The Coinage Act of 1792 introduced the U.S. The United States dollar is the official currency of the United States and its territories. The name euro was officially adopted on 16 December 1995 in Madrid.
The euro is the second-largest reserve currency as well as the second-most traded currency in the world after the United States dollar.Īs of December 2019, with more than €1.3 trillion in circulation, the euro has one of the highest combined values of banknotes and coins in circulation in the world. Additionally, over 200 million people worldwide use currencies pegged to the euro. Outside Europe, a number of special territories of EU members also use the euro as their currency. The currency is also used officially by the institutions of the European Union, by four European microstates that are not EU members, the British Overseas Territory of Akrotiri and Dhekelia, as well as unilaterally by Montenegro and Kosovo. The euro, which is divided into 100 cents, is the second-largest and second-most traded currency in the foreign exchange market after the United States dollar. This group of states is known as the eurozone or euro area and includes about 343 million citizens as of 2019. The euro is the official currency of 19 of the 27 member states of the European Union.
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