Title:
1773 Spanish Silver Dollar - America’s First Silver Dollar
Description:
T he first silver dollar used in America’s thirteen original states was a Spanish dollar
that was minted at the oldest mints of the New World. Mexico, Peru, Bolivia,
Guatemala, and Chile were among the countries that produced this treasured coin.
Recommended as the official coinage for the new United States of America by Thomas
Jefferson, this coin was the basic currency of Our Founding Fathers, widely circulated during
the post-Revolutionary era and used as legal tender until 1857. When it was first introduced,
it replaced another Spanish silver dollar, known as the
”pillar dollar,
which had been used
by colonists for decades.
The ”piece of eight,” as this coin is often called, had a value of 8 reales. Merchants would
sometimes break the coin into eight pieces, each commonly known as ”a bit,”
allowing for
purchases of other than whole dollar amounts. English-speakers were the first to refer to this
coin as a
”dollar.” Many experts believe that the pillar and scroll design on the coin’s reverse
inspired the U.S. dollar sign. The design on the obverse of the coin features the King of
Spain, which is why the coin is also known as the ”portrait dollar.”
The ”piece of eight’ was a leading medium of international trade. It found its way into the
coffers of merchants in Europe and Asia. Small marks, most of which are Chinese symbols,
are evident on many specimens indicating that the merchant tested the silver content and
stamped his seal of approval directly into the coin.
that was minted at the oldest mints of the New World. Mexico, Peru, Bolivia,
Guatemala, and Chile were among the countries that produced this treasured coin.
Recommended as the official coinage for the new United States of America by Thomas
Jefferson, this coin was the basic currency of Our Founding Fathers, widely circulated during
the post-Revolutionary era and used as legal tender until 1857. When it was first introduced,
it replaced another Spanish silver dollar, known as the
”pillar dollar,
which had been used
by colonists for decades.
The ”piece of eight,” as this coin is often called, had a value of 8 reales. Merchants would
sometimes break the coin into eight pieces, each commonly known as ”a bit,”
allowing for
purchases of other than whole dollar amounts. English-speakers were the first to refer to this
coin as a
”dollar.” Many experts believe that the pillar and scroll design on the coin’s reverse
inspired the U.S. dollar sign. The design on the obverse of the coin features the King of
Spain, which is why the coin is also known as the ”portrait dollar.”
The ”piece of eight’ was a leading medium of international trade. It found its way into the
coffers of merchants in Europe and Asia. Small marks, most of which are Chinese symbols,
are evident on many specimens indicating that the merchant tested the silver content and
stamped his seal of approval directly into the coin.
Country:
Spain
Year:
1773
Material:
Silver
Denomination:
$1.00
Weight:
24.809 g
Edge:
Reeded
Date Added:
2022-03-02 10:00:24
Date Added:
2022-03-02 10:00:24
