Peso sign Maltese pataca coin. New Zealand and its territories. Countries that use the US dollar.
Success & Impact on a Global Scale Since 2006
Sample date Western Union exchange rate margins and fees were checked and updated on 26 July Sigue Money Transfers Info Logo. Sample date Sigue Money Transfers exchange rate margins and fees were checked and updated on 26 July Sample date Ofx exchange rate margins and fees were checked and updated from ofx. Sample date Worldremit exchange rate margins and fees were checked and updated from worldremit.
Wells Fargo Info Logo. Sample date Wells Fargo exchange rate margins and fees were checked and updated on 26 July Sample date Vigo exchange rate margins and fees were checked and updated on 26 July Orlandi Valuta Info Logo. Sample date Orlandi Valuta exchange rate margins and fees were checked and updated on 26 July On 15 January , the Kingdom of Bohemia began minting coins from silver mined locally in Joachimsthal and marked on reverse with the Bohemian lion.
The coins were called joachimsthaler , which became shortened in common usage to thaler or taler. The German name "Joachimsthal" literally means "Joachim's valley" or "Joachim's dale". This name found its way into other languages: A later Dutch coin also depicting a lion was called the leeuwendaler or leeuwendaalder , literally 'lion daler'. The Dutch Republic produced these coins to accommodate its booming international trade.
The leeuwendaler circulated throughout the Middle East and was imitated in several German and Italian cities. It was in circulation throughout the Thirteen Colonies during the 17th and early 18th centuries and was popularly known as "lion or lyon dollar".
The modern American-English pronunciation of dollar is still remarkably close to the 17th century Dutch pronunciation of daler. Spanish pesos — having the same weight and shape — came to be known as Spanish dollars. The sign is first attested in business correspondence in the s as a scribal abbreviation "p s ", referring to the Spanish American peso ,   that is, the "Spanish dollar" as it was known in British North America.
By the time of the American Revolution , Spanish dollars gained significance because they backed paper money authorized by the individual colonies and the Continental Congress. On April 2, , U. Secretary of the Treasury Alexander Hamilton reported to Congress the precise amount of silver found in Spanish dollar coins in common use in the states. Additionally, all lesser-denomination coins were defined as percentages of the dollar coin, such that a half-dollar was to contain half as much silver as a dollar, quarter-dollars would contain one-fourth as much, and so on.
Subsequent coins would contain the same amount of pure silver as previously, but were reduced in overall weight to On February 21, , the quantity of silver in the lesser coins was reduced, with the effect that their denominations no longer represented their silver content relative to dollar coins. Various acts have subsequently been passed affecting the amount and type of metal in U. Silver was mostly removed from U. The quantity of silver chosen in to correspond to one dollar, namely, In what follows, "dollar" will be used as a unit of mass.
A troy pound being grains and a pennyweight being times smaller, or 24 grains, the geometric mean is, to the nearest hundredth, This means that the ratio of a pound to a dollar These ratios are also very close to the ratio of a gram to a grain: Finally, in the United States, the ratio of the value of gold to the value of silver in the period from to averaged to about This is also nearly the value of the gold to silver ratio determined by Isaac Newton in That these three ratios are all approximately equal has some interesting consequences.
Let the gold to silver ratio be exactly Third, the number of grains in a dollar The actual process of defining the US silver dollar had nothing to do with any geometric mean. The US government simply sampled all Spanish milled dollars in circulation in and arrived at the average weight in common use. And this was There are many quotes in the plays of William Shakespeare referring to dollars as money. Coins known as "thistle dollars" were in use in Scotland during the 16th and 17th centuries,  and use of the English word, and perhaps even the use of the coin, may have begun at the University of St Andrews.
In , a British five- shilling piece, or crown , was sometimes called "dollar". Spain's adoption of the peseta in and its joining the Latin Monetary Union meant the effective end of the last vestiges of the Spanish dollar in Spain itself. In the s, commemorative peseta coins were minted, similar in size and weight to the 8 reales and also with high fineness. Following independence in , Mexican coinage of silver reales and gold escudos followed that of Spanish lines until decimalization and the introduction of the peso.
The Mexican 8-reales coin eventually becoming a 1-peso coin continued to be a popular international trading coin throughout the 19th century. After , the peso was reduced in size and fineness, with further reductions in the s and s. However, 2- , 5- and peso coins were minted during the same period with sizes and fineness similar to the old peso. The term cob was used in Ireland and the British colonies to mean a piece of eight or a Spanish-American dollar, because Spanish-American gold and silver coins were irregularly shaped and crudely struck during this period.
After the colony of New South Wales was founded in Australia in , it ran into the problem of a lack of coinage, particularly since trading vessels took coins out of the colony in exchange for their cargo.
To make it difficult to take the coins out of the colony, and to double their number, the centres of the coins were punched out. The punched centre, known as the "dump", was valued at 15 pence , and the outer rim, known as the " holey dollar ", was worth five shillings.
This was indicated by over-stamping the two new coins. The obverse of the holey dollar was stamped the words "New South Wales" and the date, , and the reverse with the words "five shillings". The obverse of the dump was stamped with a crown, the words "New South Wales" and the date, , and the reverse with the words "fifteen pence". The mutilated coins became the first official currency produced specifically for circulation in Australia.
The British Parliament passed the Sterling Silver Money Act in , which made British coins the only recognised form of currency and ended any legitimate use of the holey dollar and dump in the Australian colonies. By far the leading specie coin circulating in America was the Spanish silver dollar, defined as consisting of grains of pure silver.
The dollar was divided into "pieces of eight," or "bits," each consisting of one-eighth of a dollar. Spanish dollars came into the North American colonies through lucrative trade with the West Indies. The Spanish silver dollar had been the world's outstanding coin since the early 16th century, and was spread partially by dint of the vast silver output of the Spanish colonies in Latin America.
More important, however, was that the Spanish dollar, from the 16th to the 19th century, was relatively the most stable and least debased coin in the Western world. A dollar nominally weighed Its weight and purity varied significantly between mints and over the centuries. In contrast, the Coinage Act of specified that the U. This specification was based on the average weight of a random selection of worn Spanish dollars which Alexander Hamilton ordered to be weighed at the Treasury.
Before the American Revolution , owing to British mercantilist policies, there was a chronic shortage of British currency in Britain's colonies. Trade was often conducted with Spanish dollars that had been obtained through illicit trade with the West Indies. Spanish coinage was legal tender in the United States until the Coinage Act of discontinued the practice. The pricing of equities on U. Long tied to the lore of piracy , "pieces of eight" were manufactured in the Americas and transported in bulk back to Spain, making them a very tempting target for seagoing pirates.