1 Dollar Bank notes Dollars from United States of America with America's president george washington
Taken over by the Congress of the Confederation of the United States on July 6, 1785, the dollar is the currency most used in international transactions. Several countries use the dollar as their official currency, and many others allow it to be used in a de facto capacity.[citation needed] In 1995, over US $380 billion were in circulation, two-thirds of which was outside the United States. By 2005, that figure had doubled to nearly $760 billion, with an estimated half to two-thirds being held overseas, representing an annual growth rate of about However, as of December 2006, the dollar was surpassed by the euro in terms of combined value of cash in circulation. Since then the current value of euro cash in circulation has risen to more than €695 billion, equivalent to US$ trillion at current exchange rates.
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