“ Pieces of eight ” redirects here. For the album, see Pieces of Eight
The Spanish dollar, besides known as the piece of eight ( spanish : Real de a ocho, Dólar, Peso duro, Peso fuerte or Peso ), is a silver coin of approximately 38 mm ( 1.5 in ) diameter worth eight spanish reales. It was minted in the spanish Empire following a monetary reform in 1497 with contented 25.563 g = 0.822 oz deoxythymidine monophosphate fine silver. It was widely used as the inaugural external currentness because of its uniformity in standard and mill characteristics. Some countries countermarked the spanish dollar so it could be used as their local currentness. [ 1 ]
Reading: Spanish dollar – Wikipedia
The spanish dollar was the coin upon which the original United States dollar was based ( at 0.7735 oz thymine = 24.0566 g ), and it remained legal offer in the United States until the Coinage Act of 1857. Because it was widely used in Europe, the Americas, and the Far East, it became the first universe currency by the late eighteenth century. [ 2 ] [ 3 ] [ 4 ] aside from the U.S. dollar, several other currencies, such as the canadian dollar, the japanese hankering, the chinese yuan, the Philippine uruguayan peso, and several currencies in the stay of the Americas, were initially based on the spanish dollar and early 8-real coins. [ 5 ] Diverse theories link the origin of the “ $ ” symbol to the column and stripes that appear on one side of the spanish dollar. [ 6 ] The term cuban peso was used in spanish to refer to this denomination, and it became the footing for many of the currencies in the former spanish colonies, including the Argentine, Bolivian, Chilean, Colombian, Costa Rican, Cuban, Dominican, Ecuadorian, Guatemalan, Honduran, Mexican, Nicaraguan, Paraguayan, Philippine, Puerto Rican, Peruvian, Salvadoran, Uruguayan, and Venezuelan pesos. Of these, “ colombian peso ” remains the name of the official currency in the Philippines, Mexico, Cuba, the Dominican Republic, Colombia, Chile, Argentina, and Uruguay. Millions of spanish dollars were minted over the naturally of respective centuries. They were among the most widely circulating coins of the colonial period in the Americas, and were still in use in North America and in Southeast Asia in the nineteenth hundred .
history [edit ]
etymology [edit ]
In the sixteenth hundred, Count Hieronymus Schlick ( Jeroným Šlik in Czech ) of Bohemia began minting a silver coin known as a Joachimsthaler ( from German thal, modern spelling Tal, “ valley ”, cognate with “ dale “ in English ), named for Joachimsthal, the valley in the Ore Mountains where the silver medal was mined. [ 7 ] Joachimsthaler was by and by shortened to taler or thaler, a parole that finally found its way into many european languages including the spanish tálero and English as dollar. [ 7 ]
Europe and colonial North America [edit ]
The Joachimsthaler weighed 451 Troy grains ( 29.2 g = 0.94 oz metric ton ) of silver. so successful were these coins that similar thaler s were minted in Burgundy and France. This coin was then succeeded by the durable Reichsthaler of the Holy Roman Empire, used from the 16th to 19th centuries, of 25.984 g = 0.8355 oz thymine pure silver. The Netherlands besides introduced its own dollars in the sixteenth hundred : the Burgundian Cross Thaler ( Bourgondrische Kruisdaalder ), the German-inspired Rijksdaalder, and the dutch liondollar ( leeuwendaalder ). The latter mint was used for dutch trade in the Middle East, in the Dutch East Indies and West Indies, and in the thirteen colonies of North America. [ 8 ] For the English North american colonists, however, the spanish mexican peso or “ part of eight ” has always held inaugural plaza, and this coin was besides called the “ dollar ” arsenic early as 1581. After the Declaration of American Independence the United States dollar was introduced in 1792 at equality with this mint at 371.25 grains = 0.7735 troy ounces = 24.0566 g. Alexander Hamilton arrived at these numbers based on a treasury assay of the average very well silver content of a selection of wear spanish dollars. [ 9 ] The term cob was used in Ireland and the british colonies to mean a part of eight or a Spanish-American dollar, because spanish gold and silver coins were irregularly shaped and crudely struck before the machine-milled dollar was introduced in 1732 .
Spain [edit ]
c. 1650 A silver spanish dollar minted in Mexico City After the introduction of the Guldengroschen in Austria in 1486, the concept of a large silver coin with high purity ( sometimes known as “ coinage ” neologism ) finally spread throughout the perch of Europe. Monetary reform in Spain brought about the introduction of an 8-real ( or 1-peso ) coin in 1497, minted to the trace standards-
- In 1497: 8
dollars to a Castilian mark of silver (230.0465 grams),
or 0.9306 fine (25.563 g fine silver = 0.822 oz t)
- In 1728: $8.50 to a mark,
or 0.9167 fine (24.809 g fine silver = 0.798 oz t)
- In 1772: $8.50 to a mark,
or 0.9028 fine (24.443 g fine silver; but true fineness 1772–1821 believed to be only 0.89.
This was supplemented in 1537 by the gold escudo, minted at 68 to a mark of aureate 0.917 fine ( daintiness reduced to 0.906 in 1742 and 0.875 in 1786 ). It was valued at 15–16 reales or approximately 2 dollars. The celebrated Gold Doubloon was worth 2 portuguese escudo or approximately 4 dollars.
Read more: Key Date Coins: Definition & Examples
From the 15th to the 19th centuries the coin was minted with respective different designs at versatile mints in Spain and the New World, having gained broad acceptance beyond Spain ‘s borders. Thanks to the huge eloquent deposits that were found chiefly in Potosí in contemporary Bolivia and to a lesser extent in Mexico ( for model, at Taxco and Zacatecas ), and to silver from Spain ‘s possessions throughout the Americas, mints in Mexico and Peru besides began to strike the coin. The main New World mints for spanish dollars were at Potosí, Lima, and Mexico City ( with minor mints at Bogotá, Popayán, Guatemala City, and Santiago ), and silver dollars from these mints could be distinguished from those minted in Spain by the Pillars of Hercules design on the reverse. The dollar or mexican peso was divided into 8 reales in spanish Latin America until 19th century when the uruguayan peso was divided alternatively into 100 centavo. however, monetary turbulence in Spain beginning under the predominate of King Philip II resulted in the dollar being subdivided as follows in Spain only :
- Until 1642: $1 = 8 reales, subsequently called reales nacionales
- From 1642: $1 = 10 reales provinciales
- From 1687: $1 = 15
reales de vellón (made of billon alloy; edict not effective)
- From 1737: $1 = 20 reales de vellón
- In 1864: $1 = 2 silver escudos (different from the gold escudo)
- And finally, in 1869: $1 = 5 Spanish pesetas, the latter at par with the French franc in the Latin Monetary Union.
Spain ‘s borrowing 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 ( or duro ) was slenderly smaller and lighter but was besides of high honor ( 90 % ) silver medal. In the 1990s, commemorative 2,000-peseta coins were minted, similar in size and burden to the dollar .
Mexico [edit ]
c. 1809 spanish dollar coin minted in Mexico City Following independence in 1821, Mexican neologism of eloquent reales and gold cape verde escudo followed that of spanish lines until decimalization and the introduction of the dominican peso worth 8 reales or 100 centavo. It continued to be minted to Spanish standards throughout the nineteenth hundred, with the colombian peso at 27.07 guanine of 0.9028 ticket silver, and the portuguese escudo at 3.383 deoxyguanosine monophosphate of 0.875 fine gold. The mexican mexican peso or 8-real coin continued to be a popular international trade coin throughout the nineteenth hundred. After 1918, the guinea-bissau peso was reduced in size and daintiness, with far reductions in the 1940s and 1950s. however, 2- ( 1921 ), 5- ( 1947 ) and 10- ( 1955 ) dominican peso coins were minted during the same period with sizes and fineness exchangeable to the old dominican peso .
Australia [edit ]
After the colony of New South Wales was founded in Australia in 1788, it ran into the trouble of a lack of coinage, particularly since trade vessels took coins out of the colony in switch over for their cargo. In 1813, Governor Lachlan Macquarie made creative use of £10,000 in spanish dollars sent by the british government. To make it unmanageable to take the coins out of the colony, and to double their number, the centres of the coins were punched out. The punch center, known as the “ dump ”, was valued at 15 penny, and the outer rim, known as the “ holey dollar “, was deserving five shillings. This was indicated by overstamping the two newfangled coins. The obverse of the holey dollar was stamped the words “ New South Wales ” and the date, 1813, 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, 1813, and the turn back with the words “ fifteen penny ”. The mutilate coins became the first official currency produced specifically for circulation in Australia. [ 11 ] The expedient was relatively short lived. The british Parliament passed the Sterling Silver Money Act in 1825, which made british coins the only acknowledge shape of currency and ended any legitimate habit of the holey dollar and dump in the australian colonies. [ 12 ]
United States [edit ]
The Coinage Act of 1792 created the United States Mint and initially defined the United States dollar at equality with the spanish dollar due to its international reputation :
By far the leading coinage coin circulating in America was the spanish silver dollar, defined as dwell of 387 grains of pure silver. The dollar was divided into “ pieces of eight, ” or “ bits, ” each dwell of one-eighth of a dollar. spanish dollars came into the union american colonies through lucrative trade wind with the West Indies. The spanish silver dollar had been the world ‘s outstanding mint since the early sixteenth century, and was spread partially by dint of the huge eloquent output signal of the spanish colonies in Latin America. More significant, however, was that the spanish dollar, from the 16th to the nineteenth hundred, was relatively the most stable and least debased mint in the western worldly concern. [ 13 ]
The Coinage Act of 1792 specified that the U.S. dollar would contain 371.25 grains ( 24.057 gravitational constant ) pure or 416 grains ( 26.96 thousand ) standard silver. This specification was based on the average weight unit of a random survival of wear Spanish dollars which Alexander Hamilton ordered to be weighed at the Treasury. Initially this dollar was comparable to the 371–373 grains found in circulating spanish dollars and aided in its exporting oversea. [ 14 ] The restitution of the old 0.9028 fineness in the Mexican mexican peso after 1821, however, increased the latter ‘s silver content to 24.44 g and reduced the export demand for U.S. dollars. Before the american Revolution, owing to british mercantilist policies, there was a chronic deficit of british currentness in Britain ‘s colonies. Trade was often conducted with spanish dollars that had been obtained through illegitimate trade with the West Indies. spanish neologism was legal tender in the United States until the Coinage Act of 1857 discontinued the commit. The price of equities on U.S. malcolm stock exchanges in 1⁄8-dollar denominations persisted until the New York Stock Exchange converted first to price in sixteenths of a dollar on 24 June 1997, and shortly after that, to decimal price .
asia [edit ]
1888 mexican dollar with taiwanese “ chop ” marks long tied to the lore of piracy, “ pieces of eight ” were manufactured in the spanish Americas and transported in bulge back to Spain, making them a identical alluring aim for seagoing pirates. In the Far East, it besides arrived in the form of the Philippine mexican peso in the Philippines as share of the spanish East Indies of the Spanish colonial empire through the Manila galleons that transported Mexican flatware guinea-bissau peso to Manila in the Manila-Acapulco Galleon Trade, [ 15 ] [ 16 ] where it would be exchanged for Philippine and Chinese goods, [ 17 ] [ 18 ] since silver was the merely foreign commodity China would accept. In oriental trade, spanish dollars were frequently stamped with taiwanese characters known as “ chop marks ” which indicated that especial coin had been assayed by a long-familiar merchant and determined to be actual. The specifications of the spanish dollar became a standard for deal in the Far East, with late western powers issuing deal dollars, and colonial currencies such as the Hong Kong dollar, to the lapp specifications. The first gear chinese yuan coins had the same specification as a spanish dollar, leading to a continuing equality in some respects between the names “ yuan ” and “ dollar ” in the chinese language. other currencies besides derived from the dollar include the japanese hankering, Korean won, Philippine philippine peso, malaysian ringgit, french Indochinese piaster, etc since it was widely traded across the Far East in the East Indies and the East Asia. contemporary names used for spanish dollars in Qing Dynasty China include běnyáng ( 本洋 ), shuāngzhù ( 双柱 ), zhùyáng ( 柱洋 ), fóyáng ( 佛洋 ), fótóu ( 佛頭 ), fóyín ( 佛銀 ), and fótóuyín ( 佛頭銀 ). The “ fó ” chemical element in those taiwanese names referred to the King of Spain in those coins, as his face resembled that of images of the Buddha ( 佛 in chinese ) ; and the “ zhù ” contribution of those names referred to the two pillars in the spanish coat of arms .
fabrication [edit ]
In mod pop polish and fiction, pieces of eight are most frequently associated with the popular impression of pirates .