Dollar Law and Legal Definition
Dollar is the official currency in several countries such as Australia, Canada, New Zealand, Taiwan, Singapore, Hong Kong, El Salvador, Panama, Belize, Bahamas, Barbados, East Timor, Fiji, the Eastern Caribbean territories, and the United States. The United States Dollar is the currency that is most used in international transactions. The United States Dollar is minted and issued pursuant to Section 5112 of Title 31 of the United States Code. The United States Dollar is abbreviated as $ (the dollar sign), or as US$ or USD. Such abbreviation is used in order to distinguish the USD from other dollar denominated currencies and from other countries that use the $ symbol.
The word “dollars,” under Section 9 of Article 1 of the United States Constitution, is a reference to the Spanish milled dollar. An act establishing a mint, and regulating the Coins of the United States empowered the production of different coins, including “Dollars or Units.” Dollars or units were equal in value of a Spanish milled dollar and contained 371 grains and four sixteenth parts of a grain of pure or 416 grains of standard silver. Pursuant to the Act, the United States dollar was designated as the unit of currency of the United States.