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US Dollar - Currency Exchange Rates, Facts & History
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Filed: Finance,USA
Here is our overview on the United States Dollar exchange rates, history, facts and pictures
Denotation: USD or $
Nicknames: Buck
Countries That Use the American Dollar:
The American Dollar is the official currency of the United States, Ecuador, El Salvador, East Timor, Palau, the Federated States of Micronesia and the Marshall Islands. Several countries also allow the American Dollar to be freely exchanged with the local currency at a 1:1 exchange rate. These include the Bahamas, Bermuda and Panama.
Because of its popularity for use in foreign transactions, the majority of U.S. notes are actually held outside the United States.
Divisions:
There are 100 cents in every dollar. The dollar can be divided up further into 1000 mills, but this division is only used in cases of tax levies and is generally unknown to the general public.
Coins
The American Dollar has 4 common coins: the penny (worth 1 cent), the nickel (worth 5 cents), the dime (worth 10 cents) and the quarter (worth 25 cents). The coins usually only feature their name, rather than their value. Dollar and half dollar coins also exist, but they are rarer, and usually only obtained from vending machines. The coins are produced by the United States Mint.
Notes
Common bills are $1, $5, $10 and $20. $50 and $100 bills are also available, but are rarer. The rarest note of all is the $2 bill, which is so unusual that it is worth more than its name. All bills are the same size and colour. Bills are printed by the Federal Reserve.
History
The dollar became the U.S.’s currency in 1792, but many foreign currencies, particularly the Spanish dollar, were also used until 1857. During the civil war, the dollar became the U.S.’s only legal tender.
National Economy
The U.S. currently has the world’s largest economy, with the second highest GDP in the world after Luxembourg. The market-oriented economy is influenced most by private individuals and businesses, who have relatively high freedom in their business decisions.
Why use the US Dollar?
The United States dollar is the world’s main reserve currency and is the standard unit of currency for gold and oil markets around the world. It is the most commonly used currency in international transactions, and so is a very useful investment.
The United States is a world leader in technology, especially in computers and in medical and military equipment. The U.S. has a diverse range of liquid markets,e encouraging foreign investment.
Denotation: USD or $
Nicknames: Buck
Countries That Use the American Dollar:
The American Dollar is the official currency of the United States, Ecuador, El Salvador, East Timor, Palau, the Federated States of Micronesia and the Marshall Islands. Several countries also allow the American Dollar to be freely exchanged with the local currency at a 1:1 exchange rate. These include the Bahamas, Bermuda and Panama.
Because of its popularity for use in foreign transactions, the majority of U.S. notes are actually held outside the United States.
Divisions:
There are 100 cents in every dollar. The dollar can be divided up further into 1000 mills, but this division is only used in cases of tax levies and is generally unknown to the general public.
Coins
The American Dollar has 4 common coins: the penny (worth 1 cent), the nickel (worth 5 cents), the dime (worth 10 cents) and the quarter (worth 25 cents). The coins usually only feature their name, rather than their value. Dollar and half dollar coins also exist, but they are rarer, and usually only obtained from vending machines. The coins are produced by the United States Mint.
Notes
Common bills are $1, $5, $10 and $20. $50 and $100 bills are also available, but are rarer. The rarest note of all is the $2 bill, which is so unusual that it is worth more than its name. All bills are the same size and colour. Bills are printed by the Federal Reserve.
History
The dollar became the U.S.’s currency in 1792, but many foreign currencies, particularly the Spanish dollar, were also used until 1857. During the civil war, the dollar became the U.S.’s only legal tender.
National Economy
The U.S. currently has the world’s largest economy, with the second highest GDP in the world after Luxembourg. The market-oriented economy is influenced most by private individuals and businesses, who have relatively high freedom in their business decisions.
Why use the US Dollar?
The United States dollar is the world’s main reserve currency and is the standard unit of currency for gold and oil markets around the world. It is the most commonly used currency in international transactions, and so is a very useful investment.
The United States is a world leader in technology, especially in computers and in medical and military equipment. The U.S. has a diverse range of liquid markets,e encouraging foreign investment.
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