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the United States Dollar

1

The United States dollar is the official currency of the United States and its insular territories per the United States Constitution.

The United States of America, commonly referred to as the United States or America, is a federal republic composed of 50 states, a federal district, five major self-governing territories, and various possessions.

A currency in the most specific use of the word refers to money in any form when in actual use or circulation as a medium of exchange, especially circulating banknotes and coins.

2

It is divided into 100 smaller cent units.

3

The circulating paper money consists of Federal Reserve Notes that are denominated in United States dollars.

The Federal Reserve System is the central banking system of the United States.

4

The U.S. dollar is commodity money of silver as enacted by the Coinage Act of 1792 which determined the dollar to be 371  4⁄16 grain pure or 416 grain standard silver.

The Coinage Act or the Mint Act, passed by the United States Congress on April 2, 1792, created the United States dollar as the country's standard unit of money, established the United States Mint, and regulated the coinage of the United States.

Coinage Act is a stock short title used for legislation in the United Kingdom and the United States related to coinage.

Commodity money is money whose value comes from a commodity of which it is made.

5

Since the currency is the most used in international transactions, it is the world's primary reserve currency.

A reserve currency is a currency that is held in significant quantities by governments and institutions as part of their foreign exchange reserves.

6

Several countries use it as their official currency, and in many others it is the de facto currency.

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Besides the United States, it is also used as the sole currency in two British Overseas Territories in the Caribbean: the British Virgin Islands and Turks and Caicos Islands.

The Turks and Caicos Islands, or TCI for short, are a British Overseas Territory consisting of the larger Caicos Islands and smaller Turks Islands, two groups of tropical islands in the Lucayan Archipelago of the Atlantic Ocean and northern West Indies.

The fourteen British Overseas Territories are territories under the jurisdiction and sovereignty of the United Kingdom.

The Caribbean is a region that consists of the Caribbean Sea, its islands, and the surrounding coasts.

8

A few countries use the Federal Reserve Notes for paper money, while still minting their own coins, or also accept U.S. dollar coins.

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