History of the United States dollar
The United States dollar is the official currency of the United States, a country in North America. The dollar has been used in the U.S. since its founding in 1776.
Before the U.S. dollar, many of the original American colonies had their own paper currency called Colonial Script. This currency was based on British currency, such as the pound, shilling, and pence. The colonies also had coins made of gold, silver, and copper. In 1775, the Continental Congress, the first government of the United States, issued paper money called Continentals.
In 1792, Congress passed the Coinage Act which established the U.S. dollar as the official currency of the United States. The dollar was divided into 100 cents, or pennies. The value of the U.S. dollar is based on the amount of gold or silver it contains. The value of the dollar was fixed in 1934 and hasn't changed since then. It is one of the most widely used currencies in the world.
Before the U.S. dollar, many of the original American colonies had their own paper currency called Colonial Script. This currency was based on British currency, such as the pound, shilling, and pence. The colonies also had coins made of gold, silver, and copper. In 1775, the Continental Congress, the first government of the United States, issued paper money called Continentals.
In 1792, Congress passed the Coinage Act which established the U.S. dollar as the official currency of the United States. The dollar was divided into 100 cents, or pennies. The value of the U.S. dollar is based on the amount of gold or silver it contains. The value of the dollar was fixed in 1934 and hasn't changed since then. It is one of the most widely used currencies in the world.