The Spanish dollar, also known as the piece of eight ( es, Real de a ocho, , , or ), is a
silver
Silver is a chemical element with the Symbol (chemistry), symbol Ag (from the Latin ', derived from the Proto-Indo-European wikt:Reconstruction:Proto-Indo-European/h₂erǵ-, ''h₂erǵ'': "shiny" or "white") and atomic number 47. A soft, whi ...
coin
A coin is a small, flat (usually depending on the country or value), round piece of metal or plastic used primarily as a medium of exchange or legal tender. They are standardized in weight, and produced in large quantities at a mint in order t ...
of approximately diameter worth eight
Spanish real
The ''real'' (English: /ɹeɪˈɑl/ Spanish: /reˈal/) (meaning: "royal", plural: ''reales'') was a unit of currency in Spain for several centuries after the mid-14th century. It underwent several changes in value relative to other units throu ...
es. It was minted in the
Spanish Empire
The Spanish Empire ( es, link=no, Imperio español), also known as the Hispanic Monarchy ( es, link=no, Monarquía Hispánica) or the Catholic Monarchy ( es, link=no, Monarquía Católica) was a colonial empire governed by Spain and its prede ...
following a monetary reform in 1497 with content 25.563 g = 0.822 oz t fine silver. It was widely used as the first
international currency
In international finance, a world currency, supranational currency, or global currency is a currency that would be transacted internationally, with no set borders.
History First European Banknotes (17th century)
The first European banknotes we ...
because of its uniformity in standard and milling characteristics. Some countries
countermark
A countermarked, punchmarked or counterstamped coin is a coin that has had some additional mark or symbol punched into it at some point after it was originally produced while in circulation. This practice is now obsolete.
Countermarking can be ...
ed the Spanish dollar so it could be used as their local currency.
Because the Spanish dollar was widely used in Europe, the Americas, and the Far East, it became the first world currency by the late 18th century.
The Spanish dollar was the coin upon which the original
United States dollar
The United States dollar ( symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the officia ...
was based (at 0.7735 oz t = 24.0566 g), and it remained
legal tender
Legal tender is a form of money that courts of law are required to recognize as satisfactory payment for any monetary debt. Each jurisdiction determines what is legal tender, but essentially it is anything which when offered ("tendered") in ...
in the United States until the
Coinage Act of 1857
The Coinage Act of 1857 (Act of Feb. 21, 1857, Chap. 56, 34th Cong., Sess. III, 11 Stat. 163) was an act of the United States Congress which ended the status of foreign coins as legal tender, repealing all acts "authorizing the currency of foreig ...
. Many other currencies around the world, such as the
Japanese yen
The is the official currency of Japan. It is the third-most traded currency in the foreign exchange market, after the United States dollar (US$) and the euro. It is also widely used as a third reserve currency after the US dollar and the ...
and the
Chinese yuan
The renminbi (; symbol: ¥; ISO code: CNY; abbreviation: RMB) is the official currency of the People's Republic of China and one of the world's most traded currencies, ranking as the fifth most traded currency in the world as of April 2022. ...
, were initially based on the Spanish dollar and other 8-real coins. Diverse theories link the origin of the
"$" symbol to the columns and stripes that appear on one side of the Spanish dollar.
The term
peso
The peso is the monetary unit of several countries in the Americas, and the Philippines. Originating in the Spanish Empire, the word translates to "weight". In most countries the peso uses the same sign, "$", as many currencies named "dollar" ...
was used in Spanish to refer to this denomination, and it became the basis for many of the currencies in the former Spanish colonies, including the
Argentine,
Bolivian
Bolivian may refer to:
* Something of, or related to Bolivia
** Bolivian people
** Demographics of Bolivia
** Culture of Bolivia
* SS ''Bolivian'', a British-built standard cargo ship
A cargo ship or freighter is a merchant ship that carries ...
,
Chilean,
Colombian,
Costa Rican
Costa Rica (, ; ; literally "Rich Coast"), officially the Republic of Costa Rica ( es, República de Costa Rica), is a country in the Central American region of North America, bordered by Nicaragua to the north, the Caribbean Sea to the n ...
,
Cuban
Cuban may refer to:
* Something of, from, or related to Cuba, a country in the Caribbean
* Cubans, people from Cuba, or of Cuban descent
** Cuban exile, a person who left Cuba for political reasons, or a descendant thereof
* Cuban citizen, a perso ...
,
Dominican,
Ecuadorian
Ecuadorians ( es, ecuatorianos) are people identified with the South American country of Ecuador. This connection may be residential, legal, historical or cultural. For most Ecuadorians, several (or all) of these connections exist and are colle ...
,
Guatemalan,
Honduran,
Mexican,
Nicaraguan
Nicaragua (; ), officially the Republic of Nicaragua (), is the largest country in Central America, bordered by Honduras to the north, the Caribbean to the east, Costa Rica to the south, and the Pacific Ocean to the west. Managua is the countr ...
,
Paraguayan
Paraguay (; ), officially the Republic of Paraguay ( es, República del Paraguay, links=no; gn, Tavakuairetã Paraguái, links=si), is a landlocked country in South America. It is bordered by Argentina to the south and southwest, Brazil to th ...
,
Philippine
The Philippines (; fil, Pilipinas, links=no), officially the Republic of the Philippines ( fil, Republika ng Pilipinas, links=no),
* bik, Republika kan Filipinas
* ceb, Republika sa Pilipinas
* cbk, República de Filipinas
* hil, Republ ...
,
Puerto Rican,
Peruvian
Peruvians ( es, peruanos) are the citizens of Peru. There were Andean and coastal ancient civilizations like Caral, which inhabited what is now Peruvian territory for several millennia before the Spanish conquest in the 16th century; Peruvian p ...
,
Salvadoran
Salvadorans (Spanish: ''Salvadoreños''), also known as Salvadorians (alternate spelling: Salvadoreans), are citizens of El Salvador, a country in Central America. Most Salvadorans live in El Salvador, although there is also a significant Salvad ...
,
Uruguayan
Uruguay (; ), officially the Oriental Republic of Uruguay ( es, República Oriental del Uruguay), is a country in South America. It shares borders with Argentina to its west and southwest and Brazil to its north and northeast; while bordering ...
, and
Venezuelan pesos. Of these, "peso" remains the name of the official currency in the Philippines, Mexico, Cuba, the Dominican Republic, Colombia, Chile, Argentina, and Uruguay.
History
Etymology
In the 16th century, Count
Hieronymus Schlick
Hieronymus Schlick was a Bohemian count who authorised the minting of ''joachimstalers ,''after Joachimstal, the valley in which the silver was mined. Joachimstalers was later shortened to taler, the origin of the word "dollar
Dollar is the ...
(Jeroným Šlik in
Czech
Czech may refer to:
* Anything from or related to the Czech Republic, a country in Europe
** Czech language
** Czechs, the people of the area
** Czech culture
** Czech cuisine
* One of three mythical brothers, Lech, Czech, and Rus'
Places
* Czech, ...
) of
Bohemia
Bohemia ( ; cs, Čechy ; ; hsb, Čěska; szl, Czechy) is the westernmost and largest historical region of the Czech Republic. Bohemia can also refer to a wider area consisting of the historical Lands of the Bohemian Crown ruled by the Bohem ...
began minting a silver coin known as a (from German , modern spelling , "valley", cognate with "
dale" in English), named for '','' the valley in the
Ore Mountains where the silver was mined.
[National Geographic. June 2002. p. 1. ''Ask Us''.] was later shortened to or ''
thaler'', a word that eventually found its way into many European languages including the Spanish and English as ''
dollar
Dollar is the name of more than 20 currencies. They include the Australian dollar, Brunei dollar, Canadian dollar, Hong Kong dollar, Jamaican dollar, Liberian dollar, Namibian dollar, New Taiwan dollar, New Zealand dollar, Singapore dollar, U ...
''.
Europe and colonial North America
The weighed 451
Troy grain
A grain is a unit of measurement of mass, and in the troy weight, avoirdupois, and apothecaries' systems, equal to exactly milligrams. It is nominally based upon the mass of a single ideal seed of a cereal. From the Bronze Age into the Renaissan ...
s (29.2 g = 0.94 oz t) of silver. So successful were these coins that similar s were minted in
Burgundy and France. This coin was then succeeded by the long-lived
Reichsthaler
The ''Reichsthaler'' (; modern spelling Reichstaler), or more specifically the ''Reichsthaler specie'', was a standard thaler silver coin introduced by the Holy Roman Empire in 1566 for use in all German states, minted in various versions for th ...
of the
Holy Roman Empire
The Holy Roman Empire was a Polity, political entity in Western Europe, Western, Central Europe, Central, and Southern Europe that developed during the Early Middle Ages and continued until its Dissolution of the Holy Roman Empire, dissolution i ...
, used from the 16th to 19th centuries, of 25.984 g = 0.8355 oz t pure silver.
The Netherlands also introduced its own dollars in the 16th century: the Burgundian Cross Thaler (''Bourgondrische Kruisdaalder''), the German-inspired ''
Rijksdaalder
The ''rijksdaalder'' (Dutch, "Imperial dollar") was a Dutch coin first issued by the Republic of the Seven United Netherlands in the late 16th century during the Dutch Revolt which featured an armored half bust of William the Silent. It was the ...
'', and the Dutch liondollar (''leeuwendaalder''). The latter coin was used for Dutch trade in the Middle East, in the Dutch East Indies and West Indies, and in the
thirteen colonies
The Thirteen Colonies, also known as the Thirteen British Colonies, the Thirteen American Colonies, or later as the United Colonies, were a group of Kingdom of Great Britain, British Colony, colonies on the Atlantic coast of North America. Fo ...
of North America.
For the English North American colonists, however, the Spanish peso or "piece of eight" has always held first place, and this coin was also called the "dollar" as early as 1581. After the Declaration of American Independence the
United States dollar
The United States dollar ( symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the officia ...
was introduced in 1792 at par with this coin at 371.25 grains = 0.7735 troy ounces = 24.0566 g. Alexander Hamilton arrived at these numbers based on a treasury assay of the average fine silver content of a selection of worn Spanish dollars.
The term ''cob'' was used in Ireland and the British colonies to mean a piece of eight or a Spanish-American dollar, because Spanish gold and silver coins were irregularly shaped and crudely struck before the machine-milled dollar was introduced in 1732.
Spain
![17th Century Spanish Treasure Silver 8 Reales Cob Coin](https://upload.wikimedia.org/wikipedia/commons/2/22/17th_Century_Spanish_Treasure_Silver_8_Reales_Cob_Coin.jpg)
After the introduction of the
Guldengroschen
The ''Guldengroschen'' or ''Guldiner'' was a large silver coin originally minted in Tirol in 1486, but which was introduced into the Duchy of Saxony in 1500.
The name "''Guldengroschen''" came from the fact that it has an equivalent denominati ...
in Austria in 1486, the concept of a large silver coin with high purity (sometimes known as "specie" coinage) eventually spread throughout the rest of Europe. Monetary reform in Spain brought about the introduction of an 8-real (or 1-peso) coin in 1497, minted to the following standards-
* In 1497: dollars to a Castilian mark of silver (230.0465 grams), or 0.9306 fine (25.563 g fine silver = 0.822 oz t)
* In 1728: $8.50 to a mark, or 0.9167 fine (24.809 g fine silver = 0.798 oz t)
* In 1772: $8.50 to a mark, or 0.9028 fine (24.443 g fine silver; but true fineness 1772–1821 believed to be only 0.89.
This was supplemented in 1537 by the gold ''escudo'', minted at 68 to a mark of gold 0.917 fine (fineness reduced to 0.906 in 1742 and 0.875 in 1786). It was valued at 15–16 reales or approximately 2 dollars. The famed ''Gold Doubloon'' was worth 2 escudos or approximately 4 dollars.
From the 15th to the 19th centuries the coin was minted with several different designs at various mints in Spain and the
New World
The term ''New World'' is often used to mean the majority of Earth's Western Hemisphere, specifically the Americas."America." ''The Oxford Companion to the English Language'' (). McArthur, Tom, ed., 1992. New York: Oxford University Press, p. 3 ...
, having gained wide acceptance beyond Spain's borders. Thanks to the vast silver deposits that were found mainly in
Potosí in modern-day
Bolivia
, image_flag = Bandera de Bolivia (Estado).svg
, flag_alt = Horizontal tricolor (red, yellow, and green from top to bottom) with the coat of arms of Bolivia in the center
, flag_alt2 = 7 × 7 square p ...
and to a lesser extent in Mexico (for example, at
Taxco
Taxco de Alarcón (; usually referred to as simply Taxco) is a small city and administrative center of Taxco de Alarcón Municipality located in the Mexican state of Guerrero. Taxco is located in the north-central part of the state, from the cit ...
and
Zacatecas
, image_map = Zacatecas in Mexico (location map scheme).svg
, map_caption = State of Zacatecas within Mexico
, coordinates =
, coor_pinpoint =
, coordinates_footnotes =
, subdivision_type ...
), and to silver from Spain's possessions throughout the Americas, mints in Mexico and
Peru
, image_flag = Flag of Peru.svg
, image_coat = Escudo nacional del Perú.svg
, other_symbol = Great Seal of the State
, other_symbol_type = Seal (emblem), National seal
, national_motto = "Fi ...
also began to strike the coin. The main New World mints for Spanish dollars were at
Potosí,
Lima
Lima ( ; ), originally founded as Ciudad de Los Reyes (City of The Kings) is the capital and the largest city of Peru. It is located in the valleys of the Chillón River, Chillón, Rímac River, Rímac and Lurín Rivers, in the desert zone of t ...
, and
Mexico City
Mexico City ( es, link=no, Ciudad de México, ; abbr.: CDMX; Nahuatl: ''Altepetl Mexico'') is the capital and largest city of Mexico, and the most populous city in North America. One of the world's alpha cities, it is located in the Valley o ...
(with minor mints at
Bogotá
Bogotá (, also , , ), officially Bogotá, Distrito Capital, abbreviated Bogotá, D.C., and formerly known as Santa Fe de Bogotá (; ) during the Spanish period and between 1991 and 2000, is the capital city of Colombia, and one of the larges ...
,
Popayán
Popayán () is the capital of the Colombian department of Cauca. It is located in southwestern Colombia between the Western Mountain Range and Central Mountain Range. It has a population of 318,059 people, an area of 483 km2, is locate ...
,
Guatemala City
Guatemala City ( es, Ciudad de Guatemala), known locally as Guatemala or Guate, is the capital and largest city of Guatemala, and the most populous urban area in Central America. The city is located in the south-central part of the country, ne ...
, and
Santiago
Santiago (, ; ), also known as Santiago de Chile, is the capital and largest city of Chile as well as one of the largest cities in the Americas. It is the center of Chile's most densely populated region, the Santiago Metropolitan Region, whose ...
), and silver dollars from these mints could be distinguished from those minted in Spain by the Pillars of Hercules design on the reverse.
The dollar or peso was divided into 8 reales in Spanish
Latin America
Latin America or
* french: Amérique Latine, link=no
* ht, Amerik Latin, link=no
* pt, América Latina, link=no, name=a, sometimes referred to as LatAm is a large cultural region in the Americas where Romance languages — languages derived f ...
until 19th century when the peso was divided instead into 100 centavos. However, monetary turbulence in Spain beginning under the reign of
King Philip II resulted in the dollar being subdivided as follows in Spain only:
* Until 1642: $1 = 8 reales, subsequently called ''reales nacionales''
* From 1642: $1 = 10 ''reales provinciales''
* From 1687: $1 = ''reales de vellón'' (made of
billon alloy; edict not effective)
* From 1737: $1 = 20 ''reales de vellón''
* In 1864: $1 = 2
silver escudos (different from the gold escudo)
* And finally, in 1869: $1 = 5
Spanish peseta
The peseta (, ),
* ca, pesseta, was the currency of Spain between 1868 and 2002. Along with the French franc, it was also a ''de facto'' currency used in Andorra (which had no national currency with legal tender).
Etymology
The name of th ...
s, the latter at par with the
French franc
The franc (, ; sign: F or Fr), also commonly distinguished as the (FF), was a currency of France. Between 1360 and 1641, it was the name of coins worth 1 livre tournois and it remained in common parlance as a term for this amount of money. It w ...
in the
Latin Monetary Union
The Latin Monetary Union (LMU) was a 19th-century system that unified several European currencies into a single currency that could be used in all member states when most national currencies were still made out of gold and silver. It was establ ...
.
Spain's adoption of the
peseta in 1869 and its joining the
Latin Monetary Union
The Latin Monetary Union (LMU) was a 19th-century system that unified several European currencies into a single currency that could be used in all member states when most national currencies were still made out of gold and silver. It was establ ...
meant the effective end of the last vestiges of the Spanish dollar in Spain itself. However, the 5-peseta coin (or ''duro'') was slightly smaller and lighter but was also of high purity (90%) silver.
In the 1990s, commemorative 2,000-peseta coins were minted, similar in size and weight to the dollar.
Mexico
Following independence in 1821, Mexican coinage of silver reales and gold escudos followed that of Spanish lines until
decimalization
Decimalisation or decimalization (see spelling differences) is the conversion of a system of currency or of weights and measures to units related by powers of 10.
Most countries have decimalised their currencies, converting them from non-decimal ...
and the introduction of the peso worth 8 reales or 100 centavos. It continued to be minted to Spanish standards throughout the 19th century, with the peso at 27.07 g of 0.9028 fine silver, and the escudo at 3.383 g of 0.875 fine gold. The
Mexican peso or 8-real coin continued to be a popular international trading coin throughout the 19th century.
After 1918, the peso was reduced in size and fineness, with further reductions in the 1940s and 1950s. However, 2- (1921), 5- (1947) and 10- (1955) peso coins were minted during the same period with sizes and fineness similar to the old peso.
Australia
After the
colony of New South Wales
The Colony of New South Wales was a colony of the British Empire from 1788 to 1901, when it became a State of the Commonwealth of Australia. At its greatest extent, the colony of New South Wales included the present-day Australian states of New ...
was founded in Australia in 1788, it ran into the problem of a lack of coinage, particularly since trading vessels took coins out of the colony in exchange for their cargo. In 1813, Governor
Lachlan Macquarie made creative use of £10,000 in Spanish dollars sent by the British government. To make it difficult to take the coins out of the colony, and to double their number, the centres of the coins were punched out. The punched centre, known as the "dump", was valued at 15
pence, and the outer rim, known as the "
holey dollar
Holey dollar is the name given to coins used in the early history of two British settlements: Prince Edward Island (now part of Canada) and New South Wales (now part of Australia). The middle was punched out of Spanish dollars, creating two pa ...
", was worth five
shillings. This was indicated by overstamping the two new coins. The obverse of the holey dollar was stamped the words "New South Wales" and the date, 1813, and the reverse with the words "five shillings". The obverse of the dump was stamped with a crown, the words "New South Wales" and the date, 1813, and the reverse with the words "fifteen pence". The mutilated coins became the first official currency produced specifically for circulation in Australia. The expedient was relatively short lived. The
British Parliament
The Parliament of the United Kingdom is the supreme legislative body of the United Kingdom, the Crown Dependencies and the British Overseas Territories. It meets at the Palace of Westminster, London. It alone possesses legislative suprem ...
passed the Sterling Silver Money Act in 1825, which made British coins the only recognised form of currency and ended any legitimate use of the holey dollar and dump in the Australian colonies.
United States
The
Coinage Act of 1792
The Coinage Act of 1792 (also known as the Mint Act; officially: ''An act establishing a mint, and regulating the Coins of the United States''), passed by the United States Congress on April 2, 1792, created the United States dollar as the countr ...
created the
United States Mint
The United States Mint is a bureau of the Department of the Treasury responsible for producing coinage for the United States to conduct its trade and commerce, as well as controlling the movement of bullion. It does not produce paper money; tha ...
and initially defined the
United States dollar
The United States dollar ( symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the officia ...
at par with the Spanish dollar due to its international reputation:
By far the leading specie coin circulating in America was the Spanish silver dollar, defined as consisting of 387 grains of pure silver. The dollar was divided into "pieces of eight," or "bits," each consisting of one-eighth of a dollar. Spanish dollars came into the North American colonies through lucrative trade with the West Indies. The Spanish silver dollar had been the world's outstanding coin since the early 16th century, and was spread partially by dint of the vast silver output of the Spanish colonies in Latin America. More important, however, was that the Spanish dollar, from the 16th to the 19th century, was relatively the most stable and least debased coin in the Western world.
[ Rothbard, Murray]
Commodity Money in Colonial America
''LewRockwell.com
Llewellyn Harrison Rockwell Jr. (born July 1, 1944) is an American author, editor, and political consultant. A libertarian and a self-professed anarcho-capitalist, he founded and is the chairman of the Mises Institute, a non-profit dedicated to ...
''
The
Coinage Act of 1792
The Coinage Act of 1792 (also known as the Mint Act; officially: ''An act establishing a mint, and regulating the Coins of the United States''), passed by the United States Congress on April 2, 1792, created the United States dollar as the countr ...
specified that the U.S. dollar would contain 371.25 grains (24.057 g) pure or 416 grains (26.96 g) standard silver. This specification was based on the average weight of a random selection of worn Spanish dollars which
Alexander Hamilton
Alexander Hamilton (January 11, 1755 or 1757July 12, 1804) was an American military officer, statesman, and Founding Father who served as the first United States secretary of the treasury from 1789 to 1795.
Born out of wedlock in Charlest ...
ordered to be weighed at the Treasury. Initially this dollar was comparable to the 371–373 grains found in circulating Spanish dollars and aided in its exportation overseas. The restoration of the old 0.9028 fineness in the
Mexican peso after 1821, however, increased the latter's silver content to 24.44 g and reduced the export demand for U.S. dollars.
Before the
American Revolution
The American Revolution was an ideological and political revolution that occurred in British America between 1765 and 1791. The Americans in the Thirteen Colonies formed independent states that defeated the British in the American Revolut ...
, owing to British
mercantilist
Mercantilism is an economic policy that is designed to maximize the exports and minimize the imports for an economy. It promotes imperialism, colonialism, tariffs and subsidies on traded goods to achieve that goal. The policy aims to reduce ...
policies, there was a chronic shortage of British currency in Britain's colonies. Trade was often conducted with Spanish dollars that had been obtained through illicit trade with the
West Indies
The West Indies is a subregion of North America, surrounded by the North Atlantic Ocean and the Caribbean Sea that includes 13 independent island countries and 18 dependencies and other territories in three major archipelagos: the Greater A ...
. Spanish coinage was legal tender in the United States until the
Coinage Act of 1857
The Coinage Act of 1857 (Act of Feb. 21, 1857, Chap. 56, 34th Cong., Sess. III, 11 Stat. 163) was an act of the United States Congress which ended the status of foreign coins as legal tender, repealing all acts "authorizing the currency of foreig ...
discontinued the practice. The pricing of equities on U.S. stock exchanges in -dollar denominations persisted until the
New York Stock Exchange
The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District of Lower Manhattan in New York City. It is by far the world's largest stock exchange by market capitalization of its listed ...
converted first to pricing in sixteenths of a dollar on 24 June 1997, and then in 2001 to decimal pricing.
Asia
![1888 México 8 Reals Trade Coin Silver](https://upload.wikimedia.org/wikipedia/commons/3/33/1888_M%C3%A9xico_8_Reals_Trade_Coin_Silver.jpg)
Long tied to the lore of
piracy
Piracy is an act of robbery or criminal violence by ship or boat-borne attackers upon another ship or a coastal area, typically with the goal of stealing cargo and other valuable goods. Those who conduct acts of piracy are called pirates, v ...
, "pieces of eight" were manufactured in the
Spanish Americas
The region known as Hispanic America (in Spanish called ''Hispanoamérica'' or ''América Hispana'') and historically as Spanish America (''América Española'') is the portion of the Americas comprising the Spanish-speaking countries of North, ...
and
transported
''Transported'' is an Australian convict melodrama film directed by W. J. Lincoln. It is considered a lost film.
Plot
In England, Jessie Grey is about to marry Leonard Lincoln but the evil Harold Hawk tries to force her to marry him and she w ...
in bulk back to Spain, making them a very tempting target for seagoing pirates. In the
Far East
The ''Far East'' was a European term to refer to the geographical regions that includes East and Southeast Asia as well as the Russian Far East to a lesser extent. South Asia is sometimes also included for economic and cultural reasons.
The ter ...
, it also arrived in the form of the
Philippine peso
The Philippine peso, also referred to by its Tagalog name ''piso'' (Philippine English: , , plural pesos; tl, piso ; sign: ₱; code: PHP), is the official currency of the Philippines. It is subdivided into 100 ''sentimo'', also called ...
in the
Philippines
The Philippines (; fil, Pilipinas, links=no), officially the Republic of the Philippines ( fil, Republika ng Pilipinas, links=no),
* bik, Republika kan Filipinas
* ceb, Republika sa Pilipinas
* cbk, República de Filipinas
* hil, Republ ...
as part of the
Spanish East Indies
The Spanish East Indies ( es , Indias orientales españolas ; fil, Silangang Indiyas ng Espanya) were the overseas territories of the Spanish Empire in Asia and Oceania from 1565 to 1898, governed for the Spanish Crown from Mexico City and Madri ...
of the
Spanish colonial empire
The Spanish Empire ( es, link=no, Imperio español), also known as the Hispanic Monarchy ( es, link=no, Monarquía Hispánica) or the Catholic Monarchy ( es, link=no, Monarquía Católica) was a colonial empire governed by Spain and its predece ...
through the
Manila galleon
fil, Galyon ng Maynila
, english_name = Manila Galleon
, duration = From 1565 to 1815 (250 years)
, venue = Between Manila and Acapulco
, location = New Spain (Spanish Empire ...
s that transported
Mexican silver peso to
Manila
Manila ( , ; fil, Maynila, ), officially the City of Manila ( fil, Lungsod ng Maynila, ), is the capital of the Philippines, and its second-most populous city. It is highly urbanized and, as of 2019, was the world's most densely populate ...
in the
Manila-Acapulco Galleon Trade
fil, Galyon ng Maynila
, english_name = Manila Galleon
, duration = From 1565 to 1815 (250 years)
, venue = Between Manila and Acapulco
, location = New Spain (Spanish Empire ...
, where it would be exchanged for Philippine and
Chinese goods, since silver was the only foreign commodity China would accept. In Oriental trade, Spanish dollars were often stamped with Chinese characters known as "chop marks" which indicated that particular coin had been
assayed by a well-known merchant and determined to be genuine. The specifications of the Spanish dollar became a standard for trade in the Far East, with later Western powers issuing
trade dollar
Trade dollars are silver coins minted as trade coins by various countries to facilitate trade with China and the Orient. They all approximated in weight and fineness to the Spanish dollar, which had set the standard for a de facto common currency ...
s, and colonial currencies such as the
Hong Kong dollar
The Hong Kong dollar (, currency symbol, sign: HK$; ISO 4217, code: HKD) is the official currency of the Hong Kong, Hong Kong Special Administrative Region. It is subdivided into 100 cent (currency), cents or 1000 Mill (currency), mils. The H ...
, to the same specifications.
The first
Chinese yuan
The renminbi (; symbol: ¥; ISO code: CNY; abbreviation: RMB) is the official currency of the People's Republic of China and one of the world's most traded currencies, ranking as the fifth most traded currency in the world as of April 2022. ...
coins had the same specification as a Spanish dollar, leading to a continuing equivalence in some respects between the names "yuan" and "dollar" in the Chinese language. Other currencies also derived from the dollar include the
Japanese yen
The is the official currency of Japan. It is the third-most traded currency in the foreign exchange market, after the United States dollar (US$) and the euro. It is also widely used as a third reserve currency after the US dollar and the ...
,
Korean won
The Korean won ( ko, 원 (圓), ) or Korean Empire won ( Korean: 대한제국 원), was the official currency of the Korean Empire between 1902 and 1910. It was subdivided into 100 ''jeon'' (; ko, 전 (錢), ).
Etymology
Won is a ...
,
Philippine peso
The Philippine peso, also referred to by its Tagalog name ''piso'' (Philippine English: , , plural pesos; tl, piso ; sign: ₱; code: PHP), is the official currency of the Philippines. It is subdivided into 100 ''sentimo'', also called ...
,
Malaysian ringgit
The Malaysian ringgit (; plural: ringgit; symbol: RM; currency code: MYR; Malay name: ''Ringgit Malaysia''; formerly the Malaysian dollar) is the currency of Malaysia. It is divided into 100 ''sen'' (formerly ''cents''). The ringgit is issue ...
,
French Indochinese piastre
The piastre de commerce was the currency of French Indochina between 1885 and 1952. It was subdivided into 100 ''cents'', each of 2~6 '' sapèques''.
The name ''piastre'' (), from Spanish pieces of eight (pesos), dates to the 16th century and h ...
, etc since it was widely traded across the
Far East
The ''Far East'' was a European term to refer to the geographical regions that includes East and Southeast Asia as well as the Russian Far East to a lesser extent. South Asia is sometimes also included for economic and cultural reasons.
The ter ...
in the
East Indies
The East Indies (or simply the Indies), is a term used in historical narratives of the Age of Discovery. The Indies refers to various lands in the East or the Eastern hemisphere, particularly the islands and mainlands found in and around t ...
and the
East Asia
East Asia is the eastern region of Asia, which is defined in both geographical and ethno-cultural terms. The modern states of East Asia include China, Japan, Mongolia, North Korea, South Korea, and Taiwan. China, North Korea, South Korea and ...
.
Contemporary names used for Spanish dollars in Qing Dynasty China include běnyáng (本洋), shuāngzhù (双柱), zhùyáng (柱洋), fóyáng (佛洋), fótóu (佛頭), fóyín (佛銀), and fótóuyín (佛頭銀). The "fó" element in those Chinese names referred to the King of Spain in those coins, as his face resembled that of images of the Buddha (佛 in chinese); and the "zhù" part of those names referred to the two pillars in the
Spanish coat of arms
The coat of arms of Spain represents Spain and the Spanish nation, including its national sovereignty and the country's form of government, a constitutional monarchy. It appears on the flag of Spain and it is used by the Government of Spain, the C ...
.
Fiction
In modern pop culture and fiction, pieces of eight are most often associated with
the popular notion of pirates.
* In
Robert Louis Stevenson
Robert Louis Stevenson (born Robert Lewis Balfour Stevenson; 13 November 1850 – 3 December 1894) was a Scottish novelist, essayist, poet and travel writer. He is best known for works such as ''Treasure Island'', ''Strange Case of Dr Jekyll a ...
's ''
Treasure Island
''Treasure Island'' (originally titled ''The Sea Cook: A Story for Boys''Hammond, J. R. 1984. "Treasure Island." In ''A Robert Louis Stevenson Companion'', Palgrave Macmillan Literary Companions. London: Palgrave Macmillan. .) is an adventure no ...
'',
Long John Silver
Long John Silver is a Character (arts), fictional character and the main antagonist in the novel ''Treasure Island'' (1883) by Robert Louis Stevenson. The most colourful and complex character in the book, he continues to appear in popular cult ...
's parrot had apparently been trained to cry out, "Pieces of eight!" This use tied the coin (and parrots) to
fictional depictions of pirates. Deriving from the wide popularity of this book, "Pieces of eight" is sometimes used to mean "money" or "a lot of money", regardless of specific denomination, and also as a synonym for treasure in general.
* In ''
Pirates of the Caribbean: At World's End'' the Pirate Lords must meet together by presenting the "Nine Pieces of Eight", since these Pieces were used to seal the goddess
Calypso in
her human form by the first Brethren Court. As the Pirate Lords were, at the time of sealing Calypso into her human form, too poor to offer real Spanish dollars, they opted to use personal talismans instead, except for the "ninth piece of eight" (
Jack Sparrow
Captain Jack Sparrow is a fictional character and the main protagonist of the '' Pirates of the Caribbean'' film series. The character was created by screenwriters Ted Elliott and Terry Rossio and is portrayed by Johnny Depp.
The characte ...
's), which was an actual piece of eight that is hanging off his bandana in all movies, up to its destruction in the third film.
*''
Pieces of Eight
The Spanish dollar, also known as the piece of eight ( es, Real de a ocho, , , or ), is a silver coin of approximately diameter worth eight Spanish reales. It was minted in the Spanish Empire following a monetary reform in 1497 with content ...
'' is the eighth studio album and second concept album by
Styx, released on 1 September 1978.
* In
Terry Pratchett
Sir Terence David John Pratchett (28 April 1948 – 12 March 2015) was an English humourist, satirist, and author of fantasy novels, especially comical works. He is best known for his '' Discworld'' series of 41 novels.
Pratchett's first no ...
's "Going Postal" the antagonist, Reacher Gilt had a cockatoo named Alphonse which had been trained to say "Twelve and half percent!", that is to say a single piece of eight.
* Pieces of Eight is used as a currency on
Monkey Island (series)
''Monkey Island'' is a series of adventure games. The first four games in the series were produced and published by LucasArts, earlier known as Lucasfilm Games. The fifth installment of the franchise was developed by Telltale Games in collabor ...
See also
*
Doubloon
The doubloon (from Spanish ''doblón'', or "double", i.e. ''double escudo'') was a two-''escudo'' gold coin worth approximately $4 (four Spanish dollars) or 32 '' reales'',
and weighing 6.766 grams (0.218 troy ounce) of 22-karat gold (or 0.917 fi ...
*
Columnarios
Columnarios are silver coins that were minted by Spain from 1732 to 1773 throughout its New World colonies. While the majority of columnarios were struck in Mexico, smaller mints existed in Guatemala; Lima, Peru; Santiago, Chile; Potosí, ...
*
Holey dollar
Holey dollar is the name given to coins used in the early history of two British settlements: Prince Edward Island (now part of Canada) and New South Wales (now part of Australia). The middle was punched out of Spanish dollars, creating two pa ...
*
Maria Theresa thaler
*
Piastre
*
Spanish escudo
References
Further reading
Hockenhull, Thomas (ed.), ''Symbols of Power: Ten Coins That Changed the World'' (British Museum, 2015): The Dollar (pp. 130-145).Gordon, Peter and Morales, Juan José, ''The Silver Way: China, Spanish America and the Birth of Globalisation 1565-1815'' (Penguin Special, 2017)*
Ferdinand VII Holey Dollars
External links
History of the Real de a OchoHispan collectionsHISPAN 1776Information on Columnarios' An introduction by Daniel Frank Sedwick''
The 8 reales: the history of the 1st international coin that gave rise to almost all the world's currencies.
{{Spanish Empire
1497 establishments in Spain
Modern obsolete currencies
Dollar
Dollar is the name of more than 20 currencies. They include the Australian dollar, Brunei dollar, Canadian dollar, Hong Kong dollar, Jamaican dollar, Liberian dollar, Namibian dollar, New Taiwan dollar, New Zealand dollar, Singapore dollar, U ...