US Money - The Basics
The US 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: “$.” American paper money is referred to as “bills,” each bill featuring the face of a historical person and a number in the corners. A dollar is often referred to as a “buck” - “That will be 30 bucks.”
The Monetary System
US money uses a decimal system, in which 100 cents equals 1 dollar. You'll see totals written using a decimal, for example: $3.68. This is three dollars and 69 cents. Some countries use a comma to separate the change (cents) from the main amount (dollars), but the US system uses a period. You'd use a comma if the amount was one thousand dollars or above, for example, $1,524.77. This is one thousand five hundred and twenty-four dollars and seventy-seven cents.
Bills
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 establishments, such as convenience stores, coffee shops, 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 (referred to as "cents"), which comes in various denominations. One dollar is equivalent to 100 cents.
Below is a list of all coins used in the US and its territories:
- 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 setup 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 PIN is 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 a 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.
Note: You'll see ATMs at many establishments including restaurants, stores, and more. Be mindful that many ATMs charge a fee for use. You can avoid this fee by using the ATM at any branch of your bank.
Never share your debit card or PIN with others, and be sure to check your account statements frequently for unauthorized charges.
| Related Reading: Money and Banking Basics
Take the next step and begin to understand how credit works in the US.
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