrieved October 17, 2018.

^ "2015 $100 American Liberty High Relief Gold Coin Photos". July 31, 2015.

^ Christian Zappone (July 18, 2006). "Kill-the-penny bill introduced". CNN Money. Retrieved October 17, 2018.

^ Weinberg, Ali (February 19, 2013). "Penny pinching: Can Obama manage elimination of one-cent coin?". NBC News. Retrieved October 17, 2018.

^ "The United States
United States
Mint Coins and Medals Program". Department of the Treasury. Retrieved October 17, 2018.

^ "Section 13 of the Coinage Act of 1792". Memory.loc.gov. Retrieved October 17, 2018.

^ CNN Money Congress tries again for a dollar coin. Written by Gordon T. Anderson. Published April 25, 2005.

^ "Report to the Subcommittee on Treasury and General Government, Committee on Appropriations, U.S. Senate" (PDF). USGAO. Retrieved October 17, 2018.

^ Pub. L. No. 109-145, 119 Stat. 2664 (December 22, 2005).

^ " United States
United States
Mint Releases 2012 Presidential $1 Four–Coin Set on June 26". Usmint.com. June 19, 2012. Retrieved October 17, 2018.

^ Godless Dollars[dead link]

^ "USPaperMoney.Info: Series 2017 $1". www.uspapermoney.info.

^ "Paragraph 2 of Section 8 of Article 1 of the United States Constitution". Topics.law.cornell.edu. Retrieved October 17, 2018.

^ "Section 411 of Title 12 of the United States
United States
Code". Law.cornell.edu. June 22, 2010. Retrieved October 17, 2018.

^ "Section 5103 of Title 31 of the United States
United States
Code". Law.cornell.edu. August 6, 2010. Retrieved October 17, 2018.

^ "Section 5115 of Title 31 of the United States
United States
Code". Law.cornell.edu. August 6, 2010. Retrieved October 17, 2018.

^ See Federal Reserve Note
Federal Reserve Note
for details and references

^ "St. Louis Adjusted Monetary
Monetary
Base". Federal Reserve
Federal Reserve
Bank of St. Louis. Retrieved October 17, 2018.

^ "The Federal Reserve's Beige Book". The Federal Reserve
Federal Reserve
Bank of Minneapolis. Retrieved October 17, 2018.

^ Davies, Phil. "Right on Target". Retrieved October 17, 2018. Federal Reserve Bank of Minneapolis

^ "Open Market Operations". Federal Reserve
Federal Reserve
Bank of New York. Retrieved October 17, 2018. Open market operations
Open market operations
enable the Federal Reserve to affect the supply of reserve balances in the banking system.

^ "Fact Sheets: Currency
Currency
& Coins". United States
United States
Department of the Treasury. Retrieved October 17, 2018.

^ "Section 9 of the Coinage Act of 1792". Memory.loc.gov. Retrieved August 24, 2010.

^ a b c "Measuring Worth – Purchasing Power of Money in the United States
United States
from 1774 to 2010". Retrieved April 22, 2010.

^ Olivier Blanchard
Olivier Blanchard
(2000). Macroeconomics (2nd ed.), Englewood Cliffs, N.J: Prentice Hall, ISBN 0-13-013306-X

^ "Consumer Price Index Frequently Asked Questions". Retrieved October 16, 2018.

^ "Consumer Price Index Frequently Asked Questions". Retrieved October 17, 2018.

^ Milton Friedman, Anna Jacobson Schwartz. A monetary history of the United States, 1867–1960. p. 546. ISBN 978-0691003542.

^ Friedman 189–190

^ a b "Central Banking—Then and Now". Retrieved October 17, 2018.

^ a b c "Controlling Inflation: A Historical Perspective" (PDF). Archived from the original (PDF) on December 7, 2010. Retrieved July 17, 2010.

^ " Monetary
Monetary
Credibility, Inflation, and Economic Growth". Retrieved July 17, 2010.

^ "U.S. Monetary
Monetary
Policy: The Fed's Goals". Retrieved October 17, 2018.

^ "Historical Exchange Rates Currency
Currency
Converter - TransferMate". www.transfermate.com.

^ a b 1970–1992. 1980 derived from AUD–USD=1.1055 and AUD–GBP=0.4957 at end of Dec 1979: 0.4957/1.1055=0.448394392; 1985 derived from AUD–USD=0.8278 and AUD–GBP=0.7130 at end of Dec 1984: 0.7130/0.8278=0.861319159

^ title=Exchange Rates Between the United States
United States
Dollar
Dollar
and the Swiss Franc publisher=Measuring Worth accessdate=October 17, 2018

^ "FRB: Foreign Exchange Rates – G.5A; Release Dates". Board of Governors of the Federal Reserve
Federal Reserve
System. Retrieved July 23, 2014.

Further reading[edit] .mw-parser-output .refbegin font-size:90%;margin-bottom:0.5em .mw-parser-output .refbegin-hanging-indents>ul list-style-type:none;margin-left:0 .mw-parser-output .refbegin-hanging-indents>ul>li,.mw-parser-output .refbegin-hanging-indents>dl>dd margin-left:0;padding-left:3.2em;text-indent:-3.2em;list-style:none .mw-parser-output .refbegin-100 font-size:100% Prasad, Eswar S. (2014). The Dollar
Dollar
Trap: How the U.S. Dollar Tightened Its Grip on Global Finance. Princeton, NJ: Princeton University Press. ISBN 978-0-691-16112-9.

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