United States Dollar (USD) Profile
United States dollar US dollar exchange rate conversions »
$, or US$
1.Officially used by the United States of America and its unincorporated organized territories including Puerto Rico, Northern Mariana Islands, Virgin Islands of the United States , Guam , American Samoa and its unincorporated unorganized territories of United States Minor Outlying Islands.
note: United States Minor Outlying Islands consists of eight United States insular areas in the Pacific Ocean: Baker Island, Howland Island, Jarvis Island, Johnston Atoll, Kingman Reef, Midway Islands, Palmyra Atoll, and Wake Island; and one in the Caribbean Sea: Navassa Island.
2.Officially dollarized economies of EI Salvador, Panama and Ecuador
3.Certain unofficially (semiofficially and exclusively) dollarized economies, such as Timor-Leste (East Timor), Turks and Caicos Islands, Marshall Islands, Palau, British Virgin Islands, Federated States of Micronesia.
Nicknames: Greenback, Buck, smacker, bones, dead presidents, etc.
What countries are using United States dollar currency?
The United States dollar, also referred to as the U.S. dollar or American dollar, is officially used by the United States of America and its unincorporated organized territories including Puerto Rico, Northern Mariana Islands, U.S. Virgin Islands, Guam, American Samoa and its unincorporated unorganized territories of United States Minor Outlying Islands.
The United States dollar is the dominate reserve currency. The major reserve currencies are the United States dollar (USD), Euro (EUR), Pound sterling (GBP), Japanese yen (JPY), Swiss franc (CHF) and Canadian dollar (CAD). The two currencies of Special drawing rights (SDRs) and Chinese yuan (CNY) are proposed as the two newly added major reserve currencies. The US dollar and the Euro make up almost 90% of allocated Reserves globally and the U.S. dollar itself gets almost 60% share. Since the United States dollar is regarded as one of the most stable currencies, dollarization has being proceeded among many countries, which means the U.S.dollar having been used alongside with or instead of their domestic currencies.
EI Salvador and Ecuador have adopted the United States dollar (USD) as their sole legal tender and cease to issue their domestic currencies. The Panamanian balboa (PAB) and the U.S dollar are both official currencies being used in Panama. Panama uses Panamanian baloa coins in addition to U.S.dollar coins meanwhile only the U.S.dollar banknotes are in circulation.
|Country name||Legal tender||Currency code||Continent location||Dollarization since||Notes|
|EI Salvador||United States dollar||USD||North America||Since 2001|
|Panama||Panamanian balboa||PAB||North America||Since 1904||Panamanian balboa has always been circulated alongside dollars at par and both are official currencies.|
|Ecuador||United States dollar||USD||North America||Since 2000|
Most countries and territories use the United States dollar (USD) as de facto currency, either alongside with or instead of their domestic currencies.
|Country name||Legal tender||Currency code||Continent location||Dollarization since||Notes|
|The Bahamas||Bahamian dollar||BSD||North America||since 1966|
|Barbados||Barbadian dollar||BBD||North America||since 1975|
|Cambodia||Cambodian riel||KHR||Asia||since 1980|
|Haiti||Haitian Gourde||HTG||North America||1912-1989|
|Lebanon||Lebanese pound||LBP||Asia||since 1997||LBP is pegged with U.S. dollar
at 1USD= 1507.5 LBP
|Liberia||Liberian dollar||LRD||Africa||since 1944|
|Zimbabwe||Zimbabwean dollar||ZWL||Africa||since 2009|
|Afghanistan||Afghan afghani||AFN||Asia||Since 2002, Afghani (code: AFN) is used more widely instead of the U.S.dollar.|
|Maldives||Maldivian rufiyaa||MVR||Asia||The united states dollars are widely accepted in Maldives alongside with Maldivian rufiyaa. Officially exchange rate is at 1 USD= 12.8 MVR|
|Bermuda (UK)||Bermuda dollar||BMD||North America||Bermuda is British territory.|
|Cayman Islands (UK)||Cayman Islands dollar||KYD||North America||Cayman Islands are British territory.|
|British Indian Ocean Territory (UK)||Pound sterling||GBP||Asia||British territory|
|East Timor||United States dollar||USD||Asia||East Timor centavo coins were introduced in 2003 for use alongside U.S. dollar banknotes and coins|
|Marshall Islands||United States dollar||USD||Oceania||Since 1944|
|Federated States of Micronesia||United States dollar||USD||Oceania||Since 1944|
|Palau||United States dollar||USD||Oceania||since 1944|
|Caribbean Netherlands (Netherlands)||United States Dollar||USD||North America||since 2011||Netherlands territory|
|British Virgin Islands(UK)||United States Dollar||USD||North America||since 1959||British territory|
|Turks and Caicos Islands (UK)||United States Dollar||USD||North America||1. Turks and Calcos Islands are a British territory.
B. Since 25 May 2013, he Bahamian dollar will be used alongside the U.S.dollar.
United States dollar history
The United States dollar was created in 1792 and based upon the Spanish dollar. The Spanish dollar, also known as the piece of eight was a silver coin and was worth eight reales. The Mexican peso was originally the name of the eight-real coins issued in Mexico by Spain. Therefore, the U.S.dollar and Mexican peso have the common origin of Spanish dollar and both continuing to use its “$” as currency symbol. The three currencies of the Spanish silver dollars, the U.S. silver dollars and the Mexican silver pesos remained circulated as legal currencies in the United States since 1792 until the Coinage Act of 1857 which announced to forbid using foreign coins as legal currencies.
The U.S. dollar firstly was defined in bimetallism (silver and gold standards) as 371.25 grains (24.056 g) of silver or 24.75 grains (1.6038 g) of pure gold following a fixed 15:1 ratio of silver to gold.
The dollar was shifted in the gold standard to 23.2 grains (1.50 g) in 1834, and it was slightly adjusted to 23.22 grains (1.505 g) in 1837. The United States passed the Gold Standard Act in 1900 which defined the gold as the only standard for redeeming paper money. The Act fixed the dollar precise value at 25.08 grains of gold at 90% purity, equivalent to 23.22 grains (1.5046 g) of pure gold, and set $20.67 per 1 troy ounce of gold. Eventually this gold standard was dropped in 1933.
In 1934, the dollar was defined at 13.71 grains (0.888 g) of gold. A new monetary management, The Bretton Woods system was established by 44 Allied nations in 1944 and set the U.S.dollar as gold standard currency. Under the system, the value of the U.S. dollar was anchored to the value of gold at $35 per ounce, meanwhile each country maintained its fixed exchange rate by tying its currency to the U.S dollar. The two great international financial institutions of International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD, former World Bank) were established also which managed the Bretton Woods system. IMF guaranteed the U.S.dollar be convertibility into gold and maintained the system members’ confidence to the U.S.dollar. IBRD provided enough dollars as an international liquidity. In 1971, the Bretton Woods system was ended, the convertibility of the U.S.dollars to gold was terminated.
In 1973, the U.S.dollar was defined as 0.73662 g of gold and set the gold value at $42.22 per ounce. Including the United States, many countries quit the fixed exchange rate system and started to follow the floating exchange rates.
United States dollar coins and banknotes
The United States dollar is subdivided into 100 cents or 10 dimes. It was subdivided as 1000 Mill when the U.S.dollar was created, however it has been withdrawn circulation. Currently frequently used coins are 1 cent, 5 cents, 10 cents (1 dime), 25 cents (quarter). Frequently used banknotes are 1, 5, 10, 20, 50, 100 dollars.
Currencies pegged to the United States dollar
The U.S.dollar was pegged by many currencies since it’s regarded as a stable currency.
|currency name||currency code||Pegged with U.S. dollar
at rate of:
|Djiboutian Franc||DJF||Pegged with U.S. dollar
1 USD = 177.721 DJF
|Eritrean nakfa||ERN||Pegged with U.S. dollar
1 USD= 15 ERN
|Bahraini dinar||BHD||Pegged with U.S. dollar
1 USD= 0.376 BHD
|Jordanian dinar||JOD||Pegged with U.S. dollar
1 USD= 0.709 JOD
|Lebanese pound||LBP||Pegged with U.S. dollar
1 USD= 1507.5 LBP
|Omani rial||OMR||Pegged with U.S.dollar
1 OMR= 2.6008 USD
|Qatari riyal||QAR||Pegged with U.S. dollar
1 USD= 3.64 QAR
|Saudi riyal||SAR||Pegged with U.S. dollar
1 USD= 3.75 SAR
|United Arab Emirates dirham||AED||Pegged with U.S. dollar
1 USD= 3.6725 AED
|United Arab Emirates (UAE)||Asia|
|Hong kong dollar||HKD||Pegged with U.S.dollar 1 USD=HK$7.75–7.85 (narrow band)||Hong kong
(Special administration of China)
|Aruban florin||AWG||Pegged with U.S. dollar
1 USD= 1.89 AWG
|Bahamian dollar||BSD||Pegged with U.S. dollar
|Barbadian dollar||BBD||Pegged with U.S. dollar
1 USD= 2 BBD
|Belize dollar||BZD||Pegged with U.S. dollar
1 USD= 2 BZD
|Bermudian dollar||BMD||Pegged with U.S.dollar
|Cayman Islands dollar||KYD||Pegged with U.S.dollar
1 KYD = 1.2 USD
|Cayman Islands||North America|
|Cuban convertible peso||CUC||Pegged with U.S.dollar
|East Caribbean dollar||XCD||Pegged with U.S. dollar
1 USD= 2.70 XCD
|eight of the nine members of the Organisation of Eastern Caribbean States (OECS):
1.Antigua and Barbuda
4.Saint Kitts and Nevis,
6.Saint Vincent and the Grenadines,
8.Anguilla (Associate membership)
|Netherlands Antillean gulden||ANG||Pegged with U.S. dollar
1 USD= 1.79 ANG
|Curacao, Sint Maarten||North America|
|Panamanian balboa||PAB||Pegged with U.S. dollar
|Venezuelan bolivar||VEF||Pegged with U.S. dollar
1 USD= 6.30 VEF(since Feb.10,2013)