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The United States dollar (sign: $; code: USD; also abbreviated US$ and referred to as the dollar, U. dollar, or American dollar) is the official currency of the United States and its insular territories. The circulating paper money consists of Federal Reserve Notes. In other words, this act designated the United States dollar as the unit of currency of the United States. However, only cents are in everyday use as divisions of the dollar; "dime" is used solely as the name of the coin with the value of 10¢, while "eagle" and "mill" are largely unknown to the general public, though mills are sometimes used in matters of tax levies, and gasoline prices are usually in the form of $X.
Besides the United States, it is also used as the sole currency in two British Overseas Territories in the Caribbean: the British Virgin Islands and Turks and Caicos Islands. There, "dollars" is a reference to the Spanish milled dollar, a coin that had a monetary value of 8 Spanish units of currency, or reales. and that all accounts in the public offices and all proceedings in the courts of the United States shall be kept and had in conformity to this regulation". It was proposed in the mid-1800s that one hundred dollars be known as a union, but no union coins were ever struck and only patterns for the half union exist.
It is the currency most used in international transactions and is the world's primary reserve currency. dollar for paper money, while the country mints its own coins, or also accepts U. The Constitution provides that "a regular Statement and Account of the Receipts and Expenditures of all public Money shall be published from time to time". The word "dollar" is one of the words in the first paragraph of Section 9 of Article I of the Constitution. Section 20 of the act provided, "That the money of account of the United States shall be expressed in dollars, or units... In addition to the dollar the coinage act officially established monetary units of mill or one-thousandth of a dollar (symbol ₥), cent or one-hundredth of a dollar (symbol ¢), dime or one-tenth of a dollar, and eagle or ten dollars, with prescribed weights and composition of gold, silver, or copper for each.