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The US Dollar Historic Overview

One of the oldest currencies prevailing in the present world today, the US Dollar covers the pages of history for more than 200 years. With great dominance in that time period and continuing till today, the US dollar has always captured the largest portions of the foreign exchange and reserve currency market. Its supremacy is understood by the fact that it is the most traded reserve currency covering round about 70% of the reserve currency sector.

U.S dollar came into existence after approval by the Congress in a symbolic resolution on August 8, 1786. But it was in the year 1863 when the National Banking Act was passed during the American Civil War and dollar was declared as the sole currency of the United States and the same remains even today. The design of the USD has seen numerous changes ever since the year 1862 when it first had fine lines engraved a Treasury seal and engraved signatures. Since then, the U.S. Treasury has continued to add some or the other features to the USD. The most recent design that was changed of the US dollar was in the year 1996.

After the Civil War, the motto “In God we Trust” was placed on the United States coins largely because of the increasing sentiment feelings after the war. And it was in the year 1864 that the mentioned motto first appeared on a two-cent coin. However, the motto disappeared from the five cent coins in the year 1883 and was not seen until the next 50 years or so. But Congress had ordered for its restore and the motto had begun to be seen on all the coins after the passage of bill on May 18, 1908. Ever since then, the motto is seen constantly on the one cent coins since the year 1909; on the five-cent coins since the year 1916 and on all the silver and gold coins since July 1, 1908. The same motto was said to be seen on the currency notes since 1955 and the same began appearing on Federal Reserve Notes with the 1963 Series.

The dominance of the US Dollar is still the most among the world currency rates today of various currencies all across the globe. No doubt, the currency of the United States holds a major part in the development of the United States on the world level. And no currency seems to overtake the dominance and power the US dollar in at-least coming many decades.