What Is a Dollar?
A dollar is a unit of money used in several countries like the US, Australia, Canada, and many more. The currency of the US is the United States Dollar (USD). Its symbol is $.
History and Origin of the Dollar
The word dollar comes from silver coins minted in 1518 in Bohemia. After passing through parts of Europe, and later, Spanish colonies around America, it finally arrived in the US. It was adopted as the official currency of the US in the 18th century, where it has been used ever since.
Countries Using Dollar as their Currency
- The United States and its territories
- New Zealand
- Hong Kong
- Jamaica and many more countries.
How to Write an Amount in Dollars Using Symbols
To write an amount in dollars, first write the country symbol (US) followed by the dollar sign ($ \$$) and then the dollar figure. For example, US$\$$ 25.99.
Money Bills of the US
American bills or paper currency comes in seven denominations: $\$$1, $\$$2, $\$$5, $\$$10, $\$$20, $\$$50, and $\$$100.
Some Dollar-Related Conversions
- 1 dollar = 100 cents, so 1 cent is equal to 0.01 dollars.
- 1 nickel = 5 cents, so 1 nickel is equal to 0.05 dollars.
- 1 dime = 10 cents, so 1 dime is equal to 0.1 dollars.
- 1 quarter = 25 cents, so 1 quarter is equal to 0.25 dollars.
Q1. Marilyn has 90 cents. She wants them exchanged for dimes. How many dimes will she get back?
We know that 10 cents = 1 dime
So, 90 cents = 9 dimes
Q2. Sam donated 500 cents and Beth donated $\$$7. In total, how many dollars did they donate?
We know that 100 cents = 1 dollar.
So, 500 cents = 5 dollars
This means Sam donated $\$5$. Also, we know that Beth donated $\$7$.
So, together they donated $\$$12 (= $\$5$ + $\$$7).
Q3. How many dimes make $\$$350?
100 cents equals 1 dollar and 10 cents equals 1 dime.
So, 10 dimes make 1 dollar.
To make $\$$350 we will need 350 × 10 dimes. That is, 3500 dimes make $350.
1When $264.60 is divided amongst 6 people, how much does each person get?
Correct answer is: $\$44.10$
$\$264.60$ ÷ 6 = $\$44.10$
2If Anna buys 2 video games at $\$130$ each. She gives 3 bills of $\$100$ to the shopkeeper. How much money should Anna get back?
Correct answer is: $\$40$
Cost of 1 video game = $\$130$
Cost of 2 video games = $\$260$
Amount that Anna gave to the shopkeeper = $\$300$
Amount that Anna gets back = $\$300$ – $\$260$ = $\$40$
3Convert $\$55$ to cents.
Correct answer is: 5500 cents
1 dollar = 100 cents
So, 55 dollars = 5500 cents
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Frequently Asked Questions
In which year were first dollar bills issued in the US?
The first United States bills were published as demand notes to fund the Civil War of 1861. The notes were called greenbacks because of their green color.
In how many denominations are the US bills issued?
The US bills are available in seven denominations: $\$$1, $\$$2, $\$$5, $\$$10, $\$$20, $\$$50, and $\$$100.
Who controls the money supply in the United States?
The Federal Reserve System or the Fed.
What is the cost of making one US money bill?
The cost of printing US bills as in 2021 ranges between $\$$6 and $\$$14. The cost of printing varies with denomination.
How many cents make 1 dollar?
100 cents make 1 dollar.