U.S. Money - The Basics

The U.S. dollar (USD) is the official form of currency in the United States, and its overseas territories. You may see it represented by a symbol referred to as the dollar sign: “$.” US paper money is referred to as “bills,” each bill featuring the face of a historical person and a number in the corner. A dollar is often referred to as a “buck” -- “That will be 30 bucks.” 

The most frequently used bills are below, though $2 bills do exist but are no longer in production and are rarely used.

• $100, featuring Benjamin Franklin
• $50, featuring Ulysses S. Grant
• $20, featuring Andrew Jackson
• $10, featuring Alexander Hamilton
• $5, featuring Abraham Lincoln
• $2, featuring Thomas Jefferson
• $1, featuring George Washington
  

Be aware that not all places, such as convenience stores, a coffee shop, or gas stations, will accept large bills like hundred or fifty dollar bills. We recommend having twenties and other smaller denominations on hand.

Coins

There is also coin currency, which comes in various denominations. One dollar is equivalent to 100 cents. There is a penny (1 cent), nickel (5 cents), dime (10 cents), quarter (25 cents), and the rarely-used dollar coin (100 cents). You may see these coins represented with a symbol referred to as a cent sign: “￠.” 

Debit Cards

With the set up of your bank account, you should have received a debit card from your bank. You will select a PIN to connect with your card, a password that you will enter when using the debit card, that ensures the card isn’t being used in an unauthorized way.

This card can be used to pay bills, by entering your card information online, or can be used anywhere you use cash. The card will be connected to your checking account, so as long as funds are in your bank account you will be able to use the card for most transactions. Always know how much money you have in your account to avoid overdraft fees!

You can also use the debit card to withdraw cash from your bank account at an ATM (Automatic Teller Machine). You can also use ATMs to complete deposits into your account or to perform simple transactions.

Never share your debit card or PIN with others, and be sure to check your account statements frequently for unauthorized charges.