Difference between revisions of "Dollar (U.S.)"
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During the 20th century, the amount of gold backing the dollar was reduced over time. In the early 1970's, the [[trade deficit]] and [[inflation]] in the United States caused a run on the gold reserves used to back the United States dollar. This forced the United States to delink the value of the dollar from a specific amount of gold. Currently, the issuance of currency is controlled by the Federal Reserve Banking system, and the value of the dollar is set via trading in the foreign exchange (FOREX) market. | During the 20th century, the amount of gold backing the dollar was reduced over time. In the early 1970's, the [[trade deficit]] and [[inflation]] in the United States caused a run on the gold reserves used to back the United States dollar. This forced the United States to delink the value of the dollar from a specific amount of gold. Currently, the issuance of currency is controlled by the Federal Reserve Banking system, and the value of the dollar is set via trading in the foreign exchange (FOREX) market. | ||
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==The Dollar Bill== | ==The Dollar Bill== | ||
Revision as of 20:55, April 9, 2008
(Dollar redirects here; you may have been looking for Canadian Dollar or Australian Dollar)
The United States dollar is the official currency of the United States. It is also widely used as a reserve currency outside of the United States.
Gold standard
Until 1971, the value of the United States dollar was fixed to a value of a specified amount of a precious metal. Between the late 18th century and the mid 20th century, the United States dollar was fixed to the value of either gold or silver in a system known as bimetallism.
During the 20th century, the amount of gold backing the dollar was reduced over time. In the early 1970's, the trade deficit and inflation in the United States caused a run on the gold reserves used to back the United States dollar. This forced the United States to delink the value of the dollar from a specific amount of gold. Currently, the issuance of currency is controlled by the Federal Reserve Banking system, and the value of the dollar is set via trading in the foreign exchange (FOREX) market.
The Dollar Bill
The current dollar bill designs are as follows:
- $1 George Washington on front, Great Seal on reverse
- $2 Thomas Jefferson on front, Signing of Declaration of Independence on reverse
- $5 Abraham Lincoln on front, Lincoln Memorial on reverse
- $10 Alexander Hamilton on front, US Treasury building on reverse
- $20 Andrew Jackson on front, White House on reverse
- $50 Ulysses S. Grant on front, US Capitol building on reverse
- $100 Benjamin Franklin on front, Independence Hall on reverse
The $2 bill is rarely used.
Dollar Coins
The United States Mint has produced dollar coins for circulation featuring:[1]
- Dwight D. Eisenhower (made 1971-1978)
- Susan B. Anthony (1979-1981, 1999)
- Sacagawea (2000-present)
- U.S. Presidents - a series of dollar coins featuring the presidents in chronological order (2007-present)
None of these have gained widespread acceptance. This may be due to the inconvenient nature of carrying coins in one's pocket.