The United States dollar (sign: $; code: USD; also abbreviated US$), also referred to as the American dollar, is the official currency of the United States of America and its overseas territories. It is divided into 100 smaller units called cents or pennies.
The U.S. dollar is the currency most used in international transactions and is one of the world’s dominant reserve currencies. Several countries use it as their official currency and, in many others, it is the de facto currency. It is also used as the sole currency in some British Overseas Territories (British Virgin Islands and Turks and Caicos).
The Constitution of the United States of America provides that the United States Congress shall have the power “To coin Money”. Laws implementing this power are currently codified in Section 5112 of Title 31 of the United States Code. Section 5112 prescribes the forms in which the United States dollars shall be issued. Those coins are both designated in Section 5112 as “legal tender” in…