The spanish dollar was widely used by many countries as international currency because of its uniformity in standard and milling characteristics. Some countries countersigned the spanish dollar so it could be used as their local anesthetic currentness .
The spanish dollar was the coin upon which the original United States dollar was based, and it remained legal tender 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 populace currency by the late eighteenth hundred. aside from the U.S. dollar, several early existing currencies, such as the canadian dollar, the japanese hankering, the chinese yuan, the Philippine mexican peso, and several currencies in Latin America, were initially based on the spanish dollar and other 8-real coins. diverse theories link the origin of the “ $ ” symbol to the column and stripes that appear on one side of the spanish dollar .
The term chilean peso was used in spanish to refer to this denomination, and it became the basis for many of the currencies in the early 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.
Millions of spanish dollars were minted over the course of several centuries. They were among the most wide circulating coins of the colonial period in the Americas, and were hush in use in North America and in South-East Asia in the nineteenth hundred.
The coin was minted with several different designs at assorted mints in Spain and the New World, having gained wide toleration beyond Spain ‘s borders. Thanks to the huge silver medal deposits that were found in Mexico ( for model, at Taxco and Zacatecas ) and Potosí in contemporary Bolivia, 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 medal dollars from these mints could be distinguished from those minted in Spain by the Pillars of Hercules design on the turn back. In the nineteenth century, the coin ‘s denomination was changed to 20 reales ( based on 20 reales de vellón ) and last 2 portuguese escudo .
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 purity ( 90 % ) silver .
In the 1990s, commemorative 2000-peseta coins were minted, exchangeable in size and weight to the 8 reales and besides with high fineness .