The Spanish dollar known as the piece of eight, is a silver coin, of 38 mm diameter, worth eight Spanish reales, minted in the Spanish Empire following a monetary reform in 1497. The Spanish dollar was used by many countries as the first international/world currency because of its uniformity in standard and milling characteristics; some countries countersigned the Spanish dollar. The Spanish dollar was the coin upon which the original United States dollar was based, it remained legal tender in the United States until the Coinage Act of 1857; because it was used in Europe, the Americas, the Far East, it became the first world currency by the late 18th century. Aside from the U. S. dollar, several other currencies, such as the Canadian dollar, the Japanese yen, the Chinese yuan, the Philippine peso, several currencies in the rest of the Americas, were based on the Spanish dollar and other 8-real coins. Diverse theories link the origin of the "$" symbol to the columns and stripes that appear on one side of the Spanish dollar.
The term peso was used in Spanish to refer to this denomination, it became the basis for many of the currencies in the former Spanish colonies, including the Argentine, Chilean, Costa Rican, Dominican, Guatemalan, Mexican, Paraguayan, Puerto Rican, Salvadoran and Venezuelan pesos. Of these, "peso" remains the name of the official currency in Argentina, Colombia, Dominican Republic, Mexico and Uruguay. Millions of Spanish dollars were minted over the course of several centuries, they were among the most circulating coins of the colonial period in the Americas, were still in use in North America and in South-East Asia in the 19th century. In the 16th century, Count Hieronymus Schlick of Bohemia began minting a coin known as a Joachimsthaler, named for Joachimsthal, the valley in the Ore Mountains where the silver was mined. Joachimstaler was shortened to taler, a word that found its way into Norwegian and Swedish as daler, Russian as талер, Czech and Slovene as tolar, Polish as talar, Dutch as daalder, Amharic as ታላሪ, Hungarian as tallér, Italian as tallero, Greek as τάληρο, Spanish tálero and English as dollar.
The Joachimsthaler weighed 451 Troy grains of silver. So successful were these coins that similar thalers were minted in France; the Burgundian Cross Thaler depicted the Cross of Burgundy and was prevalent in the Burgundian Netherlands that were revolting against the Spanish king and Duke of Burgundy Philip II. After 1575, the Dutch revolting provinces replaced the currency with a daalder depicting a lion, hence its Dutch name leeuwendaalder. To facilitate export trade, the leeuwendaalder was authorized to contain 427.16 grains of.750 fine silver, lighter than the large denomination coins in circulation. It was more advantageous for a Dutch merchant to pay a foreign debt in leeuwendaalders rather than in other heavier, more costly coins. Thus, the leeuwendaalder or lion dollar became the coin of choice for foreign trade, it became popular in the Middle East, colonies in the east and west. They circulated throughout the English colonies during the 17th and early 18th centuries. From New Netherland the lion dollar spread to all thirteen colonies in the west.
English speakers began to apply the word "dollar" to the Spanish peso or "piece of eight" by 1581, widely used in the British North American colonies at the time of the American Revolution, hence adopted as the name and weight of the US monetary unit in the late 18th century. After the introduction of the Guldengroschen in Austria in 1486, the concept of a large silver coin with high purity spread throughout the rest of Europe. Monetary reform in Spain brought about the introduction of an 8-real coin in 1497. In 1537 the Spanish escudo gold coin was introduced, worth 16 reales; the Gold Doubloon was worth 32 reales or 2 escudos. It is this divisibility into 8 which caused the silver coins to be named "pieces of eight". In the following centuries, the coin was minted with several different designs at various mints in Spain and the New World, having gained wide acceptance beyond Spain's borders. Thanks to the vast silver deposits that were found in Potosí in modern-day Bolivia and to a lesser extent in Mexico, to silver from Spain's possessions throughout the Americas, mints in Mexico and Peru began to strike the coin.
The main New World mints for Spanish dollars were at Potosí, Mexico City, silver dollars from these mints could be distinguished from those minted in Spain by the Pillars of Hercules design on the reverse. In the 19th century, the coin's denomination was changed to 20 reales and 2 escudos. Spain's adoption of the peseta in 1869 and its joining the Latin Monetary Union meant the effective end of the last vestiges of the Spanish dollar in Spain itself. However, the 5-peseta coin was smaller and lighter but was of high purity silver. In the 1990s, commemorative 2000-peseta coins were minted, similar in size and weight to the 8 reales and with high fineness. Following independence in 1821, Mexican coinage of silver reales an
The Macau pataca or Macanese pataca is the currency of Macau. It is subdivided with 10 avos called ho in Cantonese; the abbreviation MOP$ is used. Macau has a currency board system under which the legal tender, Macau pataca, is 100 percent backed by foreign exchange reserves, in this case the Hong Kong dollar. Moreover, the currency board, Monetary Authority of Macau, has a statutory obligation to issue and redeem Macau pataca on demand against the Hong Kong dollar at a fixed exchange rate of HK$1 = MOP$1.03, without limit. The pataca was introduced in Portuguese Macau and Portuguese Timor in the year 1894, but only as a unit of account; the unit corresponded to the Mexican Peso, it replaced the Portuguese real at a rate of 1 pataca = 450 reais. The name pataca derives from the fact that the Portuguese always referred to the Mexican Peso as the pataca mexicana. At the end of the nineteenth century, there was no single currency in use in Macau, but the predominant circulating coins were the silver Mexican dollars, the British silver trade dollars of Hong Kong and the Straits Settlements, as well as the silver dollars and fractional coinage of the neighbouring province of Canton.
In 1901, it was decided to have a uniquely Macau currency, for that purpose, the Banco Nacional Ultramarino was granted exclusive rights to issue legal tender banknotes that were to be denominated in patacas. On January 27, 1906, pataca notes in denominations of 1, 5, 50 and 100 were introduced and all foreign coinage was outlawed, the idea being to make the pataca paper notes the sole legal tender currency in Macau. However, the Chinese, being so accustomed to using silver for barter, were suspicious of this new paper money, as such, the paper pataca always circulated at a discount in relation to the silver dollar coins. On the contrary, a similar action at the same time in the Straits Settlements, for the same purpose, had the different effect of putting the new Straits dollar into the gold exchange standard. Hence both the Macau pataca and the Straits dollar were launched at a sterling value of 2 shillings and 4 pence, but where the Straits dollar remained at that value until the 1960s, the Macau pataca fluctuated with the value of silver, just like the Hong Kong unit.
In 1935, when Hong Kong and China abandoned the silver standard, the Hong Kong unit was pegged to sterling at a rate of 1 shilling and 3 pence, while the Macau pataca was pegged to the Portuguese escudo at a rate of 5.5 escudos. This meant that the Macau pataca was worth only 1 shilling sterling and was therefore at a discount of 3 pence sterling in relation to the Hong Kong unit; the first Macau coinage was not introduced until the year 1952, which happened to be the year after the last pataca fractional coins were minted for East Timor. In that year in Macau, denominations below 10 patacas were replaced by coins. In 1980, the Macau government set up the Issuing Institute of Macau, given the monopoly right to issue pataca notes; the BNU continued to issue banknotes. On agreement with the BNU on October 16, 1995, the Macau branch of Bank of China became the second note-issuing bank; the authority to issue patacas was transferred to the Monetary Authority of Macau. Coins were not issued for use in Macau until 1952, with the 20 cent coin of Canton Province circulating.
In 1952, bronze 5 and 10 avos, cupro-nickel 50 avos and.720 fineness silver 1 and 5 patacas were introduced. Nickel-brass replaced bronze including the last issue of 5 avos. Nickel replaced silver in the 1 pataca in 1968. In 1971, a final silver issue of 5 patacas was produced. Brass 10, 20 and 50 avos and cupro-nickel 1 and 5 patacas were introduced in 1982; the 20 avos and 5 patacas became dodecagonal in 1993 and 1992 whilst a bimetallic 10 patacas was introduced in 1997 and a cupronickel 2 patacas in 1998. Coins are issued by the Monetary Authority of Macau. In a similar arrangement to the issue of banknotes in Hong Kong, Macau's banknotes are not issued by a central bank or monetary authority but by two commercial banks, the Banco Nacional Ultramarino and the Bank of China. Owing to Macau's Portuguese colonial past, banknotes are printed in Portuguese as well as Chinese, including the name of the Bank of China, written as both "Banco da China" and "中國銀行". Following the initial issues of pataca banknotes in 1906, the new currency was supplemented the following year by 10 and 25 pataca notes, in February 1920, 5, 10 and 50 avo notes were added.
In 1923, the Banco Vui Hang introduced 10 pataca notes which stated that they were backed by Cantonese 20 cent coins. These notes were followed until 1934 by cashier's cheques issued by various banks in denominations of 1, 5, 10, 50, 100, 200, 400, 800 and 1000 dollars equivalent to the pataca; the BNU issues were augmented by 1 and 20 avo notes in 1942, in 1944, 500 pataca notes were introduced. In 1944, further cashier's cheques were issued, denominated 1000 yuan and NC$5000; the 25 pataca note was discontinued after 1958. On August 8, 1988, BNU issued a 1000 pataca banknote, the highest value banknote yet; because 8 in Chinese is similar to "getting rich", this unique date, which occurs only once per century, gives the note a special meaning. Another feature is the replacement of the Coat of arms of Portugal with BNU's logo, shedding a political symbol in the prospect of reunification with China. In 1995, the Banco da China introduced notes in denominations of 50, 100, 500 and 1000 patacas.
Both the BNU and Banco da China introduced 20 pataca notes in 1996. Bankn
Japanese government-issued Philippine peso
During World War II in the Philippines, the occupying Japanese government-issued fiat currency in several denominations. The Second Philippine Republic under President José P. Laurel outlawed possession of guerrilla currency, declared a monopoly on the issuance of money, so that anyone found to possess guerrilla notes could be arrested or executed; some Filipinos called the fiat peso "Mickey Mouse money". Many survivors of the war tell stories of going to the market laden with suitcases or "bayóng" overflowing with the Japanese-issued bills. According to one witness, 75 "Mickey Mouse" pesos, or about 35 U. S. dollars at that time, could buy one duck egg. In 1944, a box of matches cost more than 100 Mickey Mouse pesos; these bills were used by American psychological warfare personnel as propaganda leaflets. Japanese occupation banknotes were overprinted with the words "The Co-prosperity Sphere: What is it worth?", in an attempt to discredit the Greater East Asia Co-Prosperity Sphere, dropped from Allied aircraft over the occupied territories.
A new series of notes in denominations of 1, 5, 10 pesos were issued in 1943. Hyperinflation had forced the Japanese to issue notes for 100, 500, 1000 pesos in 1944. Emergency circulating notes Japanese government-issued dollar in Malaya, North Borneo and Brunei Philippine peso Bangko Sentral ng Pilipinas - Official website of the Bangko Sentral ng Pilipinas Philippine Currency During WWII
The peso was a currency of Venezuela until 1874. Until 1821, the Spanish colonial real circulated in Venezuela; some of these coins were minted at the Caracas Royal Mint established in 1802. Coins minted in Caracas were called Venezuelan reales. On August 27, 1811, with the United States of Venezuela having declared their independence, the recently-established Supreme Congress of Venezuela establishes the peso with an equivalence of 8 reales to 1 peso and an initial issue of one million pesos in paper money. Since no lower denominations or metallic coins had been issued. In particular, with the establishment of the Colombian real in 1820 came its circulation in Venezuela the following year. Indeed, as part of Gran Colombia, the Caracas mint would issue Colombian reales starting in 1821, which would continue to circulate after Venezuela separated from Gran Colombia. On 28 March 1835, the Congress of Venezuela acknowledged these uses de jure and granted the United States Penny legal tender status within Venezuela.
The Colombian real remained in use until 1837. On 29 march 1842, the Congress of Venezuela ordered the minting of 1, ½, ¼ centavo coins, putting an end to the use of foreign coins for this purpose. To define the value of these smaller coins, the peso was subdivided into 10 reales, each of 10 centavos, following the suit of the Colombian currency; the coins would not be seen in circulation until the following year, for which reason they are referred to as the "1843 coins". All other denominations would be approved by Congress on 1 April 1854; the peso was substituted in 1871 by the venezolano, although it wouldn't enter circulation until 18 june 1874. In 1879, the bolívar was introduced. In 1843, copper coins were introduced in denominations of 1/2 and 1 centavo; these were followed in 1858 by silver 1, 2 and 5 reales. In 1863, silver 10-real coins were issued, although most were melted. In 1811, the Estados Unidos de Venezuela issued notes in denominations of 2 reales, 1, 2, 4, 5 and 10 pesos. In 1849, the Treasury issued notes for 5 pesos, which were followed by government issues for 5, 10, 50, 100, 500 and 1000 pesos from 1859.
From 1860, notes for 8 reales and 20 pesos were issued
The dollar or peso sign is a symbol used to indicate the units of various currencies around the world, including the peso and the US dollar. The symbol can interchangeably have two vertical strokes. In common usage, the sign appears to the left of the amount specified, as in $1. A common hypothesis holds that the sign derives from the symbolic representation of the Pillars of Hercules; this representation can have either a banner separately around each pillar, or, as in the Spanish coat of arms, a banner curling between them. In 1492, Ferdinand II of Aragon adopted the symbol of the Pillars of Hercules and added the Latin warning Non plus ultra meaning "nothing further beyond", indicating "this is the end of the world", but when Christopher Columbus came to America, the legend was changed to Plus ultra, meaning "further beyond". The Pillars of Hercules wrapped in a banner thus became a symbol of the New World; the link between this symbol and the dollar sign is more seen in Spanish coins of the period, which show two pillars, each with a separate banner, rather than one banner spanning both pillars.
In this example the right-hand pillar resembles the dollar sign, additionally directly relates to the use of money. The symbol was adopted by Charles V and was part of his coat of arms representing Spain's American possessions; the symbol was stamped on coins minted in gold and silver. The coin known as Spanish dollar, was the first global currency used in the world since the Spanish Empire was the first global empire; these coins, depicting the pillars over two hemispheres and a small "S"-shaped ribbon around each, were spread throughout America and Asia. According to this, traders wrote signs that, instead of saying "Spanish dollar", had this symbol made by hand, this in turn evolved into a simple S with two vertical bars; when the United States gained their independence from Great Britain, they created the US dollar, but in its early decades they continued to use the Spanish dollar, more trusted in all markets. The United States after independence, was still using the pound sterling as currency.
This is attested in state legislation of the early 1780s, referring to pounds and pence, which predated the U. S. Constitution and federal legislation. Given the origin of this theory – related to Spanish colonisation of the Americas – it is that the cifrão or peso signs share the same origin, that the double stroke usage is a stylistic variant, rather than a distinct character; the sign is first attested in Spanish American, Canadian and other British business correspondence in the 1770s, referring to the Spanish American peso known as "Spanish dollar" or "piece of eight" in North America, which provided the model for the currency that the United States adopted in 1792 and the larger coins of the new Spanish American republics such as the Mexican peso, Peruvian eight-real and Bolivian eight-sol coins. This explanation holds that the sign evolved out of the Spanish and Spanish American scribal abbreviation "pˢ" for pesos. A study of late eighteenth- and early nineteenth-century manuscripts shows that the s came to be written over the p, developing into a close equivalent to the "$" mark.
A variation, though less plausible, of this hypothesis derives the sign from a combination of the Greek character "psi" and "S". There are a number of other hypotheses about the origin of the symbol, some with a measure of academic acceptance, others the symbolic equivalent of false etymologies. Among the various hypotheses, the simplest one is that the barred S is a typo modified 8, from its obvious link with the pieces of eight, the popular name of the Spanish dollar; the added bar should be the same used to distinguish a letter dedicated to a currency value, like £. Kingdom of Sicily deniers minted by Manfred of Hohenstaufen in the Kingdom of Sicily between 1258 and 1266 had what can be construed as an early dollar symbol; these coins were circulated outside Europe due to the Crusades, including the Crusade that targeted Tunis. Several alternative hypotheses relate to the dollar sign drawn with two vertical lines. A dollar sign with two vertical lines could have started off as a monogram of'USA', used on money bags issued by the United States Mint.
The letters U and S superimposed resemble the historical double-stroke dollar sign: the bottom of the'U' disappears into the bottom curve of the'S', leaving two vertical lines. It is postulated in the papers of Dr. James Alton James, a professor of history at Northwestern University from 1897 to 1935, that the symbol with two strokes was an adapted design of the patriot Robert Morris in 1778. Robert Morris was such a zealous patriot – known as the "Financier of the Revolution in the West" – that James came to believe that this hypothesis is viable. A similar idea claims that the letters U and S would stand for unit of silver, referencing pieces of eight again, but, unlikely since one would expect it to be in Spanish instead. Another hypothesis is. According to Ovason, on one type of thaler one side showed a crucifix while the other showed a serpent hanging from a cross, the letters NU near the serpent's head, on the other side of the cross the number 21; this refers to the Bible, Chapter 21.
A similar symbol, constructed by superposition of "S" and "I" or "J", was used to denote German Joachimsthaler. It was known in the English-speaking world by the 17th century, appearing in 1
Portuguese Timorese pataca
The pataca was a monetary unit of account used in Portuguese Timor between 1894 and 1958, except for the period 1942–1945, when the occupying Japanese forces introduced the Netherlands Indies gulden and the roepiah. As in the case of the Macanese pataca, still in use today, the East Timor unit was based on the silver Mexican dollar coins which were prolific in the wider region in the 19th century; these Mexican dollar coins were in turn the lineal descendants of the Spanish pieces of eight, introduced to the region by the Portuguese through Portuguese Malacca, by the Spanish through the Manila Galleon trade. The pataca was first introduced in Portuguese Macau and Portuguese Timor in the year 1894, but only as a unit of account for the silver Mexican dollar coins that circulated in the region at that time. In 1894, Macau and Portuguese Timor constituted one single administrative entity, but in 1896 Portuguese Timor became autonomous from Macau. In those days there was no single currency in circulation in Macau and East Timor, trade was dominated by the silver dollar coins, not only of Mexico, but of China, as well as the British silver trade dollars that were minted for use in Hong Kong and the Straits Settlements.
In East Timor, the 2½ Gulden coin of the neighbouring Netherlands East Indies corresponded to a silver dollar. In 1901 in Macau, it was decided to create a purely local currency, the authorities granted the Banco Nacional Ultramarino exclusive rights to print legal tender banknotes; these pataca banknotes were launched in 1906 at a sterling value of 2s 4d — the same as the new Straits dollar, issued in that same year. As in the Straits Settlements, all foreign coinage was outlawed, with the intention that the new currencies should establish their own market values; the Chinese were suspicious of these paper patacas, being accustomed to using silver for barter, so the paper patacas always circulated at a discount in relation to the silver dollar coins. These Macau banknotes circulated in East Timor, but in 1912 they were supplemented by local Timor issues for the first time. While the pataca continued at a discount to the silver dollars that were used in silver standard countries such as China and Hong Kong, the Straits dollar was pegged to sterling in a gold exchange standard, so the two currencies floated apart.
In 1935, when China and Hong Kong abandoned the silver standard, the pataca was pegged to the Portuguese escudo at a rate of 1 pataca = 5.5 escudos, making it equivalent to the British shilling and putting it at a 3d sterling discount in relation to the Hong Kong unit, at a 1s 4d discount in relation to the Straits dollar. In 1942, during the Second World War, the pataca was replaced by Japanese issues of the Netherlands Indies gulden at par; the gulden had been on the gold standard until the 1930s, had risen in value against the pataca so that the pataca was now closer in value to 1 gulden rather than the 2½ gulden rate that had prevailed around 1900. When the pataca was reintroduced in 1945, it was pegged to the Portuguese escudo at a rate of 5.5 escudos = 1 pataca and fractional coins denominated in avos were issued for the first time. In 1951, minting of avo coins ceased though in 1952 a full set of pataca coinage, including coins denominated in avos and a pataca coin, was issued in Macau.
In 1958, the pataca was replaced by the escudo at the rate of 1 pataca = 5.6 escudos. In 1975, Portuguese Timor was invaded by Indonesia, Indonesian currency was introduced; when this territory was established as an independent state in 2002, the US dollar was made the official currency. The US dollar was descended from the Spanish pieces of eight but it broke parity with the silver dollars of south-east Asia and Latin America following the great international silver devaluation of 1873. In 1945, bronze 10 avos, nickel-bronze 20 avos and silver 50 avos coins were introduced; the sizes of these coins matched 1 and 2 1/2 escudos. Coins were issued until 1951. In 1912, the Banco Nacional Ultramarino introduced notes in denominations of 1, 5, 10 and 20 patacas. 25 patacas notes from Macao circulated. In 1940, notes of 5, 10 and 50 avos were introduced; some of these notes were overprints of Macanese notes, as were the 5, 25 and 100 patacas notes introduced in 1945. The same year, specific issues for Timor were introduced in denominations of 1, 5, 10, 20 and 25 patacas, followed by 20 avos in 1948.