USD - what is the currency

The history of the dollar

Since the beginning of colonization in the 17th century, North America was considered an English colony, therefore English pounds were in use on its territory. But since the population of the new country was increasing at a rapid pace — ships with immigrants from Europe were all arriving and arriving, the number of pounds that were minted in the Old World was sorely lacking. The country's need for monetary units has also grown due to rapid economic development.
After the war of independence from England, at the end of the XVIII century, the newly minted citizens of the United States of America decided to abandon all English, including pounds, deciding to start minting their own, American currency, which was called the "dollar."A characteristic feature of both metal and paper dollars is the inscription "In God We Trust", it was first minted on coins of 2 cents in 1864, it migrated to banknotes recently - in 1957.
The etymology of this name is not very clear, but according to one of the versions, it comes from the Czech "taller", which is still a bargaining chip for the local crown.The first US Mint, which was located in Philadelphia, began minting dollars in 1794. For some time, the dollar was in circulation on the territory of the country along with the currencies of other European countries, but already in 1857 it became the only legitimate monetary unit of the United States, representing it on the world market.Paper dollars that can be found all over the world are actually made from natural flax and cotton fibers.

Dollar today

Today, the USD currency, or the US dollar, is the world's leading currency and serves as the main reserve currency unit for all countries of the world. According to financial statistics, most of the international reserves of foreign exchange in the central banks of the most developed world powers are stored in dollars. In 2012, more than $ 900 billion were in international circulation, with only one-third of this astronomical amount in the United States.
Most foreign exchange transactions in the stock market are made with the participation of the American dollar. On exchanges, it is used as the base or quoted currency, as well as for conversion in cross currencies and currency pairs with its participation.

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