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United states dollar

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{{redirect|USD}} ''This article is about general United States currency. For the dollar coin, see United States dollar coin.'' {| class="toccolours" style="width: 325px; min-width: 7em; margin: 0 0 1em 1em; border-collapse: collapse; text-align: center; font-size: 90%; float: right;" border="0" cellspacing="0" cellpadding="2" |+ '''Contemporary United States Coins and Notes''' |- style="background: #ccc;" ! width=20% | Denomination (currency) Unit ($) ! width=40% | Design on Obverse ! width=40% | Design on Reverse ! width=40% | Common Reference |- | colspan=4 style="background: #f0f0f0;" | ''Coins'' |- | '''Cent (U.S. coin) $0.01''' || Abraham Lincoln || Lincoln Memorial || Penny |- | '''Nickel (U.S. coin) $0.05''' || Thomas Jefferson || Monticello || Nickel |- | '''Dime (U.S. coin) $0.10''' || Franklin D. Roosevelt || torch, oak branch, olive branch || Dime |- | '''Quarter (U.S. coin) $0.25''' || George Washington .html">State Quarters Statehood designs || Quarter |- | '''United States half dollar coin $0.50''' || John F. Kennedy || Seal of the President of the United States || Half Dollar, 50-Cent piece |- | '''United States dollar coin $1.00''' || Sacagawea .html">Bald eagle Eagle in flight || Sacagawea, "Gold" Dollar |- | colspan="4" style="background: #f0f0f0;" | ''Federal Reserve Notes'' |- | '''U.S. one dollar bill 1''' || George Washington || Great Seal of the United States || Dollar bill, Buck, Single |- | '''U.S. two dollar bill 2''' || Thomas Jefferson .html">United States Declaration of Independence Declaration of Independence || Deuce |- | '''U.S. five dollar bill 5''' || Abraham Lincoln || Lincoln Memorial || |- | '''U.S. ten dollar bill 10''' || Alexander Hamilton .html">United States Department of the Treasury Treasury building || |- | '''U.S. twenty dollar bill 20''' || Andrew Jackson || White House || |- | '''U.S. fifty dollar bill 50''' || Ulysses S. Grant .html">United States Capitol U.S. Capitol || |- | '''U.S. hundred dollar bill 100''' || Benjamin Franklin || Independence Hall || Benjamin, C-note |- | colspan=3 | ''Large denomination bills in United States currency Large U.S. denominations'' (withdrawn) |} The '''dollar''' (currency code '''USD''') is the currency of the United States. It is normally abbreviated with the dollar sign '''$''', or alternatively '''US$''' to distinguish it from other dollar-denominated currencies. It is divided into 100 cent (currency) cents. Adopted by the United States Congress in 1785, the U.S. dollar is today the most used currency in the world. Several countries use the U.S. dollar as their official currency, and many others allow it to be used in a de facto legal capacity. It is also used as a reserve currency by many countries. In 1995, over $380 billion USD were in circulation, of which two-thirds was outside of the United States. 2005 As of 2005, that figure had doubled to nearly $760 billion with an estimated half to two-thirds being held overseas [http://www.federalreserve.gov/paymentsystems/coin/default.htm], which is an annual growth of about 6.6%.

Overview
The U.S. dollar uses the decimal system, consisting of 100 cents (symbol Â¢). In another division, there are 1,000 ''mill (currency) mills'' or ten ''dimes'' to a dollar; additionally, the term ''Eagle (coin) eagle'' was used in naming gold coins. However, only cents are in everyday use as divisions of the dollar; "dime" is used solely as the name of the Dime (U.S. coin) coin with the value of 10Â¢, while "eagle" and "mill" are largely unknown to the general public, though mills are sometimes used in matters of tax levies and gasoline prices. When currently issued in circulating form, denominations equal to or less than a dollar are emitted as United States coinage U.S. coins while denominations equal to or greater than a dollar are emitted as Federal Reserve notes. (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 Double eagle twenty dollars. U.S. coins are produced by the 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 inches by 3.125 inches; small-sized notes, introduced that year, measure 6.14 inches by 2.61 inches. Image:One US dollar 1917.jpg thumb|right|300px|One U.S. dollar (1917) Notes above the $100 denomination ceased being printed in 1946 and were officially withdrawn from circulation in 1969. These notes were used primarily either in inter-bank transactions or by organized crime; it was the latter usage that prompted President 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.

History
''See also History of the United States dollar''

Origins
The first "dollars" used in North America were the Spanish 8 Spanish real reales coins known as Spanish dollars. They circulated alongside the currencies of the (then) colonies. These currencies were denominated in pounds, shillings and pence (Â£sd) and the Spanish dollar was "rated" at a particular value in the currency of each colony. The ratings varied over time. For articles on the currencies of the colonies and states, 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 Island pound, South Carolina pound and Virginia pound.

Continental Currency
''See also Continental currency'' In 1775, the United States and the individual states began issuing "Continental Currency" denominated in Spanish dollars and (for the issues of the states) the Â£sd currencies of the states. The dollar was valued relative to the states' currencies at the following rates: Image:Continental Currency One-Third-Dollar 17-Feb-76 obv.jpg 200px|right|Continental One Third Dollar Note (obverse) {|border=1 |State |align=center|Value of Dollar
in State Currency |- |Georgia (U.S. state) Georgia |align=center|5 Shillings |- |Connecticut
Massachusetts
New Hampshire
Rhode Island
Virginia |align=center|6 Shillings |- |Delaware
Maryland
New Jersey
Pennsylvania |align=center|7Â½ Shillings |- |New York
North Carolina |align=center|8 Shillings |- |South Carolina |align=center|32Â½ Shillings |} The continental currency suffered from printing press inflation and was replaced by the silver dollar at the rate of 1 silver dollar = 1000 continental dollars.

Silver and Gold Standards
From 1792, when the Mint Act was passed, the dollar was pegged to both silver and gold, at 371Â¼ grains of silver, 24Â¾ grains of gold (15:1 ratio). 1834 saw a shift in the gold standard to 23.2 grains, followed by a slight adjustement to 23.22 grains in 1838 (16:1 ratio). In 1862, paper money was issued without the backing of precious metals, due to the American Civil War Civil War. Silver and gold coins continued to be issued and in 1878 the link between paper money and coins was reinstated. In 1900, the silver standard was abandoned and the dollar was defined as 23.22 grains of gold. Silver coins continued to be issued for circulation until 1968. Gold coins were withdrawn in 1933 and the gold standard was changed to 13.71 grains, equivalent to setting the price of 1 troy ounce of gold to $35. This standard persisted until 1968. Between 1968 and 1975, a variety of pegs to gold were put in place. 1975 saw the U.S. dollar freely float on the currency markets.

United States coins
{{mergeto|United States coinage}} ''Main article: United States coinage'' In normal circulation, there are coins in the denominations 1Â¢ (penny), 5Â¢ (nickel), 10Â¢ (dime), 25Â¢ (quarter), 50Â¢ (half dollar; uncommon), and $1 (uncommon). United States dollar coin Dollar coins have not been very popular in the United States. Silver dollars were intermittently created from 1794 through 1935; a copper-nickel dollar of the same large size was minted from 1971 through 1978. The Susan B. Anthony Susan B. Anthony dollar dollar coin was introduced in 1979; these proved to be unpopular because they were often mistaken for quarters, thanks to their nearly-equal size, their milled edge, and their similar color. Minting of these dollars for circulation ended 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 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 was introduced, which corrected some of the mistakes of the Anthony dollar by having a smooth edge and a gold color, without requiring changes to vending machines which 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. Some cynics also point out that the Federal Reserve makes more profit from dollar bills than dollar coins because they wear out in a few years, whereas coins are more permanent. As most vending machines are incapable of making change in banknotes, they commonly only accept $1 bills, though a few will give change in dollar coins. Also, some banks, such as Bank of America distribute dollar coins only through the same mechanisms as one would purchase foreign currency. The United States has minted other coin denominations since 1793: half-cent, two-cent, three-cent, twenty-cent, $2.50, $3.00, $4.00, $5.00, $10.00, and $20.00. Technically, all these coins are still legal tender at face value, though they are far more valuable today for their numismatic value, and for gold and silver coins, their precious metal value. The United States Mint also produces silver, gold and platinum bullion coins, called "American Eagles", all of which are legal tender though their use in everyday transactions is virtually non-existent. The reason for this is that they are not intended for use in transactions and thus the face value of the coins are much lower than the worth of the precious metals in them. The American Silver Eagle bullion coin is only issued in the $1 (1 troy ounce) denomination. The American Gold Eagle bullion coin denominations (with gold content) are: $5 (1/10 troy oz), $10 (1/4 troy oz), $25 (1/2 troy oz), and $50 (1 troy oz). The American Platinum Eagle bullion coin denominations (with platinum content) are: $10 (1/10 troy oz), $25 (1/4 troy oz), $50 (1/2 troy oz), and $100 (1 troy oz). The silver coin is 99.9% silver, the gold coins are 91.67% gold (22 karat), and the platinum coins are 99.95% platinum. These coins are not available from the Mint for individuals, but must be purchased from authorized dealers. The Mint also produces high quality "proof coin proof" coins, intended for collectors, in the same denominations and bullion content, which are available to individuals. The largest denomination of currency currently printed or minted by the United States is the $100 bill ''and'' the $100 troy ounce Platinum Eagle.

International use
Image:US $100 obverse.jpg Benjamin Franklin.html" title="Meaning of thumb thumb|300px|right|The currently produced U.S. $100 Federal Reserve Note, Series 1996, featuring a portrait of [[Benjamin Franklin..html" title="Meaning of 300px|right|The currently produced U.S. $100 Federal Reserve Note, Series 1996, featuring a portrait of [[Benjamin Franklin">thumb|300px|right|The currently produced U.S. $100 Federal Reserve Note, Series 1996, featuring a portrait of [[Benjamin Franklin.">300px|right|The currently produced U.S. $100 Federal Reserve Note, Series 1996, featuring a portrait of [[Benjamin Franklin">thumb|300px|right|The currently produced U.S. $100 Federal Reserve Note, Series 1996, featuring a portrait of [[Benjamin Franklin. Image:US $50 obverse.jpg Ulysses S. Grant.html" title="Meaning of thumb thumb|300px|right|The currently produced U.S. $50 Federal Reserve Note, Series 2004, featuring a portrait of President [[Ulysses S. Grant..html" title="Meaning of 300px|right|The currently produced U.S. $50 Federal Reserve Note, Series 2004, featuring a portrait of President [[Ulysses S. Grant">thumb|300px|right|The currently produced U.S. $50 Federal Reserve Note, Series 2004, featuring a portrait of President [[Ulysses S. Grant.">300px|right|The currently produced U.S. $50 Federal Reserve Note, Series 2004, featuring a portrait of President [[Ulysses S. Grant">thumb|300px|right|The currently produced U.S. $50 Federal Reserve Note, Series 2004, featuring a portrait of President [[Ulysses S. Grant. Image:US $20 obverse.jpg Andrew Jackson.html" title="Meaning of thumb thumb|300px|right|The currently produced U.S. $20 Federal Reserve Note, Series 2004, featuring a portrait of President [[Andrew Jackson..html" title="Meaning of 300px|right|The currently produced U.S. $20 Federal Reserve Note, Series 2004, featuring a portrait of President [[Andrew Jackson">thumb|300px|right|The currently produced U.S. $20 Federal Reserve Note, Series 2004, featuring a portrait of President [[Andrew Jackson.">300px|right|The currently produced U.S. $20 Federal Reserve Note, Series 2004, featuring a portrait of President [[Andrew Jackson">thumb|300px|right|The currently produced U.S. $20 Federal Reserve Note, Series 2004, featuring a portrait of President [[Andrew Jackson. Image:US $10 obverse.jpg Alexander Hamilton.html" title="Meaning of thumb thumb|300px|right|The currently produced U.S. $10 Federal Reserve Note, Series 2004, featuring a portrait of [[Alexander Hamilton..html" title="Meaning of 300px|right|The currently produced U.S. $10 Federal Reserve Note, Series 2004, featuring a portrait of [[Alexander Hamilton">thumb|300px|right|The currently produced U.S. $10 Federal Reserve Note, Series 2004, featuring a portrait of [[Alexander Hamilton.">300px|right|The currently produced U.S. $10 Federal Reserve Note, Series 2004, featuring a portrait of [[Alexander Hamilton">thumb|300px|right|The currently produced U.S. $10 Federal Reserve Note, Series 2004, featuring a portrait of [[Alexander Hamilton. A few nations besides the United States use the U.S. dollar as their official currency, a process known as official dollarization. Ecuador (2000), El Salvador (2001), and East Timor (2000) all adopted the currency independently. The former members of the U.S.-administered Trust Territory of the Pacific Islands, which included Palau, the Federated States of Micronesia, and the Marshall Islands, chose not to issue their own currency after becoming independent (having all used the U.S. dollar since 1944). Panama also uses the U.S. dollar (since 1904), although it issues its own currency (coins only). Two non-U.S. dependencies also use the U.S. dollar: the British Virgin Islands (1959) and Turks and Caicos Islands (1973). Additionally, the local currencies of Bermuda, the Bahamas, Panama, and a few other states can be freely exchanged at a 1:1 ratio for USD. The currencies of Barbados and Belize are similarly convertible at a 2:1 ratio. Argentina used a fixed 1:1 exchange rate between the Argentine peso and the U.S. dollar from 1991 until 2002. In Lebanon, one dollar is equal to 1500 Lebanese pound, and is used interchangeably with local currency as a de facto legal tender. The exchange rate between the Hong Kong dollar and the United States dollar has also been linked exchange rate linked since 1983 at HK$7.8/USD, and Macanese pataca pataca of Macau, pegged to Hong Kong dollar at MOP1.03/HKD, indirectly linked to the U.S. dollar roughly at MOP8/USD. Several oil-producing Gulf Arab countries, including Saudi Arabia and Kuwait, also peg their currencies to the dollar, since the dollar is the currency used in the international oil trade. The renminbi used by the People's Republic of China had been informally and controversially pegged to the dollar since the mid-1990s at Y8.28/USD until July 21, 2005. Likewise, Malaysia had pegged its ringgit at RM3.8/USD since 1997. However, on July 21, 2005, both countries removed their respective pegs and adopted managed floats against a basket of currencies. The dollar is also used as the standard unit of currency in international markets for commodities such as gold and Petroleum oil. Even foreign companies with little direct presence in the United States, such as the European company Airbus, list and sell their products in dollars, although some argue this is attributed to the aerospace market being dominated by American companies. At the present time, the U.S. dollar remains the world's foremost reserve currency, primarily held in $100 denominations. The majority of U.S. notes are actually held outside the United States. Economist Paul Samuelson and others maintain that the overseas demand for dollars allows the United States to maintain persistent trade deficits without causing the value of the currency to depreciate and the flow of trade to readjust. Not long after the introduction of the Euro (â‚¬; ISO 4217 code EUR) as a cash currency in 2002, the dollar began to steadily depreciate in value on the international scene. After the Euro started to rise in value in March 2002, the U.S. trade and budget deficits continued to increase. By Christmas 2004 the dollar had fallen to new lows against all major currencies, especially its rival the Euro. The Euro rose above $1.36/â‚¬; (under 0.74 â‚¬/$) for the first time in late December 2004, in sharp contrast to its lows in early 2003 (rate of $0.87/â‚¬). Beginning in late May into early June ,U.S. Dollar with the advantage of Federal Reserve's Policy of raising rates, rose significantly against all major currencies. The US. dollar broke almost all expectations of 2005 (Some analysts previewed the dollar dropping far as 1.60 dollars per Euro), finished the year with a significant double-digit recovery against EU Euro and Japanese Yen .

Nicknames
The colloquialism ''buck'' 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 fur trade. ''Grand'', sometimes shortened to simply ''G'', is a common term for the amount of $1,000. Banknotes' nicknames are usually the same as their values (such as ''five'', ''twenty'', etc.) the $5 bill has been referred to as a "fin" or a "fiver" and the $10 bill as a "sawbuck"; however, the $1 bill is often called a ''single'', and the $100 bill has gotten the nickname ''Benjamin'' (after the portrait of Benjamin Franklin that it bears) or a C-note (C being the Roman numeral for 100).

Origin of the name ''dollar''
The United States dollar derives from the Spanish 8 reales coin which was composed of just under one ounce of silver. This coin was popular among American colonists, who called it the Spanish dollar, the name having derived from a German coin of similar size and composition known as the thaler. The first dollar coins issued by the United States Mint were of the same size and composition as the Spanish dollar and even after the American Revolutionary War the Spanish and U.S. silver dollars circulated side by side in the United States. Although private banks issued currency backed by Spanish and U.S. silver dollars, the federal government did not do so until the American Civil War. ''For further history of the name, see Dollar.''

The dollar symbol
See Dollar sign

Current USD exchange rates
[http://finance.yahoo.com/currency/convert?amt=1&from=AUD&to=USD&submit=Convert AUD] | [http://finance.yahoo.com/currency/convert?amt=1&from=CAD&to=USD&submit=Convert CAD] | [http://finance.yahoo.com/currency/convert?amt=1&from=EUR&to=USD&submit=Convert EUR] | [http://finance.yahoo.com/currency/convert?amt=1&from=GBP&to=USD&submit=Convert GBP] | [http://finance.yahoo.com/currency/convert?amt=1&from=BRL&to=USD&submit=Convert BRL] | A more comprehensive list of rates: [http://www.xe.com] [http://www.exchangerate.com]

See also
* Demand Note * Eurodollar * Fiat currency * Gold as an investment * Silver as an investment * Thaler

External links

- U.S. Bureau of Engraving and Printing
- The U.S. Treasury's Coins & Currency portal
- American Currency Exhibit at the San Francisco Federal Reserve Bank
- U.S. Treasury page with images of all current banknotes

Images of U.S. currency and coins

- U.S. Bureau of Engraving: Banknotes
- U.S. Mint: Image Library {{US_currency_and_coinage}} {{AmericanCurrencies}} Category:Currencies of the United States Dollar, U.S.

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