The US dollar (USD) is the official currency of the United States and several other countries, symbolized by "$". It’s a fiat currency, meaning its value is backed by the government rather than a physical commodity like gold. It’s divided into 100 cents and is used widely in international trade and as a global reserve currency.
Key points:
- Issuer: U.S. Federal Reserve
- Forms: Coins (e.g., penny, nickel, dime, quarter) and paper bills (e.g., $1, $5, $10, $20, $50, $100)
- Global Role: Dominant in international transactions, often used as a benchmark for other currencies
- Exchange Rate: Varies daily based on economic factors like inflation, interest rates, and geopolitical events
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