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Mint and established the federal monetary system, as well as set denominations for coins specified by their value in gold, silver, and copper. The Coinage Act of 1792 created the first U.S. In 1785, the Dollar was officially adopted as the money unit of the United States. Multiple currencies are pegged to the US Dollar: For other countries the Dollar is an accepted alternative form of payment, though not an official currency for the country. Additionally, the Dollar is used as the standard currency in the commodity market and therefore has a direct impact on commodity prices.ĭue to its international acceptance, some countries like Panama and Ecuador use the USD as an official legal tender, a practice known as dollarization. As the dominant global reserve currency, it is held by nearly every central bank in the world. The US Dollar is the most commonly converted currency in the world and is regularly used as a benchmark in the Forex market. Common names for the USD include the greenback, buck, green, dough, smacker, bones, dead presidents, scrillas, and paper. The USD is the most traded currency in the forex market and can be paired with all other major currencies. The US central bank is called the Federal Reserve Bank (commonly referred to as "The Fed").