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The official currency of the United States and its territories is the US dollar. The Coinage Act of 1792 established the United States dollar on par with the Spanish silver dollar, split it into 100 cents, and permitted the minting of dollars and cents coins. Federal Reserve Notes, sometimes known as greenbacks because of its historically prevalent green color, are the most common type of currency in the United States.

The Federal Reserve System, which serves as the country’s central bank, is in charge of the country’s monetary policy.

The US dollar was first established by a bimetallic standard of 371.25 grains (24.057 g) fine silver or 23.22 grains (1.505 g) fine gold, or $20.67 per troy ounce, starting in 1837. The Gold Standard Act of 1900 established a one-to-one relationship between the dollar and gold. Its gold equivalency was raised to $35 per troy ounce in 1934. All ties to gold have been abolished after 1971.

Following World War I, the United States dollar became an important international reserve currency, eventually displacing the pound sterling as the world’s principal reserve currency by the Bretton Woods Agreement towards the conclusion of WWII. In international commerce, the dollar is the most extensively used currency. Federal Reserve Notes (and, in a few cases, US coins) are used in circulation, and it is the official currency of some nations and the de facto currency of many more.

The total quantity of currency in circulation as of February 10, 2021 was US$2.10 trillion, with $2.05 trillion in Federal Reserve Notes (the remaining $50 billion in coins and older-style United States Notes).

Congress has the ability “o coin money,” according to Article I, Section 8 of the United States Constitution. The laws that enforce this ability are now defined in Title 31 of the United States Code, Section 5112, which specifies the formats in which US dollars shall be created. Both of these coins are classified as “legal tender” for the payment of obligations in the area.

In contrast to the American Silver Eagle, which is made entirely of silver, the Sacagawea dollar is made of copper alloy. Other coins with values ranging from one cent (US penny) to one hundred dollars are also mintable and issued under Section 5112. Coins of the United States Dollar goes into further detail about these additional coins.

“A regular Statement and Account of the Receipts and Expenditures of all public Money shall be published from time to time,” according to Article I, Section 9 of the Constitution, which is further stated by Section 331 of Title 31 of the United States Code. Because the quantities of money recorded in the “Statements” are now represented in US dollars, the US dollar can be considered the country’s unit of account. Section 9 begins with the word “dollar,” which alludes to the Spanish milled dollar, or the currency worth eight Spanish reales.

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