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Countryaah.com

Currency in United States

The US dollar is the most powerful currency in the world, means the United States Dollar when written out and is marked with the symbol $ or US $. The ISO 4217 code is USD. There are 10 dime, 100 cents or 1000 million subdivisions.

Officially, it is the currency unit of the United States of America (USA). It is recognized as a legal and official means of payment in many other countries across national borders. These countries include Bonaire, Ecuador, El Salvador, Micronesia, East Timor, Panama, Saba, Palau, Sint Eustatius, Liberia, the British Virgin Islands, the Marshall Islands, and the Turks and Caicos Islands.

History of the US dollar

The currency of the US dollar was created out of necessity. Great Britain banned the minting of coins in the colonies in 1704 in order to create further dependence. In order to circumvent this ban, Spanish and Dutch coins became means of payment. With the start of the American Revolutionary War, a new currency was introduced, but it did not last long. In 1785 the US dollar was issued as the new currency, but initially only in the form of coins. The first notes came into circulation in 1861/1862. Because of their greenish color, the dollar bills are also known as “greenback”.

The US dollar is characterized as a very stable currency and occupies a special position among the global currencies, because it is considered the key, reserve and transaction currency.

In 1900 it was determined that one US dollar equals 1.504632 grams of gold. As a result of the global economic crisis (1929) the gold standard had to be suspended. In 1933, gold was banned from private ownership. All gold that was worth over $ 100 had to be given up. The exchange of currency for gold, which had been guaranteed until then, was canceled. In 1934 one dollar was worth only 0.888671 grams of gold. As a result of further developments in financial policy, President Nixon finally revoked the right to exchange the dollar for gold in 1971.

Much more serious than past events would be a collapse of the US dollar today. In order to avoid a complete collapse of the financial markets in the course of a collapse, efforts are already being made to create a new, “independent” currency.

Currency exchange in US dollars

A change from the euro to the US dollar currency is not a problem. It should be noted, however, that cash is not the preferred method of payment. A credit card is therefore recommended when traveling to the USA, whether for a rental car, a visit to a restaurant or shopping in the supermarket. Cash payments with dollar bills larger than $ 20 are already viewed with suspicion.

It is therefore advisable to exchange a smaller amount in Germany and, if necessary, to withdraw money from an ATM in the USA.

Read more:

  • United States Facts
  • United States Population
  • Embassies of United States
  • United States Holidays
  • Where is United States Located?
  • What is the Capital of United States? Washington, D.C.
  • United States Major Exports
  • United States Major Imports
  • United States Import Restrictions
  • United States Flag and Meaning
  • United States Major Trade Partners
  • List of Foreign Embassies in United States
  • Currency in United Kingdom

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