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Dollar of America

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Dollar of America

100 US dollars

US dollar (a sign: $; a code: USD; in abbreviated form US $), also known as the American dollar, is official currency of the United States of America. It is divided on 100 smaller units named by cents. The US dollar is currency most often used in the international bargains and is one of world reserve currencies. Some countries use it as official currency, and in many other things it acts as currency de facto.

The First dollar coins manufactured by the Mint of the USA (it is based in 1792.), on the size and composition were similar to the Spanish dollar. The Spanish and American silver dollar, Mexican silver peso were in the simultaneous circulation in the United States, the Spanish dollar and Mexican peso remained a lawful legal tender till 1857.

The US dollar has been created by the Constitution and the Monetary law from 1792. It has been defined that "dollar" bases on Mexican peso, weight between 371 and 416 grain (27,0 silver (depending on cleanliness), and "eagle", weight from 247 to 270 grain (17) gold (besides depending on cleanliness). The choice of significance 371 grain has arisen from Alexander Gamiltona's decision to take medium weight of the Spanish dollars (and then and Mexican peso). Hamilton has entrusted with exchequer to weigh a sample of the Spanish dollar, and medium weight was received 371 grain. The new Spanish dollar, as a rule, was powerful nearby 377 grain and consequently the new US dollar left with small allowance in relation to the Spanish dollar. The gold equivalent from the Spanish dollar to pound sterling was 1 = 4,80, whereas a gold equivalent of US dollar 1 = 4,86 2/3. This rate with pound sterling remained up to failure of Britain of a gold standard in 1931. Hamilton and Franklin are two people, represented on US dollars, and not being presidents.

The Value of gold or the silver containing in dollar was then is transformed to relative significance in economy for buying and sale of the goods. It has allowed value of things to remain enough constant for a long time past, except for inflow and gold and silver outflow in a national economy.

The Early currency of the USA did not show the person of presidents as it is accepted now. Actually, George Washington was against its portrait has been represented on currency, comparing it to a policy of the European monarchs.

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