The Pillar Dollar: The two promentories on either side of the Straights of Gibralter are often called the Pillars of Hercules. In mythology it was Hercules who supposedly raised the Rock of Gibralter on the European side and the Jebel Musa on the African side. In 1661 the Spanish issued a Coin with an illustration of the Pillars and a scroll running across them, and many people suggested that a stylized version of this, with the scroll taking on the S shape, became the dollar symbol. A later version of the Spanish coin with the pillars of Hercules and two globes showing Europe and the Americas, often called the Globe Dollar, is shown at right 
. In the absence of an American coinage, this coing became the most common coin in use in many parts of the colonial Americas. When the Americas did decide to mint there own, they chose to copy the well known Spanish Dollar. IN a 1777 letter to Jefferson, the previously mentioned Robert Morris, writing as the Superintendent of Finance for the Continental Congress ilustrates how common the coin was when he wrote, "The various coins which have circulated in America have undergone different changes in their value, so that there is hardly any which can be considered as a general standard, unless it be Spanish dollars. These pass in Georgia at five shillings, in North Carolina and New York at eight shillings, in Virginia and the four Eastern States at six shillings, and in all the other States except South Carolina at seven shillings and sixpence, and in South Carolina at thirty-two shillings and sixpence."
One of the most popular theories is that the dollar sign is derived from the initials of the United States. If you superimpose a capital "U" on a capital "S" then drop the lower part of the "U", what you end up with is a version of the dollar symbol with two strokes. This theory was endorsed by the American libertarian philosopher and staunch defender of capitalism, Ayn Rand, in her novel Atlas Shrugged. Chapter 10 is entitled the Sign of the Dollar. Rand claimed the dollar sign was the symbol not only of the currency, but also the nation, a free economy, and a free mind . In the absence of an American coinage, this coing became the most common coin in use in many parts of the colonial Americas. When the Americas did decide to mint there own, they chose to copy the well known Spanish Dollar. IN a 1777 letter to Jefferson, the previously mentioned Robert Morris, writing as the Superintendent of Finance for the Continental Congress ilustrates how common the coin was when he wrote, "The various coins which have circulated in America have undergone different changes in their value, so that there is hardly any which can be considered as a general standard, unless it be Spanish dollars. These pass in Georgia at five shillings, in North Carolina and New York at eight shillings, in Virginia and the four Eastern States at six shillings, and in all the other States except South Carolina at seven shillings and sixpence, and in South Carolina at thirty-two shillings and sixpence." The word 'dollar' itself derives from the Flemish or Low German word daler (in German taler or thaler), short for Joachimstaler, referring to a coin from the silver mines of Joachimstal, in Bohemia (now Jáchymov in the Czech Republic). The term was later applied to a coin used in the Spanish-American colonies and also in the British North American colonies at the time of the American War of Independence. It was adopted as the name of the US currency unit in the late 18th century.
1 comment:
Hi there!!
I was attending your lecture this evening @ hotel Triunfo. Great insight and very useful tips.
Thaks for sharing!
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