United States dollar

[[File:USNotes.jpg|right|thumb|165px|What American paper money looked like in 1880.]]{{Economics}}{{cquote|The dollar is the weakest currency, except for all the others.|||That noted commie [[George Soros]]<ref>[http://www.nytimes.com/2013/10/16/business/imagining-the-dollar-without-its-privilege.html Imagining the Dollar Without Its Privilege], ''The New York Times''</ref>}}

'''The U.S. dollar''' (logographically, '''$'''; code: '''USD''') is the currency of the [[United States]], as well as of a few other countries such as [[Ecuador]], [[El Salvador]], and [[Timor-Leste]]. Additionally, several other currencies have their value tied to the U.S. dollar, such as the {{wpl|Panamanian balboa}} (which is functionally identical to the dollar) and the {{wpl|Eastern Caribbean dollar}} (which is set to US$1 = EC$2.70). It has been the ''de facto'' worldwide reserve [[currency]] since soon after [[World War II]]. This international prominence reflected the increased economic heft of the United States, due mostly to not having its heavy industry bombed out of existence - as was the case with most of the rest of the [[West|developed world]].

==History==
[[File:8 Reales, 1770, British Museum.jpg|left|thumb|200px|The original 'dollar', so primitive it wasn't even American yet.<br>Note the scrolls wrapped around pillars: their shape may have been the origin of the '''$''' symbol.<ref group=note>That's one story, anyway.  See [http://www.straightdope.com/columns/read/724/what-does-the-s-in-the-dollar-sign-represent What does the S in the dollar sign represent?] on The Straight Dope.</ref>]]
The origin of the US dollar can be traced all the way back to the [[Massachusetts]] Bay Colony, which issued paper currency to pay for things like military expeditions.<ref>[http://www.advfn.com/currencies/usd/about/USDollar.html ADVFN: US dollar]</ref> It was named after, and valued upon, the [[Spanish]] Milled Dollar, the famous "piece of eight" (so called because one Spanish Dollar was worth 8 Spanish Reals), which contained 0.82 Troy ounces of silver. Note that these "dollars" were called "pesos" by the Spanish who made them; they got the name "dollar" because they were made to the specifications of the ''Joachimsthaler'', a Central European coin the Habsburgs had introduced to Spain in the 16th century. ''Joachimsthalers'' were known colloquially as ''thalers'' in German, which became "dollar" in English; these Spanish pesos which looked exactly like ''thalers'' were therefore called "dollars." If you're wondering why the Americans didn't base their currency on the good old pound sterling, those were hard to come by for reasons to do with mercantilism and the difficulty of travel between Britain and colonial America, while Spain was pumping out ''pesos'' like there was no tomorrow from its mint in Mexico City, which flowed into the hands of America's innumerable smugglers.

During the [[American Revolution]], the Continental Congress issued the Continental currency but that succumbed to frequent counterfeiting and poor financial backing. The dollar as a unit for American money was established in 1785 and was made into an organized monetary system seven years later. The greenback paper notes weren't introduced until the [[United States Civil War|Civil War]].

The U.S. was on a [[Gold standard (economics)|gold standard]] through much of its history, but the value of the dollar has thankfully not been tied to gold in any way since 1971. 1932<ref group=note>A few gold eagles were minted in 1933, but they were all seized and melted down shortly after [[Franklin Roosevelt]] took office.</ref> was the last year any gold coins were minted for circulation. Since 1963, all paper money issued in the United States has been [[Federal Reserve]] notes. Since 1970, no coin minted for circulation in the U.S. has contained any [[Free Silver|silver]].  Currently, the dollar is [[fiat currency]].

==Denominations==
[[File:Us_Coins_on_Denim.png.jpg|right|thumb|200px|$1.41 in change.]]
Coins come in...
*Pennies<ref group=note>Strictly speaking, pennies are "cents," nickels are "five cent pieces," and quarters are "quarter dollars."  Dimes are officially called dimes, though, from the French ''disme'' (tenth).</ref> ($0.01) with [[Abraham Lincoln]] on them
*Nickels ($0.05) with [[Thomas Jefferson]] on them
*Dimes ($0.10) with [[Franklin Roosevelt]] on them
*Quarters ($0.25) with [[George Washington]] on them
**Quarters with a [[state]]-specific image on the back (fairly common)
*Half-dollars ($0.50) with [[John F. Kennedy]] on them (uncommon, were not minted for circulation between 2001 and 2021)
*Dollars with Susan B. Anthony, Sacagawea, or the U.S. presidents on them (uncommon in the US, common in [[Ecuador]])

Coins previously in circulation included the half cent, the 2-cent piece, the 3-cent piece, the 20-cent piece, and, prior to 1874, the half dime in place of the nickel.  There were also gold coins denominated at $2.50 (quarter eagles), $3, $5 (half eagles), $10 (eagles), and $20 (double eagles). A {{wpl|trillion-dollar coin}} has also been proposed a few times as a way of dealing with the U.S.'s debt ceiling when [[Congress]] is being obstructive, but none have yet been minted. Pennies cost much more to produce than they are worth and rarely circulate due to their low value, costing the government a lot of money, but attempts to stop producing pennies have failed due to the lobbying of the zinc industry.<ref>[https://publicintegrity.org/politics/saving-the-penny-makes-cents-for-zinc-backed-front-group/ Saving the penny makes cents for zinc-backed front group], Erin Quinn, ''The Center for Public Integrity'' 2 July 2014</ref>

The Susan B. Anthony, Sacagawea, and Presidential dollar coins represent three (failed) attempts by the federal government to encourage people to stop using the paper $1 bill.  Paper dollars typically last 18 months in circulation before they need to be replaced, while coins can last for upwards of thirty years.  Other countries (e.g. [[Canada]] and the [[UK]]) circumvented this issue by just not printing low-denomination paper money any more; the U.S. continued to print $1 bills alongside the $1 coins, and as a result the coins utterly failed to catch on each time. Despite early success, the presidential dollar coin ultimately ended up failing due to an oversight by the U.S. mint. To encorage their use, the mint sold them online with free shipping and allowed use of credit card payments. That was a mistake, as people would buy boatloads of the coins for credit card benefits such as airline miles, and then deposit all of their bought coins back into the bank, preventing the coins from coming into circulation. The U.S. mint shut down this loophole in 2011, and the remaining coins were produced mainly for collectors in much smaller numbers. Ultimately, most of the coins would end up in Ecuador, which also uses the U.S. dollar.<ref>[https://www.businessinsider.com/us-mint-ends-the-dollar-coin-scam-for-airline-miles-2011-7 U.S. Mint Ends The Dollar Coin “Scam” For Airline Miles], Michael Dolen, ''Business Insider'' 22 July 2011</ref>
[[File:USDnotesNew.png|right|thumb|250px|A grand total of $188.]]
Bills come in...
*$1 with George Washington on them
*$2 with Thomas Jefferson on them (uncommon, but you can ask for them at any bank. Supposedly [[luck|unlucky]].<ref>[http://www.snopes.com/business/money/twodollar.asp Are Two Dollar Bills Unlucky?]</ref>)
*$5 with Abraham Lincoln on them
*$10 with [[Alexander Hamilton]]<ref group=note name="Not_president">Neither Alexander Hamilton nor Benjamin Franklin were ever president of the U.S., so referring to paper money as "dead presidents" is somewhat inaccurate.</ref> on them
*$20 with [[Andrew Jackson]] on them. Abolitionist {{wpl|Harriet Tubman}} will replace Jackson in 2030 or thereabouts, assuming it's not delayed (again).<ref>[https://www.insider.com/harriet-tubman-20-bill-update-redesign-timeline-2030-2021-4 Harriet Tubman probably won't be on the $20 bill until at least 2030 — here's why], Michelle Mark, ''Insider'' 22 April 2021</ref>
*$50 with [[Ulysses S. Grant]] on them
*$100 with [[Benjamin Franklin]]<ref group=note name="Not_president" /> on them

[[File:100000-dollar.jpg|right|thumb|250px|Don't you have anything smaller?]]
After $100, there are/were a number of bills that existed with higher numbers largely for trading large amounts of money.<ref>[http://www.moneyfactory.gov/uscurrency/largedenominations.html Government source] (Yes, the Bureau of Engraving and Printing calls itself the Money Factory.)</ref>
*$500: [[POTUS#William McKinley (1897-1901)|William McKinley]]
*$1,000: [[POTUS#Grover Cleveland (1885-1889, 1893-1897)|Grover Cleveland]]
*$5,000: [[James Madison]]
*$10,000: Salmon P. Chase, last printed in 1945. (Chase was the Chief Justice appointed by Lincoln. He was a member of the Whig, Liberty, Free Soil, [[Republican]], and [[Democratic]] parties, in that order. He was also married three times.)
*$100,000: [[Woodrow Wilson]] (only traded between banks, never circulated)

==Scams==
As one of the most commonly traded currencies, as well as attracting large numbers of coin collectors, the U.S. dollar has been the subject of many [[scam]]s to be aware of.

===Coin rolling===
Coins of the U.S. dollar have historically been stored in {{wpl|coin wrapper||s}} when they were being traded between banks and businesses. This sparked a wave of "coin rolling" scams, where the coins in the roll will be replaced by lower-denomination coins, slugs, and washers when trading them for the full value in cash.<ref>[https://www.scam-detector.com/article/coin-roll-scam/?amp=1 Coin Roll Scam], ''Scam Detector''</ref> Similar scams have popped up online as well, with scammers selling supposedly machine-rolled coin wrappers that could potentially contain rare coins when in reality they have been tampered with and contain nothing of value.<ref>[https://www.coincommunity.com/forum/topic.asp?TOPIC_ID=114806 Ebay Roll Scam - How Is This Guy Faking The Wrapper?], ''Coin Community''</ref> In general, it is recommended that you don't buy coin rolls online and that you should check to make sure a coin roll is legitimate before exchanging it with money.

===Gold-plated quarters===
Many unscrupulous sellers will sell [[gold]]-plated quarters or other currency, claiming that it's rare and a good investment. In reality, this is a scam, as these coins are not made by the U.S. mint but are rather modified by third-parties who gold-plate the coins. The layer of gold in these coins is very thin and only worth a couple cents at most, and it would cost more to extract the gold than the gold is actually worth. Gold-plated quarters are truly only worth a few cents above face value, if even that.<ref>[https://www.thesprucecrafts.com/gold-plated-quarters-4169459 Are Gold-Plated Quarters Worth Anything?], James Bucki, ''The Spruce Crafts'' 31 May 2022</ref>

==Oops...==
President [[George W. Bush]] aptly managed the decline of the dollar. Apparently [[oil]]-fueled trade deficits and [[Iraq War|abominably expensive and unnecessary wars]] weren't a good idea.<ref>[http://www.thenation.com/article/wall-street-iraq-and-declining-dollar The Nation: Wall Street, Iraq and the Declining Dollar] (2007)</ref> During his term, the dollar dropped a whopping 41% against the [[Euro]].<ref>[http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aH0_cYGS8Avc Bloomberg: Bush's Dollar Drop Maps Loss of U.S. Clout at Final G-8 Summit] (2008)</ref> [[Hurricane Katrina|Heckuva job]].

By [[Great Recession|late 2007]], the US dollar had slid to being worth ''less'' than the Canadian dollar (US$1.10 = Can $1.00!), and the British pound was back up to US$2.10, from lows in the US$1.50 range in "the worst of times."<ref>[http://www.telegraph.co.uk/finance/economics/3248864/Pound-could-fall-to-1.50-analysts-predict.html Telegraph: Pound could fall to $1.50, analysts predict]</ref>

However when running up a huge trade deficit, the currency is sometimes devalued on purpose to make exports cheaper for countries buying them in other currencies. This is precisely the thing that hurt [[Greece]] the most in the 2010-15 sovereign debt crisis as they – for obvious reasons – could not devalue their currency.

==Conservatism's BFF==
The dollar is an important staple of [[conservatism]]. It is a primary factor in the success of large [[corporation]]s (another BFF) and its unhindered accumulation is a great motive for 
corporate abuse
 economic prosperity. 

== Not to be confused with ==
[[File:50Dollars-Liberia.jpg|right|thumb|250px|Worth 50 bucks but not in the States.]]
[[File:Filipinas (PI) 50 Centavos Silver Coin 1918 (s).jpg|right|thumb|250px|Coin made during U.S. control of the [[Philippines]].]]
[[File:1 balboa Panama 1966.png|right|thumb|250px|This actually is functionally identical to one U.S. dollar, but only in Panama.]]
*The [[Australia]]n dollar
*The [[Brunei]] dollar
*The [[Canada|Canadian]] dollar
*The [[Cayman Islands]] dollar
*The Eastern [[Caribbean]] dollar (which is actually equivalent to 37¢ in USD)
*The [[Jamaica]]n dollar
*The [[Liberia]]n dollar
*The [[New Zealand]] dollar
*The [[Singapore]] dollar
*The new [[Taiwan]] dollar
*The [[Zimbabwe#Hyperinflation and misery|now defunct Zimbabwe dollar]]
*The [[Mexico|Mexican]] peso, which uses $ as its symbol
*The Philippine peso, which was once produced by the US
*The Panamanian balboa, which is set to be equivalent to 1 USD (Panama uses both currencies)

==See also==
*[[Amero]]
*[[Free market]]
*[[In God We Trust]]
*[[U.S. dollar bill folding tricks]]

==External links==
*[http://www.federalreserve.gov/ The central bank of the United States]

==Notes==
{{reflist|group=note}}

==References==
{{reflist|2|80%}}

[[Category:Capitalism]]
[[Category:Currency]]
[[Category:Economics]]
[[Category:United States]]

Categories: Capitalism, Currency, Economics, United States