The United States dollar (sign: $; code: USD; also abbreviated US$) is the official currency of the United States of America. It is divided into 100 smaller units called cents.

The U.S. dollar is the currency most used in international transactions and is one of the world's reserve currencies.12 Several countries use it as their official currency in many others it is the de facto currency13 and it is also used as the sole currency in some British Overseas Territories (Bermuda British Virgin Islands and Turks and Caicos). Contents 1 Overview 2 Etymology 2.1 Nicknames 3 Dollar sign 4 History 4.1 Continental currency 4.2 Silver and gold standards 5 Coins 5.1 Collector coins 5.2 Dollar coins 5.3 Mint marks 6 Banknotes 7 Means of issue 8 Value 9 Exchange rates 9.1 Historical exchange rates 10 See also 11 References 12 External links 12.1 Images of U.S. currency and coins Overview

The Constitution of the United States of America provides that the United States Congress shall have the power "To coin Money".14 Laws implementing this power are currently codified in Section 5112 of Title 31 of the United States Code. Section 5112 provides in which forms the United States dollars shall be issued.15 Those coins are both designated in Section 5112 as "legal tender" in payment of debts.15 The Sacagawea dollar is one example of the copper alloy dollar. The pure silver dollar is known as the American Silver Eagle. Section 5112 also provides for the minting and issuance of other coins which have values ranging from one cent to fifty dollars.15 These other coins are more fully described in Coins of the United States dollar.

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".16 That provision of the Constitution is made specific by Section 331 of Title 31 of the United States Code.17 The sums of money reported in the "Statements" are currently being expressed in U.S. dollars (for example see the 2009 Financial Report of the United States Government).18 The U.S. dollar may therefore be described as the unit of account of the United States.

The word "dollar" is one of the words in the first paragraph of Section 9 of Article 1 of the U.S. Constitution. In that context "dollars" is a reference to the Spanish milled dollar a coin that had a monetary value of 8 Spanish units of currency or reales. In 1792 the U.S. Congress adopted legislation titled An act establishing a mint and regulating the Coins of the United States. Section 9 of that act authorized the production of various coins including "DOLLARS OR UNITSeach 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 provided "That the 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". In other words this act designated the United States dollar as the unit of currency of the United States.

The U.S. dollar bill uses the decimal system consisting of 100 equal cents (symbol ). It is also officially divided into 1000 mills or ten dimes while ten dollars is equal to an eagle. However only cents are in everyday use as divisions of the dollar; "dime" is used solely as the name of the coin with the value of 10 while "eagle" and "mill" are largely unknown to the general public though mills are sometimes used in matters of tax levies and gasoline prices are usually in the form of $X.XX9 per gallon e.g. $3.599 sometimes written as $3.59910. When currently issued in circulating form denominations equal to or less than a dollar are emitted as U.S. coins while denominations equal to or greater than a dollar are emitted as Federal Reserve notes (with the exception of gold silver and platinum coins valued up to $100 as legal tender but worth far more as bullion). Both one-dollar coins and notes are produced today although the note form is significantly more common. In the past "paper money" was occasionally issued in denominations less than a dollar (fractional currency) and gold coins were issued for circulation up to the value of $20 (known as the "double eagle" discontinued in the 1930s). The term eagle was used in the Coinage Act of 1792 for the denomination of ten dollars and subsequently was used in naming gold coins. In 1854 James Guthrie then Secretary of the Treasury proposed creating $100 $50 and $25 gold coins which were referred to as a "Union" "Half Union" and "Quarter Union"19 thus implying a denomination of 1 Union $100. Series of 1917 $1 United States bill

Today USD notes are made from cotton fiber paper unlike most common paper which is made of wood fiber. U.S. coins are produced by the United States Mint. U.S. dollar banknotes are printed by the Bureau of Engraving and Printing and since 1914 have been issued by the Federal Reserve. The "large-sized notes" issued before 1928 measured 7.42 inches (188 mm) by 3.125 inches (79.4 mm); small-sized notes introduced that year measure 6.14 inches (156 mm) by 2.61 inches (66 mm) by 0.0043 inches (0.11 mm). Etymology Further information: Dollar

In the 16th century Count Hieronymus Schlick of Bohemia began minting coins known as Joachimstalers (from German thal or nowadays usually Tal "valley" cognate with "dale" in English) named for Joachimstal the valley where the silver was mined (St. Joachim's Valley now Jchymov; then part of the Holy Roman Empire now part of the Czech Republic).20 Joachimstaler was later shortened to the German Taler a word that eventually found its way into Danish and Swedish as daler Dutch as daalder Ethiopian as (talari) Italian as tallero Flemish as daelder and English as dollar.20 Alternatively thaler is said to come from the German coin Guldengroschen ("great guilder" being of silver but equal in value to a gold guilder) minted from the silver from Joachimsthal. Nicknames This section does not cite any references or sources. Please help improve this section by adding citations to reliable sources. Unsourced material may be challenged and removed. (April 2008)

The colloquialism "buck" (much like the British word "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 fur trade. "Greenback" is another nickname originally applied specifically to the 19th century Demand Note dollars created by Abraham Lincoln to finance the costs of the Civil War for the North. The original note was printed in black and green on the back side. It is still used to refer to the U.S. dollar (but not to the dollars of other countries). Other well-known names of the dollar as a whole in denominations include "greenmail" "green" and "dead presidents" (the last because late presidents are pictured on some of the bills). "Grand" sometimes shortened to simply "G" is a common term for the amount of $1000. The suffix "K" or "k" (from "kilo-") is also commonly used to denote this amount (such as "$10k" to mean $10000). In colloquial English when someone refers to a "large" or "stack" it is usually a reference to an amount that is a multiple of $1000 (such as "fifty large" meaning $50000). Banknotes' nicknames are the same as their values (such as "five" "twenty" etc.) The $100 bill is nicknamed "Benjamin" "Benji" or "Franklin" (after Benjamin Franklin who is pictured on the note) "C-note" (C being the Roman numeral for 100) "Century note" or "bill" (e.g. "two bills" being $200). The $20 bill has been referred to as "double sawbuck" "dub" or "Jackson" (after Andrew Jackson); the $10 bill - as "sawbuck" "ten-spot" or "Hamilton" (after Alexander Hamilton); the $5 bill - as "fin" "fiver" or "five-spot". The $2 bill is sometimes called "deuce" "Tom" "Jefferson" or "T.J." (after Thomas Jefferson); and the $1 bill - "single" or "buck". The dollar has also been referred to as a "bone" and "bones" in plural (e.g. "twenty bones" is equal to $20) or a "bean". The newer designs are sometimes referred to as "Bigface" bills or "Monopoly money". Some people refer to U.S. money as "cha-chingers" "bucks" "green-backs" and "smackers". In French-speaking areas of Louisiana the dollar is referred to as "piastre" (pronounced "pee-as") and the French holdover "sous" (pronounced "soo") is used to refer to the cent. In Panama the equivalent of buck is "palo" (literally "stick"). In Ecuador the dollar is referred to as "lata". In Peru a nickname for the U.S. dollar is "coco" which is a pet name for Jorge ("George" in Spanish) a reference to the portrait of George Washington on the $1 note. Puerto Ricans both living in Puerto Rico and in the United States may refer to the dollar as "peso". In some places in Mexico prices in U.S. dollars are referred to as "en americano" ("in American") with the word "peso" used in Mexico primarily to refer to the Mexican peso. Cubans call the U.S. dollar "fula". Loosely translated from Cuban jargon mean bad or not good. American money was not bad to have or use by Cubans in the island but its possession was penalized before the mid-1990s hence the nickname. Dollar sign Main article: Dollar sign Silver real of 1768 The symbol $ usually written before the numerical amount is used for the U.S. dollar (as well as for many other currencies). The sign's ultimate origins are not certain though it is possible that it comes from the Pillars of Hercules on the Spanish Coat of arms on the Spanish dollars that were minted in the New World mints in Mexico City Potos Bolivia and in Lima Peru. 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".21 Another explanation is that this symbol for peso was the result of a late 18th-century evolution of the scribal abbreviation "ps." The p and the s eventually came to be written over each other giving rise to $.222324 A fictional possibility suggested is that the dollar sign is the capital letters U and S typed one on top of the other. This theory popularized by novelist Ayn Rand in Atlas Shrugged25 does not consider the fact that the symbol was already in use before the formation of the United States.26 History The neutrality of this section is disputed. Please see the discussion on the talk page. Please do not remove this message until the dispute is resolved. (April 2010) See also: History of the United States dollar Obverse of rare 1934 $500 Federal Reserve Bill featuring a portrait of President William McKinley. Reverse of $500 Bill The first dollar coins issued by the United States Mint (founded 1792) were similar in size and composition to the Spanish dollar. The Spanish U.S. silver dollars and Mexican silver pesos circulated side by side in the United States and the Spanish dollar and Mexican peso remained legal tender until 1857. The coinage of various English colonies also circulated. The lion dollar was popular in the Dutch New Netherland Colony (New York) but the lion dollar also circulated throughout the English colonies during the 17th century and early 18th century. Examples circulating in the colonies were usually worn so that the design was not fully distinguishable thus they were sometimes referred to as "dog dollars".27 The U.S. dollar was created and defined by the Coinage Act of 1792. It specified a "dollar" to be based in the Mexican peso at 1 dollar per peso and between 371 and 416 grains (27.0 g) of silver (depending on purity) and an 'eagle" to be between 247 and 270 grains (17 g) of gold (again depending on purity). The choice of the value 371 grains arose from Alexander Hamilton's decision to base the new American unit on the average weight of a selection of worn Spanish dollars (and later Mexican peso). Hamilton got the treasury to weigh a sample of Spanish dollars and the average weight came out to be 371 grains. A new Spanish dollar was usually about 377 grains in weight and so the new U.S. dollar was at a slight discount in relation to the Spanish dollar. The gold equivalent of the Spanish dollar in sterling was 1 $4.80 whereas the gold equivalent of the U.S. dollar was 1 4.86. This exchange rate with sterling remained right up until Britain abandoned the gold standard in 1931. The Coinage Act of 1792 set the value of an eagle at 10 dollars and the dollar at 1/10 eagle. It called for 90% silver alloy coins in denominations of 1 1/2 1/4 1/10 and 1/20 dollars; it called for 90% gold alloy coins in denominations of 1 1/2 1/4 and 1/10 eagles. 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. The early currency of the USA did not exhibit faces of presidents as is the custom now. In fact George Washington was against having his face on the currency a practice he compared to the policies of European monarchs. 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) and the Dollar (1971). For articles on the currencies of the colonies and states 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. Continental currency See also: Continental currency Continental One Third Dollar Bill (obverse) In 1775 the United States and the individual states began issuing "Continental Currency" denominated in Spanish dollars and (for the issues of the states) the sd currencies of the states. The dollar was valued relative to the states' currencies at the following rates: State Value of Dollar in State Currency Georgia 5 Shillings Connecticut Massachusetts New Hampshire Rhode Island Virginia 6 Shillings Delaware Maryland New Jersey Pennsylvania 7 Shillings New York North Carolina 8 Shillings South Carolina 32 Shillings The continental currency suffered from printing press inflation and was replaced by the silver dollar at the rate of 1 silver dollar 1000 continental dollars. Silver and gold standards This section does not cite any references or sources. Please help improve this section by adding citations to reliable sources. Unsourced material may be challenged and removed. (April 2010) This article is outdated. Please update this article to reflect recent events or newly available information. Please see the talk page for more information. (March 2009) From 1792 when the Mint Act was passed the dollar was pegged to silver at 371.25 grains (24.056 g) or 24.75 grains (1.604 g) of gold. Many historianswho erroneously assume gold was standardized at a fixed rate in parity with silver however there is no evidence of Congress making this law. This has to do with Alexander Hamilton's suggestion to Congress of a fixed 15:1 ratio of silver to gold respectively. The gold coins that were minted however were not given any denomination whatsoever and traded for a market value relative to the Congressional standard of the silver dollar. 1834 saw a shift in the gold standard to 23.2 grains (1.50 g) followed by a slight adjustment to 23.22 grains (1.505 g) in 1837 (16:1 ratio).citation needed In 1862 paper money was issued without the backing of precious metals due to the Civil War. Silver and gold coins continued to be issued and in 1878 the link between paper money and coins was reinstated. This disconnection from gold and silver backing also occurred during the War of 1812. The use of paper money not backed by precious metals had also occurred under the Articles of Confederation from 1777 to 1788. With no solid backing and being easily counterfeited the continentals quickly lost their value giving rise to the phrase "not worth a continental". This was a primary reason for the "No state shall... make any thing but gold and silver coin a tender in payment of debts" clause in article 1 section 10 of the United States Constitution. The Gold Standard Act of 1900 abandoned the bimetallic standard and defined the dollar as 23.22 grains (1.505 g) of gold equivalent to setting the price of 1 troy ounce of gold at $20.67. Silver coins continued to be issued for circulation until 1964 when all silver was removed from dimes and quarters and the half dollar was reduced to 40% silver. Silver half dollars were last issued for circulation in 1969. Gold coins were confiscated in 1933citation needed and the gold standard was changed to 13.71 grains (0.888 g) equivalent to setting the price of 1 troy ounce of gold at $35. This standard persisted until 1968. Between 1968 and 1975 a variety of pegs to gold were put in place. The price was at $42.22 per ounce before August 15 1971citation needed saw the U.S. dollar freely float on currency markets. According to the Bureau of Engraving and Printing the largest note it ever printed was the $100000 Gold Certificate Series 1934. These notes were printed from December 18 1934 through January 9 1935 and were issued by the Treasurer of the United States to Federal Reserve Banks only against an equal amount of gold bullion held by the Treasury. These notes were used for transactions between Federal Reserve Banks and were not circulated among the general public. Coins Main article: Coins of the United States dollar Official United States coins have been produced every year from 1792 to the present. Half-cent 1792 - 1857 Cent (Penny) 1793present 2-cent 18641873 3-cent 1851-1889 Half Dime or half disme 1792-1873 (Not to be confused with the Five-cent Nickel below) Five-cent Nickel 1866present Dime 1792present 20-cent 1875-1878 Quarter 1796present Half dollar 1794present Dollar coin 1794present Quarter Eagle ($2.50 gold coin) 1792-1929 Three-dollar piece 1854-1889 (gold coin) Four-dollar piece 1879-1880 (gold coin) Half Eagle ($5 gold coin) 1795-1929 Eagle ($10 gold coin) 1795-1933 Double Eagle ($20 gold coin) 1850-1933 Collector coins for which everyday transactions are non-existent.28 American Eagles originally were not available from the Mint for individuals but had to be purchased from authorized dealers. In 2006 The Mint began direct sales to individuals of uncirculated bullion coins with a special finish and bearing a "W" mintmark. * American Silver Eagle $1 (1 troy ounce) silver bullion coin 1986-Present * American Gold Eagle $5 (1/10 troy oz) $10 (1/4 troy oz) $25 (1/2 troy oz) and $50 (1 troy oz) Gold bullion coin 1986-Present * American Platinum Eagle ($10 $25 $50 and $100 platinum coin) 1997present United States commemorative coins - special issue coins * $50.00 (Half Union) 1915 * Presidential Proofs (see below) 2007-present Technically all these coins are still legal tender at face value though some are far more valuable today for their numismatic value and for gold and silver coins their precious metal value. From 1965 to 1970 the Kennedy half dollar was the only circulating coin with any silver content though the Mint still makes what it calls Silver Proof sets for collectors. In addition an experimental $4.00 (Stella) coin was also minted but never placed into circulation and is properly considered to be a pattern rather than an actual coin denomination. The $50 coin mentioned was only produced in 1915 for the Panama-Pacific International Exposition (1915) celebrating the opening of the Panama Canal. Only 1128 were made 645 of which were octagonal; this remains the only U.S. coin that was not round as well as the largest and heaviest U.S. coin ever. From 1934 to present the only denominations produced for circulation have been the familiar penny nickel dime quarter half dollar and dollar. The nickel is the only coin still in use today that is essentially unchanged (except in its design) from its original version. Every year since 1866 the nickel has been 75% copper and 25% nickel except for 4 years during World War II when nickel was needed for the war. Collector coins The United States Mint produces Proof Sets specifically for collectors and speculators. Silver Proofs tend to be the standard designs but with the dime quarter half dollar and in some cases the dollar having silver content. Another type of proof set is the Presidential Dollar Proof Set where four special $1 coins are minted each featuring a president. 2007 had George Washington John Adams Thomas Jefferson and James Madison 2008 had James Monroe John Quincy Adams Andrew Jackson and Martin Van Buren 2009 had William Henry Harrison John Tyler James K. Polk and Zachary Taylor 2010 had Millard Fillmore Franklin Pierce James Buchanan and Abraham Lincoln 2011 is to have Andrew Johnson Ulysses S. Grant Rutherford B. Hayes and James A. Garfield Dollar coins This section may stray from the topic of the article into the topic of another article Coins of the United States dollar. Please help improve this section or discuss this issue on the talk page. (April 2010) Flowing Hair Dollar The first United States dollar was minted in 1794. Known as the Flowing Hair Dollar it contained 416 grains of "standard silver" (89.25% silver and 10.75% copper) as specified by Section 13 29 of the Coinage Act of 1792. It was designated by Section 9 of that Act as having "the value of a Spanish milled dollar". Dollar coins have not been very popular in the United States.30 Silver dollars were minted intermittently from 1794 through 1935; a copper-nickel dollar of the same large size featuring President Dwight D. Eisenhower was minted from 1971 through 1978. Gold dollars were also minted in the 19th century. The Susan B. Anthony dollar coin was introduced in 1979; these proved to be unpopular because they were often mistaken for quarters due to their nearly equal size their milled edge and their similar color. Minting of these dollars for circulation was suspended in 1980 (collectors' pieces were struck in 1981) but as with all past U.S. coins they remain legal tender. As the number of Anthony dollars held by the Federal Reserve and dispensed primarily to make change in postal and transit vending machines had been virtually exhausted additional Anthony dollars were struck in 1999. In 2000 a new $1 coin featuring Sacagawea (the Sacagawea dollar) was introduced which corrected some of the mistakes of the Anthony dollar by having a smooth edge and a gold color without requiring changes to vending machines that accept the Anthony dollar. However this new coin has failed to achieve the popularity of the still-existing $1 bill and is rarely used in daily transactions. The failure to simultaneously withdraw the dollar bill and weak publicity efforts have been cited by coin proponents as primary reasons for the failure of the dollar coin to gain popular support. There are indications that the dollar coin's failure was also due to the reluctance of armored transport companies to make the necessary adjustments to handle the new coins and the government's reluctance to mandate it.31 The result of the armored carriers' unwillingness to handle the new coins was that they virtually never reached merchants in quantities sufficient to be given out as change on a routine basis or for retail clerks to become used to handling them. In February 2007 the U.S. Mint under the Presidential $1 Coin Act of 200532 introduced a new $1 U.S. Presidential dollar coin. Based on the success of the "50 State Quarters" series the new coin features a sequence of presidents in order of their inaugurations starting with George Washington on the obverse side. The reverse side features the Statue of Liberty. To allow for larger more detailed portraits the traditional inscriptions of "E Pluribus Unum" "In God We Trust" the year of minting or issuance and the mint mark will be inscribed on the edge of the coin instead of the face. This feature similar to the edge inscriptions seen on the British 1 coin is not usually associated with U.S. coin designs. The inscription "Liberty" has been eliminated with the Statue of Liberty serving as a sufficient replacement. In addition due to the nature of U.S. coins this will be the first time there will be circulating U.S. coins of different denominations with the same President featured on the obverse (heads) side. (Lincoln/penny Jefferson/nickel Franklin D. Roosevelt/dime Washington/quarter and Kennedy/half dollar/dollar Another unusual fact about the new $1 coin is Grover Cleveland will have two coins with his portrait issued due to the fact he was the only U.S. President to be elected to two non-consecutive terms.33 Early releases of the Washington coin included error coins shipped primarily from the Philadelphia mint to Florida and Tennessee banks. Highly sought after by collectors and trading for as much as $850 each within a week of discovery the error coins were identified by the absence of the edge impressions "E PLURIBUS UNUM IN GOD WE TRUST 2007 P". The mint of origin is generally accepted to be mostly Philadelphia although identifying the source mint is impossible without opening a mint pack also containing marked units. Edge lettering is minted in both orientations with respect to "heads" some amateur collectors were initially duped into buying "upside down lettering error" coins.34 Some cynics also erroneously point out that the Federal Reserve makes more profit from dollar bills than dollar coins because they wear out in a few years whereas coins are more permanent. The fallacy of this argument arises because new notes printed to replace worn out notes which have been withdrawn from circulation bring in no net revenue to the government to offset the costs of printing new notes and destroying the old ones. As most vending machines are incapable of making change in banknotes they commonly accept only $1 bills though a few will give change in dollar coins. Mint marks Most U.S. coins bear a mint mark as part of the design usually found on the front of the coin near the date although in the past it was more commonly found on the reverse. The Philadelphia Mint issues coins bearing a letter P (or no mark at all) while the Denver Mint uses a letter D. The San Francisco Mint uses an S though no coins have been released from that mint for general circulation since 1980. It does however continue to strike proof coins for collectors. The West Point Mint uses a W though this is rarely seen as the West Point mint generally only makes high denomination coins (with face values over $1.00) which are not meant for everyday use. A CC mark for the Carson City Mint was used from 1870 to 1893 but the mint at that location was only a temporary establishment. The New Orleans Mint used a mint mark O. It operated from 1838 until Louisiana seceded from the Union in 1861 and again from 1879 to 1909. The letter D was also used for coinage of the Dahlonega Mint from 1837 to 1861 and C was used for the Charlotte Mint during the same timespan. The latter two mints struck gold coins only. Banknotes Main article: Federal Reserve Note The U.S. Constitution provides that Congress shall have the power to "borrow money on the credit of the United States".35 Congress has exercised that power by authorizing Federal Reserve Banks to issue Federal Reserve Notes. Those notes are "obligations of the United States" and "shall be redeemed in lawful money on demand at the Treasury Department of the United States in the city of Washington District of Columbia or at any Federal Reserve bank."36 Federal Reserve Notes are designated by law as "legal tender" for the payment of debts.37 Congress has also authorized the issuance of more than 10 other types of banknotes including the United States Note38 and the Federal Reserve Bank Note. The Federal Reserve Note is the only type that remains in circulation since the 1970s. Currently printed denominations are $1 $2 $5 $10 $20 $50 and $100. Notes above the $100 denomination ceased being printed in 1946 and were officially withdrawn from circulation in 1969. These notes were used primarily in inter-bank transactions or by organized crime; it was the latter usage that prompted President Richard Nixon to issue an executive order in 1969 halting their use. With the advent of electronic banking they became less necessary.citation needed Notes in denominations of $500 $1000 $5000 $10000 and $100000 were all produced at one time; see large denomination bills in U.S. currency for details. These notes are now collector's items and are worth more than their face value to collectors.citation needed Though still predominantly green 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 version of the $100 bill already in process. It also plans larger higher-contrast numerals more color differences and distribution of currency readers to assist the visually impaired during the transition period.39 Means of issue Currently the US government maintains over 800 billion US dollars in cash money (primarily Federal Reserve Notes) in circulation.4041 The amount of cash in circulation is increased (or decreased) by the actions of the Federal Reserve System. Eight times a year the 12-person Federal Open Market Committee meet to determine US monetary policy.42 Every business day the Federal Reserve System engages in Open market operations to carry out that monetary policy.43 If the Federal Reserve desires to increase the money supply it will buy securities (such as US Treasury Bonds) anonymouslycitation needed from banks in exchange for dollars. Conversely it will sell securities to the banks in exchange for dollars to take dollars out of circulation.44 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 high-powered money. Commercial banks can freely withdraw in cash any excess reserves from their reserve account at the Federal Reserve. To fulfill those requests the Federal Reserve places an order for printed money from the US Treasury Department.45 The Treasury Department in turn sends these requests to the Bureau of Engraving and Printing (to print new dollar bills) and the Bureau of the Mint (to stamp the coins). Usually the short term goal of open market operations is to achieve a specific short term interest rate target. In other instances monetary policy might instead entail the targeting of a specific exchange rate relative to some foreign currency or else relative to gold. For example in the case of the USA the Federal Reserve targets the federal funds rate the rate at which member banks lend to one another overnight. The other primary means of conducting monetary policy include: (i) Discount window lending (as lender of last resort); (ii) Fractional deposit lending (changes in the reserve requirement); (iii) Moral suasion (cajoling certain market players to achieve specified outcomes); (iv) "Open mouth operations" (talking monetary policy with the market). Value Buying power of one U.S. dollar compared to 1774 USD  Year   Equivalent  buying power 1774  $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  $0.03 U.S. Consumer Price Index 19132006 The 5th paragraph of Section 8 of Article 1 of the U.S. Constitution provides that the U.S. Congress shall have the power to "coin money" and to "regulate the value" of domestic and foreign coins. Congress exercised those powers when it enacted the Coinage Act of 1792. That Act provided for the minting of the first U.S. dollar and it declared that the U.S. dollar shall have "the value of a Spanish milled dollar as the same is now current".46 The table to the right shows the equivalent amount of goods that in a particular year could be purchased with $1. The table shows that from 1774 through 2009 the U.S. dollar has lost about 96.4% of its buying power.47 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.48 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.49 It reflects inflation as experienced by consumers in their day-to-day living expenses.50 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 American Civil War World War I and World War II.51 The Federal Reserve which was established in 1913 was designed to furnish an "elastic" currency subject to "substantial changes of quantity over short periods" which differed significantly from previous forms of high-powered money such as gold national bank notes and silver coins.52 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 was 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.53 Under the Bretton Woods system established after World War II the value of the U.S. dollar 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."54 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.54 Between 1965 and 1981 the U.S. dollar lost two thirds of its value.47 In 1979 President Carter appointed Paul Volcker 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.54 Over the thirty-year period from 1981 to 2009 the U.S. dollar lost over half its value.47 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.54 There is 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. dollar53 others contend that such a policy limits the ability of the central bank to control interest rates and stimulate the economy when needed.55 Exchange rates Historical exchange rates Currency units per U.S. dollar averaged over the year.56 * value at start of year. 1970* 1980* 1985* 1990* 1993 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Euro - - - 0.8343 0.8551 0.9387 1.0832 1.1171 1.0578 0.8833 0.8040 0.8033 0.7960 0.7293 0.6791 0.7176 0.6739 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 Pound sterling 0.4164 0.448457 0.861357 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 Canadian dollar 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 Mexican peso - 2.801 2.671 2.501 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 Renminbi yuan - 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 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 1.3629 Source: Last 4 years 2005-2002 2003-2000 1996-1999 1993-1996 1990 1970-1992 1970-1985 Canada China Mexico 1. Mexican peso values prior to 1993 revaluation. See also Government of the United States portal Numismatics portal Counterfeit United States currency International use of the American dollar References U.S. Dollar and Pakistani rupee are widely accepted. Alongside Cambodian Riel Alongside East Timor centavo coins Alongside Ecuadorian centavo coins U.S. dollar is widely used alongside the Lebanese Pound at a fixed exchange rate of 1:1500 Alongside Zimbabwean dollar (suspended indefinitely from 12 April 2009) Euro Pound Sterling South African rand and Botswana pula. The U.S. Dollar has been adopted as the official currency for all government transactions. Alongside Bermudian dollar Alongside Panamanian balboa coins "Ecuador". CIA World Factbook. 18 October 2010. https://www.cia.gov/library/publications/the-world-factbook/geos/ec.html. Retrieved 27 October 2010. "The dollar is legal tender"  "El Salvador". CIA World Factbook. 21 October 2010. https://www.cia.gov/library/publications/the-world-factbook/geos/es.html. Retrieved 27 October 2010. "The US dollar became El Salvador's currency in 2001"  "Frequently asked questions". http://www.bes.dnb.nl/en/frequentlyaskedquestionsfaqid6#faq-6. Retrieved 1 January 2011.  "The Implementation of Monetary Policy - The Federal Reserve in the International Sphere" (PDF). http://www.federalreserve.gov/pf/pdf/pf4.pdf. Retrieved 2010-08-24.  Benjamin J. Cohen The Future of Money Princeton University Press 2006 ISBN 0-691-11666-0; cf. "the dollar is the de facto currency in Cambodia" Charles Agar Frommer's Vietnam 2006 ISBN 0-471-79816-9 p. 17 "Paragraph 5 of Section 8 of Article 1 of the Constitution of the United States of America". Topics.law.cornell.edu. http://topics.law.cornell.edu/constitution/articlei#section8. Retrieved 2010-08-24.  a b c "Section 5112 of Title 31 of the United States Code". http://www.law.cornell.edu/uscode/31/5112.html. Retrieved 2010-03-16.  "Paragraph 7 of Section 9 of Article 1 of the Constitution of the United States of America". Topics.law.cornell.edu. http://topics.law.cornell.edu/constitution/articlei#section9. Retrieved 2010-08-24.  "Section 331 of Title 31 of the United States Code". Law.cornell.edu. 2010-08-06. http://www.law.cornell.edu/uscode/html/uscode31/uscsec3100000331----000-.html. Retrieved 2010-08-24.  "2009 Financial Report of the United States Government" (PDF). http://www.gao.gov/financial/fy2009/09frusg.pdf. Retrieved 2010-08-24.  Mehl B. Max. "United States $50.00 Gold Pieces 1877" in Star Rare Coins Encyclopedia and Premium Catalogue (20th edition 1921) a b National Geographic. June 2002. p. 1. Ask Us. Nussbaum Arthur (1957). A History of the Dollar. New York: Columbia University Press.. Cajori Florian (19291993). A History of Mathematical Notations (Vol. 2). New York: Dover 1529. ISBN 0-486-67766-4 Aiton Arthur S. and Benjamin W. Wheeler (May 1931). "The First American Mint" The Hispanic American Historical Review 11 (2) 198 and note 2 on 198. "What is the origin of the $ Sign" US Bureau of Engraving and Printing website Rand Ayn. Atlas Shrugged. 1957. Signet. 1992. p628 James James Alton (1970) 1937. Oliver Pollock: The Life and Times of an Unknown Patriot. Freeport: Books for Libraries Press. p. 356. ISBN 9780836955279. http://books.google.com/booksidkhtDEllNccC.  "The Lion Dollar: Introduction". Coins.nd.edu. http://www.coins.nd.edu/ColCoin/ColCoinIntros/Lion-Dollar.intro.html. Retrieved 2010-08-24.  "IRS Court Case Shakes the Foundations of the Debt Money System". Beyondmoney.net. 2007-11-08. http://beyondmoney.net/2007/11/08/irs-court-case-shakes-the-foundations-of-the-debt-money-system/. Retrieved 2010-08-24.  "Section 13 of the Coinage Act of 1792". Memory.loc.gov. http://memory.loc.gov/cgi-bin/ampagecollIdllsl&fileName001/llsl001.db&recNum372. Retrieved 2010-08-24.  CNN Money Congress tries again for a dollar coin. Written by Gordon T. Anderson. Published April 25 2005. http://www.gao.gov/new.items/d02896.pdf Pub. L. No. 109-145 119 Stat. 2664 (Dec. 22 2005). The United States Mint. "The United States Mint Pressroom". Usmint.com. http://www.usmint.com/pressroom/index.cfmactionpressrelease&ID722. Retrieved 2010-08-24.  Godless Dollars "Paragraph 2 of Section 8 of Article 1 of the United States Constitution". Topics.law.cornell.edu. http://topics.law.cornell.edu/constitution/articlei#section8. Retrieved 2010-08-24.  "Section 411 of Title 12 of the United States Code". Law.cornell.edu. 2010-06-22. http://www.law.cornell.edu/uscode/12/411.html. Retrieved 2010-08-24.  "Section 5103 of Title 31 of the United States Code". Law.cornell.edu. 2010-08-06. http://www.law.cornell.edu/uscode/html/uscode31/uscsec3100005103----000-.html. Retrieved 2010-08-24.  "Section 5115 of Title 31 of the United States Code". Law.cornell.edu. 2010-08-06. http://www.law.cornell.edu/uscode/html/uscode31/uscsec3100005115----000-.html. Retrieved 2010-08-24.  See Federal Reserve Note for details and references "How Currency Gets into Circulation". Federal Reserve Bank of New York. http://www.newyorkfed.org/aboutthefed/fedpoint/fed01.html. Retrieved 2008-01-06.  "Money Stock Measures". Federal Reserve Board of Governors. http://www.federalreserve.gov/releases/h6/hist/h6hist2.txt. Retrieved 2008-01-06.  "The Federal Reserve's Beige Book". The Federal Reserve Bank of Minneapolis. http://minneapolisfed.org/pubs/region/99-03/beige.cfm. Retrieved 2008-01-06.  Davies Phil. "Right on Target". http://minneapolisfed.org/pubs/region/04-12/davies.cfm. Retrieved 2008-01-07. "Federal Reserve Bank of Minneapolis"  "Open Market Operations". Federal Reserve Bank of Mew York. http://www.newyorkfed.org/aboutthefed/fedpoint/fed32.html. Retrieved 2008-01-11. "Open market operations enable the Federal Reserve to affect the supply of reserve balances in the banking system."  "Fact Sheets: Currency & Coins". United States Department of the Treasury. http://www.treas.gov/education/fact-sheets/currency/distribution.shtml. Retrieved 2008-01-22.  "Section 9 of the Coinage Act of 1792". Memory.loc.gov. http://memory.loc.gov/cgi-bin/ampagecollIdllsl&fileName001/llsl001.db&recNum371. Retrieved 2010-08-24.  a b c "Measuring Worth - Purchasing Power of Money in the United States from 1774 to 2010". http://www.measuringworth.com/ppowerus/. Retrieved 2010-04-22.  Oliver Blanchard (2000). Macroeconomics (2nd ed.) Englewood Cliffs N.J: Prentice Hall ISBN 0-13-013306-X "Consumer Price Index Frequently Asked Questions". http://www.bls.gov/cpi/cpifaq.htm#Question1. Retrieved 2010-07-17.  "Consumer Price Index Frequently Asked Questions". http://www.bls.gov/cpi/cpifaq.htm#Question12. Retrieved 2010-07-17.  Milton Friedman Anna Jacobson Schwartz. A monetary history of the United States 1867-1960. p. 546. ISBN B000OL2K26.  Friedman 189-190 a b "Central Banking--Then and Now". http://www.minneapolisfed.org/publicationspapers/pubdisplay.cfmid3723. Retrieved 2010-07-17.  a b c d "Controlling Inflation: A Historical Perspective". http://www.dallasfed.org/research/swe/1993/swe9304b.pdf. Retrieved 2010-07-17.  "U.S. Monetary Policy: The Fed's Goals". http://www.frbsf.org/publications/federalreserve/monetary/goals.html. Retrieved 2010-07-17.  "FRB: G.5A Release- Foreign Exchange Rates Release Dates". Federalreserve.gov. http://www.federalreserve.gov/releases/g5a/. Retrieved 2010-08-24.  a b 1970-1992. 1980 derived from AUD-USD1.1055 and AUD-GBP0.4957 at end of Dec 1979: 0.4957/1.10550.448394392; 1985 derived from AUD-USD0.8278 and AUD-GBP0.7130 at end of Dec 1984: 0.7130/0.82780.861319159 External links Wikimedia Commons has media related to: United States dollar U.S. Bureau of Engraving and Printing U.S. Currency and Coin Outstanding and in Circulation U.S. Treasury page with images of all current banknotes American Currency Exhibit at the San Francisco Federal Reserve Bank Relative values of the US dollar from 1790 to 2006 Summary of BEP Production Statistics U.S. Currency tracking experiment 50 Factors that Affect the Value of the US Dollar Currency Trading.net Images of U.S. currency and coins U.S. Bureau of Engraving: Banknotes U.S. Mint: Image Library  Links to related articles v d eUnited States currency and coinage Topics Federal Reserve System  Federal Reserve Note  U.S. dollar  U.S. Mint  Bureau of Engraving and Printing   Mutilated 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Zealand dollar  Samoan tala  Singapore dollar  Solomon Islands dollar  Surinamese dollar  New Taiwan dollar  Trinidad and Tobago dollar  Tuvaluan dollar  United States dollar Circulating but renamed Chinese yuan  Ethiopian birr Obsolete Antigua dollar  British Columbia dollar  British North Borneo dollar  British West Indies dollar  Ceylonese rixdollar  Confederate States of America dollar  Continental dollar  Danish rigsdaler  Danish West Indian daler (dollar)  Danish West Indian rigsdaler  Dominican dollar  Dutch rijksdaalder  Greenlandic rigsdaler  Grenadan dollar  Hawaiian dollar  Japanese occupation dollar  Kiautschou dollar  Malaya and British Borneo dollar  Malayan dollar  Malaysian dollar  Mauritian dollar  Mongolian dollar  Nevisian dollar  New Brunswick dollar  Newfoundland dollar  Norwegian rigsdaler  Norwegian speciedaler  Nova Scotian dollar  Penang dollar  Prince Edward Island dollar  Puerto Rican dollar  Rhodesian dollar  Saint Kitts dollar  Saint Lucia dollar  Saint Vincent dollar  Sarawak dollar  Sierra Leonean dollar  Slovenian tolar  Spanish dollar  Straits dollar  Sumatran dollar  Swedish riksdaler  Old Taiwan dollar  Trinidadian dollar  Tobagan dollar  Zimbabwean dollar Conceptual Eurodollar  Petrodollar  GearyKhamis dollar Virtual Linden dollar  Project Entropia Dollar Fictional Angus Bucks Private Antarctican dollar  Calgary dollar  Canadian Tire money  Disney dollar  Liberty dollar  Salt Spring dollar  Toronto dollar See also Dollar sign  Half dollar  Holey dollar  Thaler  Trade dollar v d eCurrencies of the Americas North Canadian dollar  Danish krone (Greenland)  Euro (Saint Pierre and Miquelon)  Mexican peso  U.S. dollar Central Belize dollar  Costa Rican coln  Guatemalan quetzal  Honduran lempira  Nicaraguan crdoba  Panamanian balboa  U.S. dollar (El Salvador Panama) Caribbean Aruban florin  Bahamian dollar  Barbadian dollar  Bermudian dollar  Cayman Islands dollar  Cuban peso  Cuban convertible peso  Dominican peso  East Caribbean dollar (Anguilla Antigua and Barbuda Dominica Grenada Montserrat Saint Kitts and Nevis Saint Lucia Saint Vincent and the Grenadines)  Euro (Saint Martin Saint Barthlemy Guadeloupe Martinique)  Haitian gourde  Jamaican dollar  Netherlands Antillean guilder (Curaao Sint Maarten)  Trinidad and Tobago dollar  U.S. dollar (Puerto Rico U.S. Virgin Islands; British Virgin Islands Caribbean Netherlands Turks and Caicos Islands) South Argentine peso  Boliviano  Brazilian real  British pound sterling (British Antarctic Territory South Georgia and South Sandwich Islands)  Chilean peso  Colombian peso  Ecuadorian centavo coins (Ecuador)  Euro (French Guiana)  Falkland Islands pound  Guyanese dollar  Paraguayan guaran  Peruvian nuevo sol  Surinamese dollar  U.S. dollar  Uruguayan peso  Venezuelan bolvar v d eCurrencies of Oceania Australasia Australian dollar (Norfolk Island)  New Zealand dollar Melanesia CFP franc ( New Caledonia)  Fijian dollar  Indonesian rupiah   Papua New Guinean kina  Solomon Islands dollar  U.S. dollar  East Timorese centavo (East Timor)  Vanuatu vatu Micronesia Australian dollar (Kiribati Nauru)  Kiribati dollar   U.S. dollar ( Guam United States Minor Outlying Islands Northern Mariana Islands Marshall Islands Federated States of Micronesia Palau) Polynesia Australian dollar (Tuvalu)  Chilean peso (Easter Island)  CFP franc (French Polynesia Wallis and Futuna)  Cook Islands dollar  New Zealand dollar (Chatham Islands Cook Islands Niue Pitcairn Islands Tokelau)  Samoan tala  Tongan pa'anga  Tuvaluan dollar  U.S. dollar (American Samoa Hawaii) v d eCurrencies of Asia Central Kazakhstani tenge  Kyrgyzstani som  Tajikistani somoni  Turkmenistan manat  Uzbekistani som East Chinese yuan  Hong Kong dollar  Japanese yen  Macanese pataca  Mongolian tgrg  North Korean won  South Korean won  New Taiwan dollar North Russian ruble South Afghan afghani  Bangladeshi taka  Bhutanese ngultrum  Indian rupee (Bhutan)  Maldivian rufiyaa  Nepalese rupee  Pakistani rupee 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18561858) Indian Head (18591909) 1943 steel cent 1955 doubled-die cent 1974 aluminium cent Lincoln cent (1909present) Nickel (5) (Half dime) Flowing Hair (17941795) Draped Bust (1796-1797 1800-1805) Capped Bust (18291837) Seated Liberty (18371873) Shield (18661883) Liberty Head (18831913) Buffalo 19131938) Jefferson (1938present) Dime (10) Disme (1792) Draped Bust (1796-1807) Capped Bust (18091837) Seated Liberty (18371891) Barber (18921916) Mercury (19161945) Roosevelt (1946present) Quarter dollar (25) Draped Bust (1796-1807) Capped Bust (18151839) Seated Liberty (18391891) Barber (18921916) Standing Liberty (19161930) Washington (1931present) Half dollar (50) Flowing Hair (17941795) Draped Bust (17961807) Capped Bust (18071839) Seated Liberty (18391891) Barber (18921915) Walking Liberty (19161947) Franklin (19481963) Kennedy (1964present) Dollar ($1) Flowing Hair (17941795) Draped Bust (17951804) 1804 silver (1804) Gobrecht (18361873) Seated Liberty (18361873) Gold (18491889) Trade (18731885) Morgan (18781904; 1921) Peace (19211935) Eisenhower (19711978) Anthony (19791981; 1999) Silver Eagle (1986present) Sacagawea (2000present) Presidential (2007present) Gold Quarter eagle (17961929) Three-dollar piece (18541889) Half eagle (17951929) Eagle (17951933) Double eagle (18501933) Gold Eagle (1986present) Gold Buffalo (2006present) First Spouse gold bullion coins (2007present) Other Half cent (17931857) Two-cent piece (18641873) Three-cent piece (18511889) Twenty-cent piece (18751878) Early United States commemorative coins (18931954) Modern United States commemorative coins (1982present) Platinum Eagle (1997present) America the Beautiful Silver Bullion Coins (2010present)