The United States dollar also referred to as the American dollar, is the official currency of the United States of America and its overseas territories. It is divided into 100 smaller units called cents or pennies. The U.S. dollar is the currency most used in international transactions and is one of the world's dominant reserve currencies. Several countries use it as their official currency and, in many others, it is the de facto currency. It is also used as the sole currency in some British Overseas Territories (British Virgin Islands and Turks and Caicos)