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The official currency used in the USA is the United States Dollar (USD).
Like every other country in the world, the United States of America has its official currency accepted in all states. Here are answers to some of your questions regarding the local currency used in the United States. You will also get to know about an easy and faster way to send money all over the world using the multi-currency wallet - Pesa.
The U.S. dollar is made of 100 cents, which is also a currency version used in the USA. The symbolic representation of the dollar is $ or US$, which differentiates it from the currencies with similar dollar representation. Both bills and coins make up the USD.
Payment in the USA is possible through cash and cards. You can pay with a card, debit or credit. For cash, the United States Dolar has different bills, seven denominations to be specific. They are $1, 2, 5, 10,20,50, and $100. There are U.S. Coins which include 1¢, 5¢, 10¢, 25¢, 50¢, and $1.
The US Currency is one of the world's strongest currencies due to its important role in the world economy. As a result, there are some countries in the world where the US dollar, compared to their currency, is very strong, and the exchange rate is high, especially for travellers from the US. Some of the countries where the US Currency is the strongest include Vietnam, Colombia, Nigeria, Argentina, Japan, etc.
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In the United Kingdom, the only accepted currency is the British Pound. The United States Dollar is only accepted in the United States as a legal tender. You can only use a US Dollar in the United Kingdom in a currency exchange. The only currency used in the UK is the British Pound (£).
The dollar is usually seen as the most powerful currency in the world. However, it actually isn’t. The British Pound (GBP) is the fifth strongest currency in the world after Kuwaiti Dinar (KWD), Bahraini Dinar (BHD), Omani Rial (OMR) and Jordanian Dinar (JOD), while USD is the 10th-strongest currency in the world. This means that GBP is stronger than the USD, maintaining a value of over 1.20 USD. For over 20 years, the British Pound has been stronger than the U.S. dollar in the context of the numbers.
The seven denominations of the US Dollars have different looks, designs and security features. Each currency has a general outlook of the picture of a notable person in the U.S. The $1 note has President George Washington on it. The $3 note has Abraham Lincoln on it. The $100 note has Benjamin Franklin on it. They all have different watermarks and security features to prevent the use and circulation of counterfeit notes.
The most common U.S. paper currency is $100. The number of $100 bills in circulation doubled between 2021 and 2022, which is faster than any other denomination of the US Dollar. The bill with Benjamin Franklin is easily accessible anywhere in the US, despite how hard it can be to find change in certain situations. There are currently 11.5 billion $100 bills in circulation.
The Euro is one of the top 10 strongest currencies in the world, the 8th strongest to be specific. Over the years, the price has fluctuated. As at 2022, one dollar was equal to one Euro. However, now, the Euro is slightly stronger than the US Dollar. 1 Euro, currently, is equal to 1.09 US Dollars.
In crucial moments when you want to send money across currencies on your trip to the US, Pesa is available to make it faster and with zero hidden fees.
As the name implies, four quarters make a dollar. In the dollar currency, one quarter is equal to 25 cents or 0.25 dollars. A quarter is usually in a single coin of 25 cents and is used in the US, but not as often as paper bills.
The USD is used not just in the United States but also in the official territories: Puerto Rico, Guam, Nothern Marina Islands, U.S Virgin Islands, and America Samoa. It is also used as an official currency in eleven other countries: Ecuador, El Salvador, Panama, Micronesia, Timore and Leste, Palu, Marshall Islands, etc.
The US Dollar is one of the top ten stable currencies in the world. As it is the world reserve currency, it has never been devalued. It is number 8 on the list of top ten stable currencies in the world.
The Australian Dollars and US Dollars are two of the most accessible currencies for beginners to trade. This is because they are very stable and much less likely to spike or drop suddenly.
Spend and send US Dollars anywhere you are with Pesa.
