Dollar

Business, Legal & Accounting Glossary

Definition: Dollar



Full Definition of Dollar


A dollar is a unit of currency in a number of countries. United States of America, Canada, Australia, Jamaica, Singapore, Azerbaijan, Hong Kong, The Bahamas, and Antigua are some countries where a currency is called the dollar, although this may or may not be same as US dollar. The currency of the United States and is represented as USD or US $.

One US dollar is equal to one hundred cents [US $ 1 = 100 ¢].

In another calculation, US $ 1 = 1000 mills = 10 dimes. This calculation is not used, except that a 10 ¢ coin is termed a ‘dime’. Mills are obscurely used in calculating taxes and calculating gasoline prices.

US dollar is the most widely used currency is global business transactions. Many countries like Ethiopia and El Salvador use USD as their official currency.

Dollar And The Federal Reserve System

Monetary system and policy in the US are controlled by the Federal Reserve System. An effective monetary system ensures the stability of prices, maximizes employment opportunities, and regulates long-term interest rates. Federal Reserve System is an independent organization comprising a board of Governors, a federal open market committee, Federal Reserve banks, member banks, and advisory committees.

Board of Governors, a seven-member governing body is appointed by US President and confirmed by Senate. Federal Reserve banks are 12 in number with 25 branches. Each of these Federal banks has a board of directors comprising 3 to 7 members. 12 Federal Reserve Bank districts are Atlanta, Boston, Chicago, Cleveland, Dallas, Kansas City, Minneapolis, New York City, Philadelphia, Richmond, San Francisco, and St. Louis.

US Dollar Currency

US dollar currency is available in denominations of $1, $2, $5, $10, $20, $50, and $100, although $2 bills are very rare. Production of bills of $500, $1,000, $5,000, $10,000, and $100,000 has been discontinued. Coins of 1¢ (penny), 5¢ (nickel), 10¢ (dime), 25¢ (quarter), 50¢ (half-dollar), $1 (silver dollar), and $1 (golden dollar) are in use. 50¢ and $1 coins are very rare.


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Definition Sources


Definitions for Dollar are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 26th March, 2020 | 0 Views.