Times New Roman was originally designed as newspaper type. However, its font-typus was extended to greek, kyrillic, mathematic und phonetic characters, chemical formulas and a wide spectrum of special sorts, so nearly every kind of text could be set. Now it’s more commonly known as a standard book-type, and since 2004 al diplomatic documents in America have to be printed in Times New Roman. It used to be mono-spaced typeface Courier New, but the opinions were that Times New Roman looked more modern, and was clearer when reading.
Also is Times New Roman known for its uses in the Encyclopedia Brittanica.