# USD

**Published by:** [HistoryOfCurrencies](https://paragraph.com/@dnxfund/)
**Published on:** 2023-03-28
**URL:** https://paragraph.com/@dnxfund/usd

## Content

The United States dollar, commonly known as the USD, is the official currency of the United States of America. The history of the USD dates back to the 18th century, when the Continental Congress of the United States authorized the issuance of paper currency known as "Continentals" in 1775. However, due to inflation and lack of confidence in the currency, the Continentals became virtually worthless by the end of the American Revolutionary War. In 1792, the United States Congress established the U.S. Mint to produce gold, silver, and copper coins to serve as a stable currency. The first paper currency to be issued by the U.S. government was the Demand Note in 1861, during the American Civil War. The Demand Note was a legal tender note that could be used to pay government debts and was backed by gold held in reserve by the U.S. Treasury. In 1862, the United States began to issue paper currency that was not backed by gold, known as "greenbacks." The value of greenbacks fluctuated greatly during the Civil War, and they were not widely accepted as a means of payment until after the war. In 1913, the Federal Reserve System was established, giving the U.S. government greater control over the money supply and monetary policy. The Federal Reserve System is responsible for issuing U.S. currency and regulating the nation's banks. Throughout the 20th century, the value of the USD has fluctuated due to a variety of factors, including inflation, economic growth, international trade, and political events. Today, the USD is the world's most widely used currency for international transactions and is the primary reserve currency held by central banks around the world.

## Publication Information

- [HistoryOfCurrencies](https://paragraph.com/@dnxfund/): Publication homepage
- [All Posts](https://paragraph.com/@dnxfund/): More posts from this publication
- [RSS Feed](https://api.paragraph.com/blogs/rss/@dnxfund): Subscribe to updates