US Dollar (USD)

Basic Concepts of the U.S. Dollar

The U.S. dollar is the official currency of the United States and one of the world's leading reserve currencies and mediums of exchange, issued and managed by the U.S. Federal Reserve System. Its ISO code is USD and its symbol is $. It is widely used in international trade and financial markets.

Countries and regions where the US dollar is used

The U.S. dollar is not only the legal tender of the U.S., but is also used as the official or de facto currency in circulation by a number of countries and regions, including Puerto Rico, Ecuador, El Salvador, Panama, and so on. In addition, many countries use the U.S. dollar extensively in cross-border transactions or foreign exchange reserves.

Units and Denominations of the U.S. Dollar

The basic unit of the U.S. dollar is the U.S. dollar, and the secondary unit is the U.S. cent, with 1 U.S. dollar equal to 100 U.S. cents. The denominations of banknotes include 1, 2, 5, 10, 20, 50 and 100 US dollars; and the denominations of coins are 1 US cent, 5 US cents, 10 US cents, 25 US cents, 50 US cents and 1 US dollar.

Historical Background of the Dollar

The history of the U.S. Dollar can be traced back to the passage of the U.S. Mint Act in 1792, which established the U.S. Dollar as the national currency, and the U.S. Dollar became the core international currency in the 20th century through the Bretton Woods system, which pegged the U.S. Dollar to gold.The U.S. Dollar was unpegged from gold in 1971, but it still maintains its dominant global position by virtue of the U.S. economic power.