Below, you'll find US Dollar rates and a currency converter. Federal Reserve Bank Website: United States, America, American Samoa, more The USD is the most traded currency in the forex market and can be paired with all other major currencies.
Common names for the USD include the greenback, buck, green, dough, smacker, bones, dead presidents, scrillas, and paper. Importance of the US Dollar The US Dollar is the most commonly converted currency in the world and is regularly used as a benchmark in the Forex market. As the dominant global reserve currency, it is held by nearly every central bank in the world.
Additionally, the Dollar is used as the standard currency in the commodity market and therefore has a direct impact on commodity prices. Dollarization of the USD Due to its international acceptance, some countries like Panama and Ecuador use the USD as an official legal tender, a practice known as dollarization.
For other countries the Dollar is an accepted alternative form of payment, though not an official currency for the country. Multiple currencies are pegged to the US Dollar:. The Coinage Act of created the first U. Mint and established the federal monetary system, as well as set denominations for coins specified by their value in gold, silver, and copper. In , the U. These bills quickly earned the nickname 'Greenbacks' because of their color.
In , a national banking system was established and guidelines for national banks were created. These banks were authorized to issue national currency secured by the purchase of US bonds. Silver and Gold Standard in the US For years, the United States attempted to make a bimetallic standard, starting by adopting a silver standard based on the Spanish Milled Dollar in However, silver coins soon left circulation becoming completely suspended by By this time, most countries had already begun to standardize transactions by adopting the gold standard, meaning that any paper money could be redeemed by the government for its value in gold.
The Bretton-Woods system was adopted by most countries to set the exchange rates for all currencies in terms of gold. Since the United States held most of the world's gold, many countries simply pegged the value of their currency to the Dollar.
Central banks maintained fixed exchange rates between their currencies and the Dollar, turning the US Dollar into the de facto currency of the world. In , the US finally decoupled the value of the Dollar from gold completely. Click on a currency code to learn about it. XE Currency Converter More currencies.
Why are you interested in the USD? Multiple currencies are pegged to the US Dollar: Aruban or Dutch Guilder. United Arab Emirati Dirham.More...