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The Symbol of the US Dollar $ Have You Ever Wondered What Its Origin Is?

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Mr zino Engineer graduated from the University of Batna 2, my hobby is writing, researching, and working online

 US Dollar currency symbol $

US Dollar currency symbol $

Introduction

The US dollar is the basic unit of cash in the USA. It was adopted at the level of the United States of America on the recommendation of President Thomas Jefferson in 1792. Its value was determined by the Monetary Act of 1792 at 371.25 grains of net silver or 24.75 grains of pure gold. The value of the dollar has been repeatedly adjusted until it stabilized under the Bretton Woods Agreement by the equivalent of 0.8885714 grams of net gold, or US$35 per ounce of gold.

The dollar is the currency of a large number of countries, such as Taiwan, Canada, the Sultanate of Brunei, Singapore, Australia and others, but with different values from the US dollar. Many small countries adopt US dollars as their national currency, such as the Republic of the Marshall Islands, Micronesia, Palau and others.

The United States dollar will be treated only in this presentation, bearing in mind that the States that have adopted the dollar as their national currency have added to its national proportion. It is said that the Taiwan Dollar, Canada Dollar and so on.

The United States of America lifted the gold cap on the dollar in 1973, when the President of the Republic of France, Charles Digol, demanded the replacement of the US dollars available to the French Central Bank with the equivalent of gold.

Since 1973, the real value of the current US dollar has fallen 40 times.

Some may think that the mark or symbol of the US dollar that is placed on the US dollar "$" has to do with the abbreviation of the name of the country of the United States of America "USA"

But the reality is that there is no relationship between the abbreviation of America's name and its circulating currency. So what is the origin of this $ symbol and where did it come from?

Where did the $US dollar symbol come from?

In fact, if we examine all the coins in the world, we will find that most of them are identical in their initials, using the English language and the code that follows. But this does not apply to the US dollar symbol, because the word dollar you will find completely devoid of the letter $. Many accounts have emerged to explain this.

The closest of these accounts to the truth was what was said about the origin dating back to the Spanish peso sign. The Spanish peso currency was prevalent in the eighteenth-century American colonies, as illustrated by many ancient manuscripts written by hand.

 US Dollar currency symbol

US Dollar currency symbol

The story begins in Europe.

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The story of the symbol of the US dollar begins in the sixteenth century. That's when Spanish explorers found huge amounts of silver in the South American territory they had just occupied. These are the territories that later became their names: Mexico, Peru and Bolivia. Silver-rich Spain began minting large quantities of silver coins called pieces of eight. Or peso de ocho, then abbreviated to "peso".

The supply of silver in Europe was dwindling at this time, so the Spanish peso became the main currency of international trade. With the development of the American colonies, trade between Spanish Americans and English Americans became commonplace. Traders who record business transactions wanted to make their lives easier by using an abbreviation for "peso" instead of typing the whole word.

Europe

Europe

Manuscripts reveal the origin of the US$ symbol

The word peso is an abbreviation of the Spanish word "peso de ocho reales". This sentence has been abbreviated with two letters, "ps". The symbol was also used in many trade-specific transactions, and the abbreviation was written so that the letter s became higher than the letter p.

Over time, the letter p was deleted and a line was placed on the letter s dividing it in the way we see it. This is instead of the letter p, and in fact, from here this symbol set off to be placed on the currency of the United States of America. Notably, the U.S. dollar symbol we know was used on the U.S. dollar in 1800 AD. Until the first dollar was issued in 1875, it remains today.

Manuscripts reveal the origin of the US$ symbol

Manuscripts reveal the origin of the US$ symbol

Origin of the name of the US dollar

The name dollar derives from a German currency that was called Thaller and was represented in America in the eighteenth century by the Spanish silver peso.

Is the dollar an international exchange?

The demand for the dollar increased significantly due to the accumulation of gold at the end of World War II in the US Treasury, the application of the exchange of gold for dollars in accordance with the rule of the gold standard, and the exit of the US economy individually strong as a result of the war and able to export and achieve a large trade surplus in its relations with the outside world. To this came the IMF system, which required member states to pay 80% of their share of the IMF's capital in gold or in US currency. All this has made the US dollar an international cash that performs the functions of cash internationally: a means of exchange between countries, a measure of values and a saving instrument as well. Central banks have been keen to keep US dollars in reserve to cover the issuance of their national currencies such as gold, as long as the replacement of the dollar for gold is possible at any moment.

Conclusion

Here we will have learned about the origin of the US dollar symbol and some important information about the US dollar.

The US dollar remains the currency of the world that is traded in all fields.

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