United States dollar

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United States dollar
ISO 4217
CodeUSD (numeric: 840)
Symbol$, US$, U$
Pegged by
see § Pegged currencies

The United States dollar (symbol: $; currency code: USD; also abbreviated US$ 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 of the United States and several other countries. The Coinage Act of 1792 introduced the U.S. dollar at par with the Spanish silver dollar, divided it into 100 cents, and authorized the minting of coins denominated in dollars and cents. U.S. banknotes are issued in the form of Federal Reserve Notes, popularly called greenbacks due to their predominantly green color.


Federal Reserve System, which acts as the nation's central bank

The U.S. dollar was originally defined under a

troy ounce. In 1971 all links to gold were repealed.[2]

The U.S. dollar became an important international

Federal Reserve Notes
(and, in a few 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 is in Federal Reserve Notes (the remaining $50 billion is in the form of coins and older-style United States Notes).[6]

As of September 20, 2023, the Federal Reserve estimated that the total amount of currency in circulation was approximately US$2.33 trillion.[7]


In the Constitution

minting and issuance of other coins, which have values ranging from one cent (U.S. Penny) to 100 dollars.[9] These other coins are more fully described in Coins of the United States dollar

Article I, Section 9 of the Constitution provides that "a regular Statement and Account of the Receipts and Expenditures of all public Money shall be published from time to time",[10] which is further specified by Section 331 of Title 31 of the U.S. Code.[11] The sums of money reported in the "Statements" are currently expressed in U.S. dollars, thus the U.S. dollar may be described as the unit of account of the United States.[12] "Dollar" is one of the first words of Section 9, in which the term refers to the Spanish milled dollar, or the coin worth eight Spanish reales.

Coinage Act

In 1792, the U.S. Congress passed the Coinage Act, of which Section 9 authorized the production of various coins, including:[13]: 248 

Dollars or Units—each to be of the value of a Spanish milled dollar as the same is now current, and to contain three hundred and seventy-one grains and four sixteenth parts of a grain of pure, or four hundred and sixteen grains of standard silver.

Section 20 of the Act designates the United States dollar as the unit of currency of the United States:[13]: 250–1 

[T]he money of account of the United States shall be expressed in dollars, or units...and that all accounts in the public offices and all proceedings in the courts of the United States shall be kept and had in conformity to this regulation.

Decimal units

Unlike the Spanish milled dollar, the Continental Congress and the Coinage Act prescribed a decimal system of units to go with the unit dollar, as follows:[14][15] the mill, or one-thousandth of a dollar; the cent, or one-hundredth of a dollar; the dime, or one-tenth of a dollar; and the eagle, or ten dollars. The current relevance of these units:

  • Only the cent (¢) is used as everyday division of the dollar.
  • The dime is used solely as the name of the coin with the value of 10 cents.
  • The mill () is relatively unknown, but before the mid-20th century was familiarly used in matters of sales taxes, as well as gasoline prices, which are usually in the form of $ΧΧ.ΧΧ9 per gallon (e.g., $3.599, commonly written as $3.59+910).[16][17]
  • The eagle is also largely unknown to the general public.[17] This term was used in the Coinage Act of 1792 for the denomination of ten dollars, and subsequently was used in naming gold coins.

The Spanish peso or dollar was historically divided into eight reales (colloquially, bits) – hence pieces of eight. Americans also learned counting in non-decimal bits of 12+12 cents before 1857 when Mexican bits were more frequently encountered than American cents; in fact this practice survived in New York Stock Exchange quotations until 2001.[18][19]

In 1854,

James Guthrie proposed creating $100, $50, and $25 gold coins, to be referred to as a union, half union, and quarter union, respectively,[20]
thus implying a denomination of 1 Union = $100. However, no such coins were ever struck, and only patterns for the $50 half union exist.

When currently issued in circulating form, denominations less than or equal to a dollar are emitted as U.S. coins, while denominations greater than or equal to a dollar are emitted as Federal Reserve Notes, disregarding these special cases:


In the 16th century, Count Hieronymus Schlick of Bohemia began minting coins known as joachimstalers, named for Joachimstal, the valley in which the silver was mined. In turn, the valley's name is titled after Saint Joachim, whereby thal or tal, a cognate of the English word dale, is German for 'valley.'[21] The joachimstaler was later shortened to the German taler, a word that eventually found its way into many languages, including:[21] tolar (

Slovenian); daler (Danish and Swedish
); dalar and daler (Norwegian); daler or daalder (Dutch);
talari (Ethiopian
); tallér (Hungarian); tallero (Italian); دولار (
Arabic); and dollar (English

Though the

leeuwendaalders ('lion dollars'), it was the ubiquitous Spanish American eight-real coin which became exclusively known as the dollar since the 18th century.[22]


The colloquialism buck(s) (much like the British quid for the pound sterling) is often used to refer to dollars of various nations, including the U.S. dollar. This term, dating to the 18th century, may have originated with the colonial leather trade, or it may also have originated from a poker term.[23]

Greenback is another nickname, originally applied specifically to the 19th-century Demand Note dollars, which were printed black and green on the backside, created by Abraham Lincoln to finance the North for the Civil War.[24] It is still used to refer to the U.S. dollar (but not to the dollars of other countries). The term greenback is also used by the financial press in other countries, such as Australia,[25] New Zealand,[26] South Africa,[27] and India.[28]

Other well-known names of the dollar as a whole in denominations include greenmail, green, and dead presidents, the latter of which referring to the deceased presidents pictured on most bills. Dollars in general have also been known as bones (e.g. "twenty bones" = $20). The newer designs, with portraits displayed in the main body of the obverse (rather than in cameo insets), upon paper color-coded by denomination, are sometimes referred to as bigface notes or Monopoly money.[citation needed]

Cajun French and New England French, as well as speakers in Haiti and other French-speaking Caribbean

Nicknames specific to denomination:

  • The quarter dollar coin is known as two bits, alluding the dollar's origins as the "piece of eight" (bits or reales).[18]
  • The $1 bill is nicknamed buck or single.
  • The infrequently-used $2 bill is sometimes called deuce, Tom, or Jefferson (after Thomas Jefferson).
  • The $5 bill is sometimes called Lincoln (after Abraham Lincoln), fin, fiver, or five-spot.
  • The $10 bill is sometimes called sawbuck, ten-spot, or Hamilton (after Alexander Hamilton).
  • The $20 bill is sometimes called double sawbuck, Jackson (after Andrew Jackson), or double eagle.
  • The $50 bill is sometimes called a yardstick, or a grant, after President Ulysses S. Grant.
  • The $100 bill is called Benjamin, Benji, Ben, or Franklin, referring to its portrait of Benjamin Franklin. Other nicknames include C-note (C being the Roman numeral for 100), century note, or bill (e.g. two bills = $200).
  • Amounts or multiples of $1,000 are sometimes called grand in colloquial speech, abbreviated in written form to G, K, or k (from kilo; e.g. $10k = $10,000). Likewise, a large or stack can also refer to a multiple of $1,000 (e.g. "fifty large" = $50,000).

Dollar sign

Spanish silver eight-real or peso of 1768

The symbol

Spanish dollars that were in wide circulation in the New World from the 16th to the 19th centuries. The p and the s eventually came to be written over each other giving rise to $.[29][30][31][32]

Another popular explanation is that it is derived from the Pillars of Hercules on the Spanish Coat of arms of the Spanish dollar. These Pillars of Hercules on the silver Spanish dollar coins take the form of two vertical bars (||) and a swinging cloth band in the shape of an S.[citation needed]

Yet another explanation suggests that the dollar sign was formed from the capital letters U and S written or printed one on top of the other. This theory, popularized by novelist Ayn Rand in Atlas Shrugged,[33] does not consider the fact that the symbol was already in use before the formation of the United States.[34]


Origins: the Spanish dollar

The U.S. dollar was introduced at par with the Spanish-American silver dollar (or Spanish peso, Spanish milled dollar, eight-real coin, piece-of-eight). The latter was produced from the rich silver mine output of Spanish America, was minted in Mexico City, Potosí (Bolivia), Lima (Peru), and elsewhere, and was in wide circulation throughout the Americas, Asia, and Europe from the 16th to the 19th centuries. The minting of machine-milled Spanish dollars since 1732 boosted its worldwide reputation as a trade coin and positioned it to be the model for the new currency of the United States.[citation needed]

Even after the United States Mint commenced issuing coins in 1792, locally minted dollars and cents were less abundant in circulation than Spanish American pesos and reales; hence Spanish, Mexican, and American dollars all remained legal tender in the United States until the Coinage Act of 1857. In particular, colonists' familiarity with the Spanish two-real quarter peso was the reason for issuing a quasi-decimal 25-cent quarter dollar coin rather than a 20-cent coin.[citation needed]

For the relationship between the Spanish dollar and the individual state colonial currencies, see Connecticut pound, Delaware pound, Georgia pound, Maryland pound, Massachusetts pound, New Hampshire pound, New Jersey pound, New York pound, North Carolina pound, Pennsylvania pound, Rhode Island pound, South Carolina pound, and Virginia pound.[citation needed]

Coinage Act of 1792

Alexander Hamilton finalized the details of the 1792 Coinage Act and the establishment of the U.S. Mint.

On July 6, 1785, the Continental Congress resolved that the money unit of the United States, the dollar, would contain 375.64 grains of fine silver; on August 8, 1786, the Continental Congress continued that definition and further resolved that the money of account, corresponding with the division of coins, would proceed in a decimal ratio, with the sub-units being mills at 0.001 of a dollar, cents at 0.010 of a dollar, and dimes at 0.100 of a dollar.[14]

After the adoption of the

karat or 91.67% fine gold.[35] Alexander Hamilton arrived at these numbers based on a treasury assay of the average fine silver content of a selection of worn Spanish dollars
, which came out to be 371 grains. Combined with the prevailing gold-silver ratio of 15, the standard for gold was calculated at 371/15 = 24.73 grains fine gold or 26.98 grains 22K gold. Rounding the latter to 27.0 grains finalized the dollar's standard to 24.75 grains of fine gold or 24.75*15 = 371.25 grains = 24.0566 grams = 0.7735 troy ounces of fine silver.

The same coinage act also set the value of an eagle at 10 dollars, and the dollar at 110 eagle. It called for silver coins in denominations of 1, 12, 14, 110, and 120 dollar, as well as gold coins in denominations of 1, 12 and 14 eagle. The value of gold or silver contained in the dollar was then converted into relative value in the economy for the buying and selling of goods. This allowed the value of things to remain fairly constant over time, except for the influx and outflux of gold and silver in the nation's economy.[36]

Though a Spanish dollar freshly minted after 1772 theoretically contained 417.7 grains of silver of fineness 130/144 (or 377.1 grains fine silver), reliable assays of the period in fact confirmed a fine silver content of 370.95 grains (24.037 g) for the average Spanish dollar in circulation. [37] The new U.S. silver dollar of 371.25 grains (24.057 g) therefore compared favorably and was received at par with the Spanish dollar for foreign payments, and after 1803 the United States Mint had to suspend making this coin out of its limited resources since it failed to stay in domestic circulation. It was only after Mexican independence in 1821 when their peso's fine silver content of 377.1 grains was firmly upheld, which the U.S. later had to compete with using a heavier 378.0 grains (24.49 g) Trade dollar coin.


The early currency of the United States did not exhibit faces of presidents, as is the custom now;[38] although today, by law, only the portrait of a deceased individual may appear on United States currency.[39] In fact, the newly formed government was against having portraits of leaders on the currency, a practice compared to the policies of European monarchs.[40] The currency as we know it today did not get the faces they currently have until after the early 20th century; before that "heads" side of coinage used profile faces and striding, seated, and standing figures from Greek and Roman mythology and composite Native Americans. The last coins to be converted to profiles of historic Americans were the dime (1946), the half Dollar (1948), and the Dollar (1971).

Continental currency

Continental one third dollar bill (obverse)

After the American Revolution, the Thirteen Colonies became independent. Freed from British monetary regulations, they each issued £sd paper money to pay for military expenses. The Continental Congress also began issuing "Continental Currency" denominated in Spanish dollars. For its value relative to states' currencies, see Early American currency.

Continental currency

depreciated badly during the war, giving rise to the famous phrase "not worth a continental".[41] A primary problem was that monetary policy was not coordinated between Congress and the states, which continued to issue bills of credit. Additionally, neither Congress nor the governments of the several states had the will or the means to retire the bills from circulation through taxation or the sale of bonds.[42] The currency was ultimately replaced by the silver dollar at the rate of 1 silver dollar to 1000 continental dollars. This resulted in the clause "No state shall... make anything but gold and silver coin a tender in payment of debts" being written into the United States Constitution article 1, section 10

Silver and gold standards, 19th century

From implementation of the 1792

Mint Act to the 1900 implementation of the gold standard, the dollar was on a bimetallic silver-and-gold standard, defined as either 371.25 grains
(24.056 g) of fine silver or 24.75 grains of fine gold (gold-silver ratio 15).

Subsequent to the Coinage Act of 1834 the dollar's fine gold equivalent was revised to 23.2 grains; it was slightly adjusted to 23.22 grains (1.505 g) in 1837 (gold-silver ratio ~16). The same act also resolved the difficulty in minting the "standard silver" of 89.24% fineness by revising the dollar's alloy to 412.5 grains, 90% silver, still containing 371.25 grains fine silver. Gold was also revised to 90% fineness: 25.8 grains gross, 23.22 grains fine gold.

Following the rise in the price of silver during the

California Gold Rush and the disappearance of circulating silver coins, the Coinage Act of 1853 reduced the standard for silver coins less than $1 from 412.5 grains to 384 grains (24.9 g), 90% silver per 100 cents (slightly revised to 25.0 g, 90% silver in 1873). The Act also limited the free silver right of individuals to convert bullion into only one coin, the silver dollar of 412.5 grains; smaller coins of lower standard can only be produced by the United States Mint
using its own bullion.

Summary and links to coins issued in the 19th century:

Note issues, 19th century

Series of 1917 $1 United States Note

In order to finance the War of 1812, Congress authorized the issuance of Treasury Notes, interest-bearing short-term debt that could be used to pay public dues. While they were intended to serve as debt, they did function "to a limited extent" as money. Treasury Notes were again printed to help resolve the reduction in public revenues resulting from the Panic of 1837 and the Panic of 1857, as well as to help finance the Mexican–American War and the Civil War.

Paper money was issued again in 1862 without the backing of precious metals due to the

Gresham's Law. In 1869, Supreme Court ruled in Hepburn v. Griswold that Congress could not require creditors to accept United States Notes, but overturned that ruling the next year in the Legal Tender Cases. In 1875, Congress passed the Specie Payment Resumption Act
, requiring the Treasury to allow U.S. Notes to be redeemed for gold after January 1, 1879.

Gold standard, 20th century

Gold double eagle ($20 coin), 1907

Though the dollar came under the gold standard de jure only after 1900, the bimetallic era was ended de facto when the Coinage Act of 1873 suspended the minting of the standard silver dollar of 412.5 Troy grains = 26.73 g; 0.859 ozt, the only fully legal tender coin that individuals could convert bullion into in unlimited (or Free silver) quantities,[a] and right at the onset of the silver rush from the Comstock Lode in the 1870s. This was the so-called "Crime of '73".


troy ounce of 480 grains). In 1933, gold coins were confiscated by Executive Order 6102 under Franklin D. Roosevelt
, and in 1934 the standard was changed to $35 per troy ounce fine gold, or 13.71 grains (0.888 g) per dollar.

After 1968 a series of revisions to the gold peg was implemented, culminating in the

Nixon Shock of August 15, 1971, which suddenly ended the convertibility of dollars to gold. The U.S. dollar has since floated freely on the foreign exchange markets.[citation needed

Federal Reserve Notes, 20th century to present

Obverse of a rare 1934 $500 Federal Reserve Note, featuring a portrait of President William McKinley
Reverse of a $500 Federal Reserve Note

Congress continued to issue paper money after the Civil War, the latest of which is the

Federal Reserve Act of 1913. Since the discontinuation of all other types of notes (Gold Certificates in 1933, Silver Certificates in 1963, and United States Notes in 1971), U.S. dollar notes have since been issued exclusively as Federal Reserve Notes

Emergence as reserve currency

John Maynard Keynes (right) and Harry Dexter White at the inaugural meeting of the International Monetary Fund in 1946. They were instrumental in drafting the provisions of the post-war global financial system.

The U.S. dollar first emerged as an important international

Bretton Woods Agreement
of 1944 established the U.S. dollar as the world's primary reserve currency and the only post-war currency linked to gold. Despite all links to gold being severed in 1971, the dollar continues to be the world's foremost reserve currency for international trade to this day.

The Bretton Woods Agreement of 1944 also defined the post-World War II monetary order and relations among modern-day independent states, by setting up a system of rules, institutions, and procedures to regulate the international monetary system. The agreement founded the International Monetary Fund and other institutions of the modern-day World Bank Group, establishing the infrastructure for conducting international payments and accessing the global capital markets using the U.S. dollar.


Federal Reserve System, which acts as the nation's central bank. It was founded in 1913 under the Federal Reserve Act in order to furnish an elastic currency for the United States and to supervise its banking system, particularly in the aftermath of the Panic of 1907

For most of the post-war period, the



The United States Mint has issued legal tender coins every year from 1792 to the present. From 1934 to the present, the only denominations produced for circulation have been the familiar penny, nickel, dime, quarter, half dollar, and dollar.

Denomination Common name Obverse Reverse Obverse portrait and design date Reverse motif and design date Weight Diameter Material Edge Circulation
penny Abraham Lincoln (1909) Union Shield (2010) 2.5 g
(0.088 oz)
0.75 in
(19.05 mm)
97.5% Zn covered by 2.5% Cu Plain Wide
Five cents
nickel Thomas Jefferson (2006) Monticello (1938) 5.0 g
(0.176 oz)
0.835 in
(21.21 mm)
75% Cu
25% Ni
Plain Wide
Ten cents
dime Franklin D. Roosevelt (1946) Olive branch, torch, and oak branch (1946) 2.268 g
(0.08 oz)
0.705 in
(17.91 mm)
91.67% Cu
8.33% Ni
118 reeds Wide
Quarter dollar
quarter George Washington (1932) Various (5 designs per year) 5.67 g
(0.2 oz)
0.955 in
(24.26 mm)
91.67% Cu
8.33% Ni
119 reeds Wide
Half dollar
half dollar John F. Kennedy (1964)
Presidential Seal
11.34 g
(0.4 oz)
1.205 in
(30.61 mm)
91.67% Cu
8.33% Ni
150 reeds Limited
Dollar coin
dollar coin, golden dollar Sacagawea


Various (4 designs per year) 8.10 g
(0.286 oz)
1.043 in
(26.50 mm)
88.5% Cu
6% Zn
3.5% Mn
2% Ni
Plain 2000–2006
Lettered 2007–Present
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.

Gold and silver coins have been previously minted for general circulation from the 18th to the 20th centuries. The last gold coins were minted in 1933. The last 90% silver coins were minted in 1964, and the last 40% silver half dollar was minted in 1970.

The United States Mint currently produces circulating coins at the Philadelphia and Denver Mints, and commemorative and proof coins for collectors at the San Francisco and West Point Mints. Mint mark conventions for these and for past mint branches are discussed in Coins of the United States dollar#Mint marks.

The one-dollar coin has never been in popular circulation from 1794 to present, despite several attempts to increase their usage since the 1970s, the most important reason of which is the continued production and popularity of the one-dollar bill.[43] Half dollar coins were commonly used currency since inception in 1794, but has fallen out of use from the mid-1960s when all silver half dollars began to be hoarded.

The nickel is the only coin whose size and composition (5 grams, 75% copper, and 25% nickel) is still in use from 1865 to today, except for wartime 1942–1945 Jefferson nickels which contained silver.

Due to the penny's low value, some

efforts have been made to eliminate the penny
as circulating coinage. [44][45]

For a discussion of other discontinued and canceled denominations, see Obsolete denominations of United States currency and Canceled denominations of United States currency.

Collector coins

Collector coins are technically legal tender at face value but are usually worth far more due to their numismatic value or for their precious metal content. These include:

  • American Eagle bullion coins
    • troy oz
      ) Silver bullion coin 1986–present
    • American Gold Eagle $5 (110 troy oz), $10 (14 troy oz), $25 (12 troy oz), and $50 (1 troy oz) Gold bullion coin 1986–present
    • American Platinum Eagle $10 (110 troy oz), $25 (14 troy oz), $50 (12 troy oz), and $100 (1 troy oz) Platinum bullion coin 1997–present
    • American Palladium Eagle $25 (1 troy oz) Palladium bullion coin 2017–present
  • United States commemorative coins
    —special issue coins, among these:
    • Panama-Pacific International Exposition (1915)
    • Silver proof sets minted since 1992 with dimes, quarters and half-dollars made of silver rather than the standard copper-nickel
    • Presidential dollar coins proof sets minted since 2007


Denomination Front Reverse Portrait Reverse motif First series Latest series Circulation
One dollar George Washington Great Seal of the United States Series 1963[b]
Series 1935[c]
Series 2021[46] Wide
Two dollars Thomas Jefferson
Declaration of Independence by John Trumbull
Series 1976 Series 2017A Limited[47]
Five dollars Abraham Lincoln Lincoln Memorial Series 2006 Series 2021[48] Wide
Ten dollars Alexander Hamilton Treasury Building Series 2004A Series 2017A Wide
Twenty dollars Andrew Jackson White House Series 2004 Series 2017A Wide
Fifty dollars Ulysses S. Grant United States Capitol Series 2004 Series 2017A Wide
One hundred dollars
Benjamin Franklin Independence Hall Series 2009A[49] Series 2017A Wide


small-sized notes introduced that year measure 6.14 in × 2.61 in × 0.0043 in (155.96 mm × 66.29 mm × 0.11 mm).[54] The dimensions of the modern (small-size) U.S. currency is identical to the size of Philippine peso banknotes issued under United States administration after 1903, which had proven highly successful.[55] The American large-note bills became known as "horse blankets" or "saddle blankets".[56]

Currently printed denominations are

large denomination bills in U.S. currency
for details. With the exception of the $100,000 bill (which was only issued as a Series 1934 Gold Certificate and was never publicly circulated; thus it is illegal to own), these notes are now collectors' items and are worth more than their face value to collectors.

Though still predominantly green, the post-2004 series incorporate other colors to better distinguish different denominations. As a result of a 2008 decision in an accessibility lawsuit filed by the American Council of the Blind, the Bureau of Engraving and Printing is planning to implement a raised tactile feature in the next redesign of each note, except the $1 and the current version of the $100 bill. It also plans larger, higher-contrast numerals, more color differences, and distribution of currency readers to assist the visually impaired during the transition period.[d]

Countries that use US dollar

Formal users

Informal users

Monetary policy

The Headquarters of the Federal Reserve System in Washington, D.C.


Federal Reserve System in 1913 as the central bank of the United States
. Its primary task is to conduct the nation's monetary policy to promote maximum employment, stable prices, and moderate long-term interest rates in the U.S. economy. It is also tasked to promote the stability of the financial system and regulate financial institutions, and to act as lender of last resort.[67][68]

The Monetary policy of the United States is conducted by the Federal Open Market Committee, which is composed of the Federal Reserve Board of Governors and 5 out of the 12 Federal Reserve Bank presidents, and is implemented by all twelve regional Federal Reserve Banks.

Monetary policy refers to actions made by central banks that determine the size and growth rate of the money supply available in the economy, and which would result in desired objectives like low inflation, low unemployment, and stable financial systems. The economy's aggregate money supply is the total of

  • M0 money, or Monetary Base – "dollars" in currency and
    bank money
    balances credited to the central bank's depositors, which are backed by the central bank's assets,
  • plus M1, M2, M3 money – "dollars" in the form of
    bank money
    balances credited to banks' depositors, which are backed by the bank's assets and investments.

The FOMC influences the level of money available to the economy by the following means:

  • Reserve requirements – specifies a required minimum percentage of deposits in a commercial bank that should be held as a reserve (i.e. as deposits with the Federal Reserve), with the rest available to loan or invest. Higher requirements mean less money loaned or invested, helping keep inflation in check. Raising the federal funds rate earned on those reserves also helps achieve this objective.
  • Open market operations – the Federal Reserve buys or sells US Treasury bonds and other securities held by banks in exchange for reserves; more reserves increase a bank's capacity to loan or invest elsewhere.
  • Discount window lending – banks can borrow from the Federal Reserve.

Monetary policy directly affects interest rates; it indirectly affects stock prices, wealth, and currency exchange rates. Through these channels, monetary policy influences spending, investment, production, employment, and inflation in the United States. Effective monetary policy complements fiscal policy to support economic growth.

The adjusted monetary base has increased from approximately $400 billion in 1994, to $800 billion in 2005, and to over $3 trillion in 2013.[69]

When the Federal Reserve makes a purchase, it credits the seller's reserve account (with the Federal Reserve). This money is not transferred from any existing funds—it is at this point that the Federal Reserve has created new

dollar bills
) and the Bureau of the Mint (to stamp the coins).

The Federal Reserve's monetary policy objectives to keep prices stable and unemployment low is often called the dual mandate. This replaces past practices under a

Bretton Woods Agreement
of 1944 via fixed exchange rates to the U.S. dollar).

International use as reserve currency

Worldwide use of the U.S. dollar:
  United States
  External adopters of the US dollar
  Currencies pegged to the US dollar
  Currencies pegged to the US dollar w/ narrow band
Worldwide use of the euro:
  External adopters of the euro
  Currencies pegged to the euro
  Currencies pegged to the euro w/ narrow band


The primary currency used for global trade between

the Americas has historically been the Spanish-American silver dollar, which created a global silver standard system from the 16th to 19th centuries, due to abundant silver supplies in Spanish America.[71]
The U.S. dollar itself was derived from this coin. The Spanish dollar was later displaced by the British pound sterling in the advent of the international gold standard in the last quarter of the 19th century.

The U.S. dollar began to displace the

First World War relatively unscathed and since the United States was a significant recipient of wartime gold inflows.[72]
After the U.S. emerged as an even stronger global

As international reserve currency

The U.S. dollar is joined by the world's other major currencies – the euro, pound sterling, Japanese yen and Chinese renminbi – in the currency basket of the special drawing rights of the International Monetary Fund. Central banks worldwide have huge reserves of U.S. dollars in their holdings and are significant buyers of U.S. treasury bills and notes.[74]

Foreign companies, entities, and private individuals hold U.S. dollars in foreign deposit accounts called

Federal Reserve System. Private individuals also hold dollars outside the banking system mostly in the form of US$100 bills
, of which 80% of its supply is held overseas.

The United States Department of the Treasury exercises considerable oversight over the SWIFT financial transfers network,[75] and consequently has a huge sway on the global financial transactions systems, with the ability to impose sanctions on foreign entities and individuals.[76]

In the global markets

The U.S. dollar is predominantly the standard currency unit in which goods are quoted and traded, and with which payments are settled, in the global

commodity markets.[77] The U.S. Dollar Index
is an important indicator of the dollar's strength or weakness versus a basket of six foreign currencies.


Federal Reserve, which is itself under U.S. government purview, at minimal interest rates, and with virtually zero default risk. In contrast, foreign governments and corporations incapable of raising money in their own local currencies are forced to issue debt denominated in U.S. dollars, along with its consequent higher interest rates and risks of default.[78] The United States's ability to borrow in its own currency without facing a significant balance of payments crisis has been frequently described as its exorbitant privilege.[79]

A frequent topic of debate is whether the strong dollar policy of the United States is indeed in America's own best interests, as well as in the best interest of the international community.[80]

Currencies fixed to the U.S. dollar

For a more exhaustive discussion of countries using the U.S. dollar as official or customary currency, or using currencies which are pegged to the U.S. dollar, see International use of the U.S. dollar#Dollarization and fixed exchange rates and Currency substitution#US dollar.

Countries using the U.S. dollar as their official currency include:

Among the countries using the U.S. dollar together with other foreign currencies and their local currency are Cambodia and Zimbabwe.

Currencies pegged to the U.S. dollar include:


Buying power of one U.S. dollar compared to 1775
Spanish milled dollar
 Year   Equivalent buying power
1775  $1.00
1780  $0.59
1790  $0.89
1800  $0.64
1810  $0.66
1820  $0.69
1830  $0.88
1840  $0.94
1850  $1.03
1860  $0.97
 Year   Equivalent buying power
1870  $0.62
1880  $0.79
1890  $0.89
1900  $0.96
1910  $0.85
1920  $0.39
1930  $0.47
1940  $0.56
1950  $0.33
1960  $0.26
 Year   Equivalent buying power
1970  $0.20
1980  $0.10
1990  $0.06
2000  $0.05
2007  $0.04
2008  $0.04
2009  $0.04
2010  $0.035
2011  $0.034
2012  $0.03
Inflation value of dollar

The 6th paragraph of

Spanish milled dollar as the same is now current".[81]

The table above shows the equivalent amount of goods that, in a particular year, could be purchased with $1. The table shows that from 1774 through 2012 the U.S. dollar has lost about 97.0% of its buying power.[82]

The decline in the value of the U.S. dollar corresponds to

price inflation, which is a rise in the general level of prices of goods and services in an economy over a period of time.[83] A consumer price index (CPI) is a measure estimating the average price of consumer goods and services purchased by households. The United States Consumer Price Index, published by the Bureau of Labor Statistics, is a measure estimating the average price of consumer goods and services in the United States.[84] It reflects inflation as experienced by consumers in their day-to-day living expenses.[85]
A graph showing the U.S. CPI relative to 1982–1984 and the annual year-over-year change in CPI is shown at right.

The value of the U.S. dollar declined significantly during wartime, especially during the

high-powered money such as gold, national banknotes, and silver coins.[87] Over the very long run, the prior gold standard kept prices stable—for instance, the price level and the value of the U.S. dollar in 1914 were not very different from the price level in the 1880s. The Federal Reserve initially succeeded in maintaining the value of the U.S. dollar and price stability, reversing the inflation caused by the First World War and stabilizing the value of the dollar during the 1920s, before presiding over a 30% deflation in U.S. prices in the 1930s.[88]

Under the Bretton Woods system established after World War II, the value of gold was fixed to $35 per ounce, and the value of the U.S. dollar was thus anchored to the value of gold. Rising government spending in the 1960s, however, led to doubts about the ability of the United States to maintain this convertibility, gold stocks dwindled as banks and international investors began to convert dollars to gold, and as a result, the value of the dollar began to decline. Facing an emerging currency crisis and the imminent danger that the United States would no longer be able to redeem dollars for gold, gold convertibility was finally terminated in 1971 by President Nixon, resulting in the "Nixon shock".[89]

The value of the U.S. dollar was therefore no longer anchored to gold, and it fell upon the Federal Reserve to maintain the value of the U.S. currency. The Federal Reserve, however, continued to increase the money supply, resulting in stagflation and a rapidly declining value of the U.S. dollar in the 1970s. This was largely due to the prevailing economic view at the time that inflation and real economic growth were linked (the Phillips curve), and so inflation was regarded as relatively benign.[89] Between 1965 and 1981, the U.S. dollar lost two thirds of its value.[82]

In 1979,

Chairman of the Federal Reserve. The Federal Reserve tightened the money supply and inflation was substantially lower in the 1980s, and hence the value of the U.S. dollar stabilized.[89]

Over the thirty-year period from 1981 to 2009, the U.S. dollar lost over half its value.[82] This is because the Federal Reserve has targeted not zero inflation, but a low, stable rate of inflation—between 1987 and 1997, the rate of inflation was approximately 3.5%, and between 1997 and 2007 it was approximately 2%. The so-called "Great Moderation" of economic conditions since the 1970s is credited to monetary policy targeting price stability.[90]

There is an ongoing debate about whether central banks should target zero inflation (which would mean a constant value for the U.S. dollar over time) or low, stable inflation (which would mean a continuously but slowly declining value of the dollar over time, as is the case now). Although some economists are in favor of a zero inflation policy and therefore a constant value for the U.S. dollar,

interest rates and stimulate the economy when needed.[91]

Pegged currencies

Exchange rates

EUR/USD exchange rate

Historical exchange rates

Currency units per one U.S. dollar, averaged over the year[92][93][94][95]
Currency units 1970[i] 1980[i] 1985[i] 1990[i] 1993 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2018[96]
Euro  —  —  —  —  — 0.9387 1.0832 1.1171 1.0578 0.8833 0.8040 0.8033 0.7960 0.7293 0.6791 0.7176 0.6739 0.7178 0.7777 0.7530 0.7520 0.9015 0.8504
Japanese yen 357.6 240.45 250.35 146.25 111.08 113.73 107.80 121.57 125.22 115.94 108.15 110.11 116.31 117.76 103.39 93.68 87.78 79.70 79.82 97.60 105.74 121.05 111.130
Pound sterling 8s 4d
0.4484[ii] 0.8613[ii] 0.6207 0.6660 0.6184 0.6598 0.6946 0.6656 0.6117 0.5456 0.5493 0.5425 0.4995 0.5392 0.6385 0.4548 0.6233 0.6308 0.6393 0.6066 0.6544 0.7454
Swiss franc 4.12 1.68 2.46[97] 1.39 1.48 1.50 1.69 1.69 1.62 1.40 1.24 1.15 1.29 1.23 1.12 1.08 1.03 0.93 0.93 0.90 0.92 1.00 0.98
Canadian dollar[98] 1.081 1.168 1.321 1.1605 1.2902 1.4858 1.4855 1.5487 1.5704 1.4008 1.3017 1.2115 1.1340 1.0734 1.0660 1.1412 1.0298 0.9887 0.9995 1.0300 1.1043 1.2789 1.2842
Mexican peso[99] 0.01250–0.02650[iii] 2.80[iii] 2.67[iii] 2.50[iii] 3.1237 9.553 9.459 9.337 9.663 10.793 11.290 10.894 10.906 10.928 11.143 13.498 12.623 12.427 13.154 12.758 13.302 15.837 19.911
Chinese Renminbi[100] 2.46 1.7050 2.9366 4.7832 5.7620 8.2783 8.2784 8.2770 8.2771 8.2772 8.2768 8.1936 7.9723 7.6058 6.9477 6.8307 6.7696 6.4630 6.3093 6.1478 6.1620 6.2840 6.383
Pakistani rupee 4.761 9.9 15.9284 21.707 28.107 51.9 51.9 63.5 60.5 57.75 57.8 59.7 60.4 60.83 67 80.45 85.75 88.6 90.7 105.477 100.661 104.763 139.850
Singapore dollar  —  — 2.179 1.903 1.6158 1.6951 1.7361 1.7930 1.7908 1.7429 1.6902 1.6639 1.5882 1.5065 1.4140 1.4543 1.24586 1.2565 1.2492 1.2511 1.2665 1.3748 1.343
South Korean won 310.556 607.717 870.020 707.766 802.538 1189.439 1130.362 1290.790 1251.602 1191.646 1146.249 1024.328 955.341 929.376 1100.126 1277.246 1156.460 1108.233 1126.807 1094.983 1052.840 1130.953 1100.163

Current exchange rates

Current USD exchange rates

See also


  1. ^ Silver bullion can be converted in unlimited quantities of Trade dollars of 420 grains, but these were meant for export and had legal tender limits in the US. See Trade dollar (United States coin).
  2. ^ Obverse
  3. ^ Reverse
  4. ^ See Federal Reserve Note § Lawsuit over U.S. banknote design for details and references.
  1. ^ a b c d Mexican peso values prior to 1993 revaluation
  2. ^ a b 1970–1992 Archived October 23, 2018, at the Wayback Machine. 1980 derived from AUD–USD=1.1055 and AUD–GBP=0.4957 at end of Dec 1979: 0.4957/1.1055=0.448394392; 1985 derived from AUD–USD=0.8278 and AUD–GBP=0.7130 at end of Dec 1984: 0.7130/0.8278=0.861319159.
  3. ^ a b c d Value at the start of the year


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Further reading

  • Prasad, Eswar S. (2014). The Dollar Trap: How the U.S. Dollar Tightened Its Grip on Global Finance. Princeton, NJ: .

Images of U.S. currency and coins