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On May 4, 1754 Ferdinand VI prohibited the circulation in America of all money coined in Spain, including national gold and silver coins identical with those minted in America. The quantity of overvalued provincial silver in circulation was so great that colonial officials lacked the means to redeem and remove it from circulation.
Silver real coined in Seville during the reign of Peter I of Castile (1350–1369). Spanish 1799 silver 8 reales, Charles IV (reverse) The first real was introduced by King Pedro I of Castile in the mid 14th century, with 66 minted from a Castilian mark of silver (230.0465 grams) in a fineness of 134 ⁄ 144 (0.9306), and valued of 3 maravedíes.
List of all American sovereign state currencies Present currency Country or dependency (administrating country) Currency sign Fractional unit Ref(s) Aruban florin Aruba (Netherlands) ƒ Cent [19] [20] [21] Argentine peso Argentina $ Centavo [22] [23] Bahamian dollar The Bahamas $ Cent [24] Barbadian dollar (also called Bajan dollar) Barbados ...
This coin was known to English colonists in North America as a piece of eight, then later on as a Spanish dollar, Spanish milled dollar, and finally as a Mexican dollar. In French, it was called a piastre and in Portuguese, a pataca or patacão. The Spanish names at various times and in various places were real de a ocho, patacón, duro, or fuerte.
Foreign coins, including the Spanish dollar, were also widely used [9] as legal tender, until 1857. With the enactment of the National Banking Act of 1863—during the American Civil War—and its later versions that taxed states' bonds and currency out of existence, the dollar became the sole currency of the United States and remains so today.
The primary currency used for global trade between Europe, Asia, and the Americas has historically been the Spanish-American silver dollar, which created a global silver standard system from the 16th to 19th centuries, due to abundant silver supplies in Spanish America. [72] The U.S. dollar itself was derived from this coin.
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The 8 reales coin is the predecessor to the American dollar. Before the United States Mint was in production, columnarios circulated, along with other coinage, in the US colonies, as legal tender until the middle of the 19th century. Prior to the columnario, Spanish coins were hammer struck. These rather crude looking coins were called cobs ...