United States Dollar
August 12, 2022
The United States dollar (symbol: $; code: USD; also abbreviated as US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the official currency United States and several other countries. The Coin Act of 1792 introduced the U.S. dollar. equivalent to the Spanish silver dollar, dividing it into 100 cents, and allowing the minting of coins denominated in dollars and cents. U.S. banknotes issued in the form of Federal Reserve Notes, which are popularly called the greenback because of its dominant green color. The monetary policy of the United States is carried out by the Federal Reserve System, which acts as the country's central bank. U.S. Dollar originally defined under the bimetallic standard of 371.25 grains (24.057 g) (0.7735 troy ounce) of pure silver or, from 1837, 23.22 grains (1.505 g) of pure gold, or $20.67 per troy ounce. The Gold Standard Act of 1900 linked the dollar solely to gold. From 1934, its equivalent to gold was revised to $35 per troy ounce. Since 1971 all links to gold have been revoked. U.S. Dollar it became an important international reserve currency after the First World War, and was replaced by the pound sterling as the world's main reserve currency by the Bretton Woods Treaty towards the end of the Second World War. The dollar is the most widely used currency in international transactions, and a free-floating currency. It is also the official currency in some countries and the de facto currency in many others, with Federal Reserve Notes (and, in some cases, U.S. coins) used in circulation. As of February 10, 2021, currency in circulation amounted to US$2.10 trillion , $2.05 trillion of which was in Federal Reserve Notes (the remaining $50 billion was in old-fashioned United States coins and banknotes).