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The history of the United States dollar began with moves by the Founding Fathers of the United States of America to establish a national currency based on the Spanish silver dollar, which had been in use in the North American colonies of the Kingdom of Great Britain for over 100 years prior to the United States Declaration of Independence.
The money supply was growing at a much faster rate than that of the overall colonial economy, which led to hyperinflation and the corresponding reduction in purchasing power per unit of money. British merchants were forced to accept this depreciated currency as a repayment of debts. This led to the Currency Act 1751. [6]
The United States dollar (symbol: $; currency code: USD; also abbreviated US$ to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the official currency of the United States and several other countries.
Black replaced blue as the power colour in the 14th century, when European princes, and then merchants and bankers, wanted to show their seriousness, dignity and devoutness (see Black). Blue gradually returned to court fashion in the 17th century, as part of a palette of peacock-bright colours shown off in extremely elaborate costumes.
The pound is the main unit of sterling, [4] [c] and the word pound is also used to refer to the British currency generally, [7] often qualified in international contexts as the British pound or the pound sterling. [4] Sterling is the world's oldest currency in continuous use since its inception. [8]
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