What is the Currency of the United States?
The United States dollar, also known as USD, is the official currency of the United States. Though the United States dollar is issued and used by the United States, it is used by multiple other currencies as their main or complimentary currency. Moreover, the United States dollar is the world reserve currency, meaning many countries use the dollar to back the value of their own national currencies.
Is the dollar backed by gold?
No. Not anymore, anyway. After WWII, the United States was to use their gold-backed dollar to become a world reserve currency, thereby backing most other countries with gold indirectly in wat was known as the Bretton Woods system. However, in 1971, president Nixon suspended the dollar's convertibility into gold in an effort to stabilize its value. Though he claimed this action was to be temporary, the dollar has ever sense had no gold backing. Its value is derived mostly from the confidence of its users.
How did the dollar get its name?
"Dollar" is a word derived from the German thaler, which was the name of a silver coin used throughout Europe for almost 400 years. This is why so many other countries have currencies referred to as the dollar. A similar association would be between the dinar and the Roman denarius.
Why is the dollar ugly?
Well, beauty is in the eye of the beholder, but if you are interested in the beautiful designs of other currencies, Coin and Currency Club is the monthly coin subscription box for you!