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Facts about the US Dollar
Importance of the US Dollar
US Dollar is considered one of the most reliable and exchangeable currencies across the world. Since the United States of America represents a trustworthy and reliable partner that pays its debts, the value of the dollar is kept at a standard and high level. Moreover, USD's importance for global trading originated from the fact that the US held the largest gold supply, thus it was agreed that the USD will represent the official reserve currency.
Introduction of the US Dollar
The US Dollar (USD) appeared in 1792 through the Coinage Act and is also known as the greenback. The USD had either a value between 371 and 416 grains of silver or between 247 and 270 grains of gold when it was referred to as “Eagle” which corresponded to the US$10. In 1861 the first “greenbacks” were released to finance the Civil War and in 1862 the “United States Notes” were published. Moreover, the USD became even more widespread when in 1869 the first centralized system was established and gave a boost to the notes printing rate. Since then the USD became the most traded currency in the world and is used in most international transactions. Moreover, it is accepted by most countries even if it is not their local currency.
FAQ
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US Dollar Stats
Name
USD
Symbol
$
Minor unit
1/100 = cent
Minor unit symbol
¢
Bank notes
Freq Used: $1, $5, $10, $20, $50, $100 Rarely Used: $2
Forex Investing
US Dollar Exchanges Rates
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