USD

The US dollar is the legal tender and monetary unit of the United States and one of the most important international currencies in the world. It is widely used in international trade, investment, reserves and settlements. The International Organization for Standardization (ISO) currency code of the U.S. dollar is USD (United States Dollar), and the most commonly used symbol is $. The U.S. dollar represents the economic strength and credibility of the United States and is also the official or unofficial currency of many other countries and regions.

History of USD

The history of the U.S. dollar can be traced back to the 18th century, when during the American Revolutionary War, the Continental Congress issued a paper currency called the Continental Currency to fund the Revolutionary Army. This banknote depreciated significantly due to excessive issuance and was eventually abolished. In 1785, the U.S. Congress passed a bill establishing the U.S. dollar as the monetary unit of the United States and stipulating that each dollar was equal to 100 cents. In 1792, the United States passed a bill to establish the United States Mint and established the gold and silver standard system, fixing 1 dollar to 371.25 grains of pure silver or 24.75 grains of pure gold.

In the 19th century, due to fluctuations in gold and silver prices and the impact of war, the U.S. dollar gold standard system was suspended or modified many times. At the beginning of the 20th century, due to the impact of World War I and the Great Depression, the U.S. dollar's gold standard system was challenged again. In 1933, President Roosevelt banned private holdings of gold and fixed the price of one U.S. dollar at $35 per ounce of gold. In 1944, the Bretton Woods System was established, which made the U.S. dollar one of the world's major currencies, pegged to gold, while other currencies were pegged to the U.S. dollar.

In the late 20th century, due to the impact of the Vietnam War and the oil crisis, the U.S. dollar's gold standard system came under pressure again. In 1971, President Nixon announced a moratorium on the convertibility of U.S. dollars into gold, ending the Bretton Woods system. In 1973, the Washington Agreement established a floating exchange rate system, allowing each country's currency to change freely based on market supply and demand. In 1976, the Jamaica Agreement officially abolished the gold standard and confirmed the floating exchange rate system.

In the 21st century, the U.S. dollar has faced some challenges and changes, such as the September 11 terrorist attacks in 2001, the financial crisis in 2008, Trump's election in 2016, and the COVID-19 epidemic in 2020. These events have had an impact on the exchange rate and credibility of the US dollar. However, the US dollar is still a currency with international influence and attraction, and is also the anchor currency or reference currency of many countries and regions. 

Issuance of USD

The issuance of U.S. dollars is primarily the responsibility of the U.S. Federal Reserve, but there are also other issuing agencies, such as the U.S. Department of the Treasury and some U.S. territorial governments. The banknotes and coins issued by these issuing agencies can be used in the United States, but internationally only US dollar banknotes issued by the U.S. Federal Reserve are generally recognized. 

Value of USD

U.S. dollar coins are divided into six denominations: 1 cent, 5 cents, 10 cents, 25 cents, 50 cents and 1 dollar. All coins feature portraits of American historical figures on the obverse and different patterns on the reverse, reflecting the history, culture and nature of the United States. U.S. dollar banknotes are divided into seven denominations: $1, $2, $5, $10, $20, $50 and $100. All banknotes feature a portrait of an American historical figure on the front and a different building or monument on the back.

Conclusion

The US dollar is a currency with a long history and rich connotations. It is also an important international currency. Understanding the basic situation of the U.S. dollar can help us better understand the U.S. economy and society, and can also provide us with more investment and trading opportunities.