US Dollar

Overview

Economy

• United States is a member of USMCA, G7, G20, NATO, OECD, APEC, OAS.
• Main industries include: Services (80%), Manufacturing, Technology, Finance, Agriculture, Energy, Aerospace, Pharmaceuticals, Entertainment, Defense.
• United States is part of the World Trade Organization.
• Imports are crude oil, computers, broadcasting equipment, automobiles, packaged medicines, telephones, integrated circuits.
• Major exports include refined petroleum, aircraft, integrated circuits, machinery, agricultural products, chemicals, automobiles, medical equipment.
• GDP: $26.9 trillion (2023, nominal).
• GDP per capita: $80,035 (2023).
• Unemployment rate: 3.7% (2024).
• Inflation rate: 3.2% (2024), Target: 2%.
• Main trading partners: China, Canada, Mexico, Japan, Germany, United Kingdom, South Korea, India.
• Trade agreements: USMCA, US-Korea FTA, US-Colombia TPA, US-Panama TPA, US-Australia FTA, CAFTA-DR.

History

• Previous currencies used: Spanish colonial reales, Continental currency, Various state and bank currencies.
• The US dollar was established by the Coinage Act of 1792. It became the world's primary reserve currency through the Bretton Woods Agreement of 1944, which pegged major world currencies to the US dollar, itself convertible to gold at $35 per ounce.
• 1792: Coinage Act established the US dollar
• 1862: First paper currency (greenbacks) issued
• 1913: Federal Reserve Act created the Federal Reserve System
• 1933: Gold standard suspended for domestic use
• 1944: Bretton Woods Agreement established USD as global reserve currency
• 1971: Nixon shock ended gold convertibility
• 1973: Transition to floating exchange rate system
• 2008: Global financial crisis and quantitative easing
• Exchange rate peg: Gold standard (1879-1933).
• Exchange rate peg: Bretton Woods gold-exchange standard (1944-1971).
• Exchange rate peg: Free floating (1973-present).

General Information

• ISO 4217 Code: USD
• Symbols: USD/$
• Currency Subunits: 100 cents
• Central Bank: Federal Reserve System (Fed)
• Monetary Policy: Dual mandate: maximum employment and price stability with 2% inflation target. Primary tools include federal funds rate, quantitative easing, forward guidance, and reserve requirements.
• Bills: $1, $2, $5, $10, $20, $50, $100
• Coins: 1¢ (penny), 5¢ (nickel), 10¢ (dime), 25¢ (quarter), 50¢ (half dollar), $1 (dollar coin)
• USD Exchange Rate: 1.0000
• Pegged To: None (Floating)
• Capital: Washington, D.C.
• Population: 334,914,895 (2023 est.)
• Area: 9,833,517 km²
• Languages: English (de facto national), Spanish, Chinese, French, Tagalog, Vietnamese, Arabic, Korean
• Time Zones: UTC-5 (Eastern), UTC-6 (Central), UTC-7 (Mountain), UTC-8 (Pacific), UTC-9 (Alaska), UTC-10 (Hawaii)
• Government Type: Federal presidential constitutional republic
• Head of Government: President (Head of State and Government)
• Independence: July 4, 1776 (from Great Britain)
• Ethnic Groups: White 61.6%, Hispanic/Latino 18.5%, Black/African American 12.4%, Asian 6.0%, Native American 1.1%, Pacific Islander 0.2%, Other 0.2%
• Religions: Christianity 65%, Unaffiliated 23%, Judaism 2%, Islam 1%, Hinduism 1%, Buddhism 1%, Other 7%
• Literacy Rate: 99% (2003 est.)
• Transport: Extensive interstate highway system (77,017 km), major rail networks, 5,054 public airports, major ports (Los Angeles, Long Beach, New York, Savannah)
• Communications: Advanced telecommunications infrastructure, 91% internet penetration, 5G networks deployed nationwide
• Energy: Natural gas 40%, Petroleum 32%, Renewables 13%, Nuclear 8%, Coal 7%
• Countries Using This Currency: United States
• Data Sources: Central Bank: Federal Reserve System (federalreserve.gov), Economic Data: Bureau of Economic Analysis, World Bank, IMF, Trade Data: US Census Bureau, WTO, Demographic Data: US Census Bureau, Geographic Data: CIA World Factbook, USGS, Historical Data: Federal Reserve archives, Bureau of Engraving and Printing
• Last Updated: 2025