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The United States dollar (sign: $; code: USD; also abbreviated US$ and referred to as the dollar, U.S. dollar, or American dollar) is the official currency of the United States and its insular territories per the United States Constitution. It is divided into 100 smaller cent (¢) units. The circulating paper money consists of Federal Reserve Notes that are denominated in United States dollars (12 U.S.C. § 418).
The U.S. dollar is commodity money of silver as enacted by the Coinage Act of 1792 which determined the dollar to be 371 4/16 grain (24.1 g) pure or 416 grain (27.0 g) standard silver. Since the currency is the most used in international transactions, it is the world's primary reserve currency. Several countries use it as their official currency, and in many others it is the de facto currency. Besides the United States, it is also used as the sole currency in two British Overseas Territories in the Caribbean: the British Virgin Islands and Turks and Caicos Islands. A few countries use the Federal Reserve Notes for paper money, while still minting their own coins, or also accept U.S. dollar coins (such as the Susan B. Anthony dollar).
The CFP franc (called the franc in everyday use) is the currency used in the French overseas collectivities (collectivités d’outre-mer, or COM) of French Polynesia, New Caledonia and Wallis and Futuna. The initials CFP originally stood for Colonies Françaises du Pacifique (“French colonies of the Pacific”). This was later changed to Communauté Financière du Pacifique (“Pacific Financial Community”) and then to the present term, Change Franc Pacifique (“Pacific Franc Exchange”). The ISO 4217 currency code is XPF.
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