The USD, or U.S. dollar, is the currency of the United States but also in Ecuador, Micronesia, Marshall Islands, Palau, El Salvador, East Timor, and the British Virgin Islands.
The U.S. dollar became the currency of the United States in 1792 with “Mint Act” of April 2nd, 1792 establishing a monetary system with the dollar as a reference currency.
In 1793, the first American coins were minted in Philadelphia. But it was only with the law of the 17th of July 1861 that the U.S. government began issuing the first notes.
The dollar is the most used currency in the world, and since December 2006 the second to the euro in terms of money in circulation.
What is the U.S. dollar?
The US dollar is the most processed currency on the foreign exchange market, it represents 89% of transactions. It is also the most used currency in international trade and the main reserve currency used in the world.
In the early 1970s, John Connally, U.S. Treasury Secretary at the time, said ironically, but not without reason: “the dollar is our currency but your problem”.