USA, Currency

The dollar (currency code USD) is the currency of the United States. It is normally abbreviated to the dollar sign $, or alternatively US$ to distinguish it from other dollar-denominated currencies. It is divided into 100 cents. Adopted by the United States Congress in 1785, the U.S. dollar is 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 capacity. It is also used as a reserve currency by many countries. In 1995, over US$380 billion were in circulation, of which two-thirds was outside the United States. By 2005 that figure had doubled to nearly $760 billion with an estimated half to two-thirds being held overseas, which is an annual growth of about 6.6%. Read more

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A currency is a unit of exchange, facilitating the transfer of goods and services. It is a form of money, where money is defined as a medium of exchange (rather than e.g. a store of value). A currency zone is a country or region in which a specific currency is the dominant medium of exchange. To facilitate trade between currency zones, there are exchange rates i.e. prices at which currencies (and the goods and services of individual currency zones) can be exchanged against each other. Currencies can be classified as either floating currencies or fixed currencies based on their exchange rate regime. In common usage, currency sometimes refers to only paper money, as in "coins and currency", but this is misleading. Coins and paper money are both forms of currency. Read more

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