2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
The world economy is formed under the influence of various factors, the main of which is money. The most famous and popular currency is the dollar. When indicating the price of something, after the number corresponding to the cost, put the sign "$" or the abbreviation "USD". When did the first dollar appear? And what is USD? Consider now.
A bit of history
No matter how strange it may seem, but the United States, whose main currency is the dollar, is not able to either support or issue it. And the world's leading monetary unit itself is of European origin.
In 1519, a medieval coin appeared, called "thaler", which will later become the progenitor of the dollar. It happened in Germany. The official year of issue of the first coin (silver USD) is considered to be 1794, and the first paper banknote - 1861
It was in the middle of the 19th century that the US Federal Reserve issued a currency called the dollar. To this day, the US Central Bank keeps records of the USD and is responsible for its distribution.
According to the US MoF, about 99% of dollar bills and coins are currently in free circulation.
Meaning of the word USD
The dollar is the official state currency, not onlyUSA, but also other countries (El Salvador, Bermuda, Marshall Islands, etc.). In addition, banknotes of the same name are used in some countries, for example, in New Zealand, Australia, Canada.
Despite this, its designation remains unchanged: "USD". It was adopted in accordance with the requirements of international ISO standards. What is USD?
The abbreviation can be deciphered as United States Dollar, in Russian it is called the US dollar.
The cost of $1 equals 100 cents. Coins are issued in denominations:
- 1,
- 5,
- 10,
- 25,
- 50 cents.
Paper banknotes are issued in denominations:
- 1,
- 2,
- 5,
- 10,
- 20,
- 50,
- $100.
World leader
Almost since its inception, the dollar has dominated other currencies. It is not for nothing that it is called the world reserve currency and has been maintaining its rights for more than several decades.
A huge number of states, different in size and origin of corporations, and even ordinary people prefer the dollar. Therefore, speaking about what USD is, we can call it the leading cash equivalent. Moreover, this has been happening for a long time, regardless of various events in the global economy, even those that may adversely affect its condition.
Strong competition in the last decade to the dollar was created by the EU currency, called the "Euro". Todaythey are both widespread and recognized by all states of the world.
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