Dollar wallpapers 2.0.0

The United States dollar, commonly referred to as the American dollar, is the official currency of the United States, having been established by the Currency Act of 1792. It is subdivided into 100 cents (¢) and a less common subdivision of 1000 miles (₥), which serve specific functions in accounting, trade, and taxation. Regarded as the most widely used currency globally, estimates in 2004 suggested that around 950 billion US dollars were in circulation, with approximately two-thirds of this amount held outside the United States. The dollar serves as the official currency in several countries, while in others it operates as a de facto currency or as the sole currency in British overseas territories such as the British Virgin Islands and the Turks and Caicos Islands.

The adoption of the dollar by the US Congress occurred in 1785, marking its emergence as the national currency. Notably, during the Civil War, the federal government issued its first paper money in 1861 as a response to financial challenges. These initial paper notes were designated 'greenbacks' due to their distinctive color and were non-interest-bearing notes authorized by Congress.

Despite recent depreciation against the Euro, the dollar continues to hold significant importance in terms of global reserves held by central banks. Nonetheless, there has been growing discourse among some nations' central banks, particularly those of China and Russia, regarding a potential shift from dollar reserves to Euro holdings.