Dollar – Definition with Examples

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 $.

American Dollar

Source

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
  • Australia
  • New Zealand
  • Hong Kong
  • Singapore
  • Canada
  • 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.

History and Origin of Dollar

Source

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.

Solved Examples 

Q1. Marilyn has 90 cents. She wants them exchanged for dimes. How many dimes will she get back?

Solution: 

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?

Solution: 

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?

Solution:

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.

Practice Problems

Dollar

Attend this Quiz & Test your knowledge.

1When $264.60 is divided amongst 6 people, how much does each person get?

$\$44.10$
$\$44.60$
$\$40.60$
$\$54.60$
CorrectIncorrect
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?

$\$50$
$\$60$
$\$260$
$\$40$
CorrectIncorrect
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.

55 cents
500 cents
5500 cents
550 cents
CorrectIncorrect
Correct answer is: 5500 cents
1 dollar = 100 cents
So, 55 dollars = 5500 cents

Handling currency is an important skill for everyone to master. To learn more about managing money with fun and exciting games, visit SplashLearn! Learn more about the dollar here.

Frequently Asked Questions

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.

The US bills are available in seven denominations: $\$$1, $\$$2, $\$$5, $\$$10, $\$$20, $\$$50, and $\$$100.

The Federal Reserve System or the Fed.

The cost of printing US bills as in 2021 ranges between $\$$6 and $\$$14. The cost of printing varies with denomination.

100 cents make 1 dollar.