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Indonesian Rupiah

The rupiah (symbol: Rp; currency code: IDR) is the official currency and sole legal tender in Indonesia. It is issued and managed by Bank Indonesia, while its banknotes and coins are produced by the state-owned Perum Peruri. The name derives from the Sanskrit rupya, meaning "wrought silver". One rupiah is legally divided into 100 sen, although regular currency is issued only in whole-rupiah denominations. The republican government introduced Oeang Republik Indonesia (ORI) in October 1946 during the Indonesian National Revolution, when Japanese and Dutch-issued currencies were still circulating. Regional rupiahs were later used in the Riau Islands and West Irian, before being replaced by the national currency in 1964 and 1971. The government redenominated the rupiah in 1965 at a rate of 1,000 old rupiah to one new rupiah, and Bank Indonesia became the sole issuer of banknotes and coins in 1968. Indonesia used multiple exchange rates, fixed rates and managed depreciation before allowing the rupiah to float during the 1997 Asian financial crisis. The currency fell to about Rp16,800 per US dollar in June 1998 and later recovered, but has remained subject to periods of sharp depreciation under the floating system. Proposals to remove three zeroes from its denominations have not been implemented, while Bank Indonesia is separately developing a proposed digital rupiah through Project Garuda.

United States Dollar

The United States dollar (symbol: $; currency code: USD) is the official currency of the United States and several other countries. The Coinage Act of 1792 introduced the U.S. dollar at par with the Spanish silver dollar, divided it into 100 cents, and authorized the minting of coins denominated in dollars and cents. U.S. banknotes are issued in the form of Federal Reserve Notes, popularly called greenbacks due to their predominantly green color. The U.S. dollar was originally defined under a bimetallic standard of 371.25 grains (24.057 g) (0.7734375 troy ounces) fine silver or, from 1834, 23.22 grains (1.505 g) fine gold, or $20.67 per troy ounce. The Gold Standard Act of 1900 linked the dollar solely to gold. From 1934, its equivalence to gold was revised to $35 per troy ounce. In 1971 all links to gold were repealed. The U.S. dollar became an important international reserve currency after the First World War, and displaced the pound sterling as the world's primary reserve currency by the Bretton Woods Agreement towards the end of the Second World War. The dollar is the most widely used currency in international transactions, and a free-floating currency. It is also the official currency in several countries and the de facto currency in many others, with Federal Reserve Notes (and, in a few cases, U.S. coins) used in circulation. The monetary policy of the United States is conducted by the Federal Reserve System, which acts as the nation's central bank. As of February 10, 2021, currency in circulation amounted to US$2.10 trillion, $2.05 trillion of which is in Federal Reserve Notes (the remaining $50 billion is in the form of coins and older-style United States Notes). As of January 1, 2025, the Federal Reserve estimated that the total amount of currency in circulation was approximately US$2.37 trillion.