United States Dollar: Comprehensive Guide

The United States Dollar (USD) , denoted by the symbol $, is the official currency of the United States of America and its overseas territories. Known globally as the world’s primary reserve currency, the USD is used in more international transactions than any other currency. From global trade to foreign exchange reserves, the influence of the U.S. dollar is unmatched in scope and magnitude. History and Evolution of the United States Dollar (USD) The origins of the U.S. dollar date back to the Coinage Act of 1792, which established the dollar as the official currency of the newly formed nation. It was initially backed by gold and silver, a system known as bimetallism. The Gold Standard Act of 1900 formalized gold as the sole standard for redeeming paper money, but this changed during the Great Depression, and later, President Richard Nixon ended the gold standard completely in 1971, moving the U.S. to a...