The
dollar is the name of the official
currencyIn economics, currency refers to a generally accepted medium of exchange. These are usually the coins and banknotes of a particular government, which comprise the physical aspects of a nation's money supply...
of many countries, including
AustraliaThe Australian dollar is the currency of the Commonwealth of Australia, including Christmas Island, Cocos Islands, and Norfolk Island, as well as the independent Pacific Island states of Kiribati, Nauru and Tuvalu...
,
BelizeThe Belize dollar is the official currency in Belize, formerly known as British Honduras; is normally abbreviated with the dollar sign $, or alternatively BZ$ to distinguish it from other dollar-denominated currencies. It is divided into 100 cents...
,
CanadaThe Canadian dollar is the currency of Canada. As of 2007, the Canadian dollar is the 7th most traded currency in the world. It is abbreviated with the dollar sign $, or C$ to distinguish it from other dollar-denominated currencies...
,
EcuadorEcuadorian centavo coins were introduced in 2000 when Ecuador converted its currency from the sucre to the U.S. dollar. The coins are in denominations of 1, 5, 10, 25 and 50 centavos and are identical in size and value to their U.S. cent counterparts They circulate within Ecuador alongside coins...
, El Salvador,
Hong KongThe Hong Kong dollar is the currency of the jurisdiction. It is the eighth most traded currency in the world. In English, it is normally abbreviated with the dollar sign $, or alternatively HK$ to distinguish it from other dollar-denominated currencies...
,
New ZealandThe New Zealand dollar is the currency of New Zealand. It also circulates in the Cook Islands , Niue, Tokelau, and the Pitcairn Islands. It is divided into 100 cents....
,
SingaporeThe Singapore dollar or Dollar is the official currency of Singapore. It is normally abbreviated with the dollar sign $, or alternatively S$ to distinguish it from other dollar-denominated currencies...
,
TaiwanThe New Taiwan dollar , or simply Taiwan dollar, is the official currency of the Taiwan Area of the Republic of China since 1949, when it replaced the Old Taiwan dollar...
, and the
United StatesThe United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
.
Etymology
On the 15th of January, 1520, the
BohemiaBohemia is a historical region in central Europe, occupying the western two-thirds of the traditional Czech Lands. It is located in the contemporary Czech Republic with its capital in Prague...
n Count Hieronymus Schlick began minting coins known as
Joachimsthaler, named for
JoachimsthalFor other places called Joachimsthal, see Joachimsthal Jáchymov . compl: "Sant Joachim's Sthal" is a spa town in north-west Bohemia in the Czech Republic belonging to the Karlovy Vary Region. It is situated at an altitude of 733 m above sea level in the eponymous St...
(modern Jáchymov in the
Czech RepublicThe Czech Republic is a landlocked country in Central Europe. The country is bordered by Poland to the northeast, Slovakia to the east, Austria to the south, and Germany to the west and northwest....
), where the silver was mined. (In German,
thal or
tal refers to a valley or dale.) "Joachimsthaler" was later shortened in common usage to
taler or
thaler (same pronunciation) and this shortened word eventually found its way into other languages: Czech
tolarTolar is the Czech name for the silver coin mined in Bohemia in 16th century in Údolí Svatého Jáchyma . The modern word dollar was derived from the Spanish dollars, so called in the English speaking world because they were of similar size, and weight to the German Thalers...
,
DanishDanish is a North Germanic language spoken by around six million people, principally in the country of Denmark. It is also spoken by 50,000 Germans of Danish ethnicity in the northern parts of Schleswig-Holstein, Germany, where it holds the status of minority language...
and
NorwegianNorwegian is a North Germanic language spoken primarily in Norway, where it is the official language. Together with Swedish and Danish, Norwegian forms a continuum of more or less mutually intelligible local and regional variants .These Scandinavian languages together with the Faroese language...
(rigs)dalerRigsdaler is a unit of currency.Rigsdaler may refer to:* Danish rigsdaler* Danish West Indian rigsdaler* Greenlandic rigsdaler* Norwegian rigsdalerSee also* Swedish riksdaler...
,
SwedishSwedish is a North Germanic language, spoken by approximately 10 million people, predominantly in Sweden and parts of Finland, especially along its coast and on the Åland islands. It is largely mutually intelligible with Norwegian and Danish...
(riks)daler,
DutchDutch is a West Germanic language and the native language of the majority of the population of the Netherlands, Belgium, and Suriname, the three member states of the Dutch Language Union. Most speakers live in the European Union, where it is a first language for about 23 million and a second...
(rijks)daalder, Ethiopian
ታላሪ ("talari"),
ItalianItalian is a Romance language spoken mainly in Europe: Italy, Switzerland, San Marino, Vatican City, by minorities in Malta, Monaco, Croatia, Slovenia, France, Libya, Eritrea, and Somalia, and by immigrant communities in the Americas and Australia...
tallero, Flemish
daelder,
PersianPersian is an Iranian language within the Indo-Iranian branch of the Indo-European languages. It is primarily spoken in Iran, Afghanistan, Tajikistan and countries which historically came under Persian influence...
Dare, as well as into
EnglishEnglish is a West Germanic language that arose in the Anglo-Saxon kingdoms of England and spread into what was to become south-east Scotland under the influence of the Anglian medieval kingdom of Northumbria...
as
dollar.
Development of use
The coins minted at Joachimsthal soon lent their name to other coins of similar size and weight from other places. One such example, the Dutch lion dollar, circulated throughout the
Middle EastThe Middle East is a region that encompasses Western Asia and Northern Africa. It is often used as a synonym for Near East, in opposition to Far East...
and was imitated in several German and Italian cities. Carried by Dutch traders, this coin was also popular in the
Dutch East IndiesThe Dutch East Indies was a Dutch colony that became modern Indonesia following World War II. It was formed from the nationalised colonies of the Dutch East India Company, which came under the administration of the Netherlands government in 1800....
as well as in the Dutch
New Netherland ColonyNew Netherland, or Nieuw-Nederland in Dutch, was the 17th-century colonial province of the Republic of the Seven United Netherlands on the East Coast of North America. The claimed territories were the lands from the Delmarva Peninsula to extreme southwestern Cape Cod...
(
New YorkNew York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
), and circulated throughout the
Thirteen ColoniesThe Thirteen Colonies were English and later British colonies established on the Atlantic coast of North America between 1607 and 1733. They declared their independence in the American Revolution and formed the United States of America...
during the 17th and early 18th centuries. Some well-worn examples circulating in the Colonies were known as "dog dollars". By the mid-18th century, the lion dollar had been replaced by
Spanish dollarThe Spanish dollar is a silver coin, of approximately 38 mm diameter, worth eight reales, that was minted in the Spanish Empire after a Spanish currency reform in 1497. Its purpose was to correspond to the German thaler...
, the famous "piece of eight," which were distributed widely in the
Spanish colonies in the New WorldColonial expansion under the Spanish Empire was initiated by the Spanish conquistadores and developed by the Monarchy of Spain through its administrators and missionaries. The motivations for colonial expansion were trade and the spread of the Christian faith through indigenous conversions...
and in the
PhilippinesThe Philippines , officially known as the Republic of the Philippines , is a country in Southeast Asia in the western Pacific Ocean. To its north across the Luzon Strait lies Taiwan. West across the South China Sea sits Vietnam...
. Pieces of eight (so-called because they were worth eight "
realsThe real was a unit of currency in Spain for several centuries after the mid-14th century, but changed in value relative to other units introduced...
") became known as "Spanish dollars" in the English-speaking world because of their similarity in size, weight and composition to the earlier thaler coins.
Origins of the dollar sign
The sign is first attested in business correspondence in the 1770s as a
scribal abbreviationScribal abbreviations are the abbreviations used by ancient and mediæval scribes writing in Latin and, later, in Greek and Old Norse...
"p
s", referring to the
Spanish AmericanColonial expansion under the Spanish Empire was initiated by the Spanish conquistadores and developed by the Monarchy of Spain through its administrators and missionaries. The motivations for colonial expansion were trade and the spread of the Christian faith through indigenous conversions...
pesoThe word peso was the name of a coin that originated in Spain and became of immense importance internationally...
, that is, the "Spanish dollar" as it was known in British North America. These late eighteenth- and early nineteenth-century manuscripts show that the
s gradually came to be written over the
p developing a close equivalent to the "$" mark," and this new symbol was retained to refer to the American dollar as well, once this currency was adopted in 1785 by the United States.
Adoption by the United States
By the
American RevolutionThe American Revolution was the political upheaval during the last half of the 18th century in which thirteen colonies in North America joined together to break free from the British Empire, combining to become the United States of America...
, Spanish dollars gained significance because they backed paper money authorized by the individual colonies and the
Continental CongressThe Continental Congress was a convention of delegates called together from the Thirteen Colonies that became the governing body of the United States during the American Revolution....
. Common in the
Thirteen ColoniesThe Thirteen Colonies were English and later British colonies established on the Atlantic coast of North America between 1607 and 1733. They declared their independence in the American Revolution and formed the United States of America...
, Spanish dollars were even
legal tenderLegal tender is a medium of payment allowed by law or recognized by a legal system to be valid for meeting a financial obligation. Paper currency is a common form of legal tender in many countries....
in one colony,
VirginiaThe Commonwealth of Virginia , is a U.S. state on the Atlantic Coast of the Southern United States. Virginia is nicknamed the "Old Dominion" and sometimes the "Mother of Presidents" after the eight U.S. presidents born there...
.
On April 2, 1792, U. S. Secretary of the Treasury
Alexander HamiltonAlexander Hamilton was a Founding Father, soldier, economist, political philosopher, one of America's first constitutional lawyers and the first United States Secretary of the Treasury...
reported to Congress the precise amount of silver found in Spanish milled dollar coins in common use in the States. As a result, the United States Dollar was defined as a unit of weight equaling 371 4/16th grains (24.057 grams) of pure silver, or 416 grains of standard silver (standard silver being defined as 1,485 parts fine silver to 179 parts alloy). It was specified that the "money of account" of the United States should be expressed in those same "dollars" or parts thereof. Additionally, all lesser-denomination coins were defined as percentages of the dollar coin, such that a half-dollar was to contain half as much silver as a dollar, quarter-dollars would contain one-fourth as much, and so on.
In an act passed in January 1837, the dollar's alloy (amount of non-silver metal present) was set at 11%. Subsequent coins would contain the same amount of pure silver as previously, but were reduced in overall weight (to 412.25 grains). On February 21, 1853, the quantity of silver in the lesser coins was reduced, with the effect that their denominations no longer represented their silver content relative to dollar coins.
Various acts have subsequently been passed affecting the amount and type of metal in U. S. coins, so that today there is no legal definition of the term "dollar" to be found in U. S. statute. Currently the closest thing to a definition is found in United States Code Title 31, Section 5116, paragraph b, subsection 2: "The Secretary [of the Treasury]
shall sell silver under conditions the Secretary considers appropriate for at least $1.292929292 a fine troy ounce."
Silver was mostly removed from U. S. coinage by 1965 and the dollar became a free-floating fiat currency without a commodity backing defined in terms of real gold or silver. The
US MintThe United States Mint primarily produces circulating coinage for the United States to conduct its trade and commerce. The Mint was created by Congress with the Coinage Act of 1792, and placed within the Department of State...
continues to make silver $1-denomination coins, but these are not intended for general circulation.
Usage in Great Britain
The word
dollar had been in use in the
English languageEnglish is a West Germanic language that arose in the Anglo-Saxon kingdoms of England and spread into what was to become south-east Scotland under the influence of the Anglian medieval kingdom of Northumbria...
as a variant for
thaler for about 200 years before the founding of the United States, with many quotes in the plays of
ShakespeareWilliam Shakespeare was an English poet and playwright, widely regarded as the greatest writer in the English language and the world's pre-eminent dramatist. He is often called England's national poet and the "Bard of Avon"...
referring to dollars as money. Coins known as "Thistle dollars" were in use in
ScotlandScotland is a country that is part of the United Kingdom. Occupying the northern third of the island of Great Britain, it shares a border with England to the south and is bounded by the North Sea to the east, the Atlantic Ocean to the north and west, and the North Channel and Irish Sea to the...
during the 16th and 17th century, and use of the English word, and perhaps even the use of the coin, may have begun at the
University of St AndrewsThe University of St Andrews, informally referred to as "St Andrews", is the oldest university in Scotland and the third oldest in the English-speaking world after Oxford and Cambridge. The university is situated in the town of St Andrews, Fife, on the east coast of Scotland. It was founded between...
. This might be supported by a reference to the sum of "ten thousand dollars" in
MacbethThe Tragedy of Macbeth is a play by William Shakespeare about a regicide and its aftermath. It is Shakespeare's shortest tragedy and is believed to have been written sometime between 1603 and 1607...
(Act I, Scene II) (an
anachronismAn anachronism—from the Greek ανά and χρόνος — is an inconsistency in some chronological arrangement, especially a chronological misplacing of persons, events, objects, or customs in regard to each other...
because the real
MacbethMac Bethad mac Findlaích was King of the Scots from 1040 until his death...
, upon whom the play was based, lived in the 11th century).
In 1804, a British five-
shillingThe shilling is a unit of currency used in some current and former British Commonwealth countries. The word shilling comes from scilling, an accounting term that dates back to Anglo-Saxon times where it was deemed to be the value of a cow in Kent or a sheep elsewhere. The word is thought to derive...
piece, or crown, was sometimes called "dollar". It was an overstruck Spanish 8
RealThe real was a unit of currency in Spain for several centuries after the mid-14th century, but changed in value relative to other units introduced...
coin (the famous 'piece of eight'), the original of which was known as a Spanish dollar. Large numbers of these 8-real coins were captured during the
Napoleonic WarsThe Napoleonic Wars were a series of wars declared against Napoleon's French Empire by opposing coalitions that ran from 1803 to 1815. As a continuation of the wars sparked by the French Revolution of 1789, they revolutionised European armies and played out on an unprecedented scale, mainly due to...
, hence their re-use by the Bank of England. They remained in use until 1811. During
World War IIWorld War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
, when the US dollar was (approximately) valued at 5 shillings, the half crown (2s 6d) became nicknamed a "half dollar" by US personnel in the UK.
Usage elsewhere
Chinese demand for silver in the 19th and early 20th centuries led several countries, notably the United Kingdom, United States and
JapanJapan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...
, to mint
trade dollar-United States:The United States trade dollar is a silver dollar coin that was issued by the United States Mint and minted in Philadelphia, Pennsylvania, Carson City, and San Francisco from 1873 to 1885. Trade dollars intended for circulation were last produced in 1878 while proof coin production...
s, which were often of slightly different weights to comparable domestic coinage. Silver dollars reaching China (whether Spanish, Trade, or other) were often stamped with Chinese characters known as "chop marks", which indicated that that particular coin had been assayed by a well-known merchant and determined genuine.
Other national currencies called "Dollar"
Prior to 1873, the silver dollar circulated in many parts of the world, with a value in relation to the British gold
sovereignThe sovereign is a gold coin of the United Kingdom, with a nominal value of one pound sterling but in practice used as a bullion coin.Named after the English gold sovereign, last minted in 1604, the name was revived with the Great Recoinage of 1816. Minting these new sovereigns began in 1817...
of roughly $1 = 4s 2d (21p approx). As a result of the decision of the German Empire to stop minting silver
thalerThe Thaler was a silver coin used throughout Europe for almost four hundred years. Its name lives on in various currencies as the dollar or tolar. Etymologically, "Thaler" is an abbreviation of "Joachimsthaler", a coin type from the city of Joachimsthal in Bohemia, where some of the first such...
coins in 1871, in the wake of the
Franco-Prussian warThe Franco-Prussian War or Franco-German War, often referred to in France as the 1870 War was a conflict between the Second French Empire and the Kingdom of Prussia. Prussia was aided by the North German Confederation, of which it was a member, and the South German states of Baden, Württemberg and...
, the worldwide price of silver began to fall. This resulted in the US Coinage Act (1873) which put the
United StatesThe United States of America is a federal constitutional republic comprising fifty states and a federal district...
on to a '
de factoDe facto is a Latin expression that means "concerning fact." In law, it often means "in practice but not necessarily ordained by law" or "in practice or actuality, but not officially established." It is commonly used in contrast to de jure when referring to matters of law, governance, or...
' gold standard.
CanadaCanada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
and
NewfoundlandThe History of Newfoundland and Labrador is the story of the peoples who have lived in what is now the Canadian province of Newfoundland and Labrador....
were already on the gold standard, and the result was that the value of the dollar in
North AmericaNorth America is a continent wholly within the Northern Hemisphere and almost wholly within the Western Hemisphere. It is also considered a northern subcontinent of the Americas...
increased in relation to silver dollars being used elsewhere, particularly
Latin AmericaLatin America is a region of the Americas where Romance languages – particularly Spanish and Portuguese, and variably French – are primarily spoken. Latin America has an area of approximately 21,069,500 km² , almost 3.9% of the Earth's surface or 14.1% of its land surface area...
and the
Far EastThe Far East is an English term mostly describing East Asia and Southeast Asia, with South Asia sometimes also included for economic and cultural reasons.The term came into use in European geopolitical discourse in the 19th century,...
. By 1900, value of silver dollars had fallen to 50 percent of gold dollars. Following abandonment of the gold standard by
CanadaCanada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
in 1931, the
Canadian dollarThe Canadian dollar is the currency of Canada. As of 2007, the Canadian dollar is the 7th most traded currency in the world. It is abbreviated with the dollar sign $, or C$ to distinguish it from other dollar-denominated currencies...
began to drift away from parity with the US dollar. It returned to parity a few times, but since the end of the
Bretton Woods systemThe Bretton Woods system of monetary management established the rules for commercial and financial relations among the world's major industrial states in the mid 20th century...
of fixed exchange rates that was agreed in 1944, the
Canadian dollarThe Canadian dollar is the currency of Canada. As of 2007, the Canadian dollar is the 7th most traded currency in the world. It is abbreviated with the dollar sign $, or C$ to distinguish it from other dollar-denominated currencies...
has been floating against the US dollar. The silver dollars of
Latin AmericaLatin America is a region of the Americas where Romance languages – particularly Spanish and Portuguese, and variably French – are primarily spoken. Latin America has an area of approximately 21,069,500 km² , almost 3.9% of the Earth's surface or 14.1% of its land surface area...
and South East Asia began to diverge from each other as well during the course of the 20th century. The
Straits dollarThe Straits dollar was the currency of the Straits Settlements from 1904 until 1939. At the same time, it was also used in the Federated Malay States, the Unfederated Malay States, Sarawak, Brunei, and British North Borneo.-History:...
adopted a gold exchange standard in 1906 after it had been forced to rise in value against other silver dollars in the region. Hence, by 1935, when
ChinaChinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
and
Hong KongHong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
came off the
silver standardThe silver standard is a monetary system in which the standard economic unit of account is a fixed weight of silver. The silver specie standard was widespread from the fall of the Byzantine Empire until the 19th century...
, the
Straits dollarThe Straits dollar was the currency of the Straits Settlements from 1904 until 1939. At the same time, it was also used in the Federated Malay States, the Unfederated Malay States, Sarawak, Brunei, and British North Borneo.-History:...
was worth 2s 4d (11.5p approx)
sterlingThe pound sterling , commonly called the pound, is the official currency of the United Kingdom, its Crown Dependencies and the British Overseas Territories of South Georgia and the South Sandwich Islands, British Antarctic Territory and Tristan da Cunha. It is subdivided into 100 pence...
, whereas the
Hong Kong dollarThe Hong Kong dollar is the currency of the jurisdiction. It is the eighth most traded currency in the world. In English, it is normally abbreviated with the dollar sign $, or alternatively HK$ to distinguish it from other dollar-denominated currencies...
was worth only 1s 3d sterling (6p approx).
Existing dollar units today are the
Bahamian dollarThe dollar has been the currency of The Bahamas since 1966. It is normally abbreviated with the dollar sign $, or alternatively B$ to distinguish it from other dollar-denominated currencies. It is divided into 100 cents....
, the
Barbados dollarThe dollar has been the currency of Barbados since 1935. The present dollar has the ISO 4217 code BBD and is normally abbreviated with the dollar sign "$" or, alternatively, "Bds$" to distinguish it from other dollar-denominated currencies. It is divided into 100 cents...
, the
Cayman Islands dollarThe Cayman Islands Dollar is the currency of the Cayman Islands. It is abbreviated with the dollar sign $, or alternatively CI$ to distinguish it from other dollar-denominated currencies. It is subdivided into 100 cents...
, the
Belize dollarThe Belize dollar is the official currency in Belize, formerly known as British Honduras; is normally abbreviated with the dollar sign $, or alternatively BZ$ to distinguish it from other dollar-denominated currencies. It is divided into 100 cents...
, the
Bermuda dollarThe dollar is the currency of Bermuda. It is normally abbreviated with the dollar sign $ or, alternatively, BD$ to distinguish it from other dollar-denominated currencies. It is subdivided into 100 cents...
, the
Brunei dollarThe ringgit Brunei or the Brunei dollar , has been the currency of the Sultanate of Brunei since 1967...
, the
Canadian dollarThe Canadian dollar is the currency of Canada. As of 2007, the Canadian dollar is the 7th most traded currency in the world. It is abbreviated with the dollar sign $, or C$ to distinguish it from other dollar-denominated currencies...
, the
East Caribbean dollarThe East Caribbean dollar is the currency of eight of the nine members of the Organisation of Eastern Caribbean States...
, the
Guyanese dollarThe Guyanese dollar has been the unit of account in Guyana since 29 January 1839. Originally it was intended as a transitionary unit to facilitate the changeover from the Dutch guilder system of currency to the British pound sterling system...
, the
Hong Kong dollarThe Hong Kong dollar is the currency of the jurisdiction. It is the eighth most traded currency in the world. In English, it is normally abbreviated with the dollar sign $, or alternatively HK$ to distinguish it from other dollar-denominated currencies...
, the
New Taiwan dollarThe New Taiwan dollar , or simply Taiwan dollar, is the official currency of the Taiwan Area of the Republic of China since 1949, when it replaced the Old Taiwan dollar...
, the
Singapore dollarThe Singapore dollar or Dollar is the official currency of Singapore. It is normally abbreviated with the dollar sign $, or alternatively S$ to distinguish it from other dollar-denominated currencies...
, the
Trinidad and Tobago dollarThe dollar is the currency of Trinidad and Tobago. It is normally abbreviated with the dollar sign $, or alternatively TT$ to distinguish it from other dollar-denominated currencies. It is subdivided into 100 cents...
, and the
United States dollarThe United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
. The only ones on this list that have still retained their original parity from the days of the universal
Spanish dollarThe Spanish dollar is a silver coin, of approximately 38 mm diameter, worth eight reales, that was minted in the Spanish Empire after a Spanish currency reform in 1497. Its purpose was to correspond to the German thaler...
are the
Singapore dollarThe Singapore dollar or Dollar is the official currency of Singapore. It is normally abbreviated with the dollar sign $, or alternatively S$ to distinguish it from other dollar-denominated currencies...
and the
Brunei dollarThe ringgit Brunei or the Brunei dollar , has been the currency of the Sultanate of Brunei since 1967...
.
The term "dollar" has also been adopted by other countries for currencies which do not share a common history with other dollars. Many of these currencies adopted the name after moving from a
£sd£sd was the popular name for the pre-decimal currencies used in the Kingdom of England, later the United Kingdom, and ultimately in much of the British Empire...
-based to a decimalized monetary system. Examples include the
Australian dollarThe Australian dollar is the currency of the Commonwealth of Australia, including Christmas Island, Cocos Islands, and Norfolk Island, as well as the independent Pacific Island states of Kiribati, Nauru and Tuvalu...
, the
New ZealandNew Zealand is an island country in the south-western Pacific Ocean comprising two main landmasses and numerous smaller islands. The country is situated some east of Australia across the Tasman Sea, and roughly south of the Pacific island nations of New Caledonia, Fiji, and Tonga...
dollar, the
Jamaican dollarThe dollar has been the currency of Jamaica since 1969. It is often abbreviated "J$", the J serving to distinguish it from other dollar-denominated currencies. It is divided into 100 cents.-History:...
, the
Cayman Islands dollarThe Cayman Islands Dollar is the currency of the Cayman Islands. It is abbreviated with the dollar sign $, or alternatively CI$ to distinguish it from other dollar-denominated currencies. It is subdivided into 100 cents...
, the Fiji dollar, the
Namibian dollarThe dollar has been the currency of Namibia since 1993. It is normally abbreviated with the dollar sign $, or alternatively N$ to distinguish it from other dollar-denominated currencies...
, the
Rhodesian dollarThe dollar was the currency of Rhodesia between 1970 and 1980. It was subdivided into 100 cents.-History:The dollar was introduced on February 17, 1970, less than a month before the declaration of a republic on March 2, 1970. It replaced the pound at a rate of 2 dollars to 1 pound...
, the Zimbabwe dollar, and the
Solomon Islands dollarThe dollar is the currency of the Solomon Islands since 1977. It is normally abbreviated with the dollar sign "$" or, alternatively "SI$" to distinguish it from other dollar-denominated currencies...
.
- The tala
The tālā is the currency of Samoa. It is divided into 100 sene. The terms tālā and sene are the equivalents or transliteration of the English words dollar and cent, in the Samoan language....
is based on the SamoanSamoan Samoan Samoan (Gagana Sāmoa, is the language of the Samoan Islands, comprising the independent country of Samoa and the United States territory of American Samoa. It is an official language—alongside English—in both jurisdictions. Samoan, a Polynesian language, is the first language for most...
pronunciation of the word "dollar".
- The Slovenian tolar
The tolar was the currency of Slovenia from 1991 until the introduction of the euro on 1 January 2007. It was subdivided into 100 stotins...
had the same etymological origin as dollar (that is, thalerThe Thaler was a silver coin used throughout Europe for almost four hundred years. Its name lives on in various currencies as the dollar or tolar. Etymologically, "Thaler" is an abbreviation of "Joachimsthaler", a coin type from the city of Joachimsthal in Bohemia, where some of the first such...
).
Economies currently using the dollar
| Countries |
Currency |
ISO 4217 ISO 4217 is a standard published by the International Standards Organization, which delineates currency designators, country codes , and references to minor units in three tables:* Table A.1 – Current currency & funds code list...
code |
Date Established |
Preceding Currency |
 Antigua and Barbuda |
East Caribbean DollarThe East Caribbean dollar is the currency of eight of the nine members of the Organisation of Eastern Caribbean States...
|
XCD |
|
|
 Australia and its external territoriesThe Commonwealth of Australia is a union of six states and various territories. The Australian mainland is made up of five states and three territories, with the sixth state of Tasmania being made up of islands. In addition there are six island territories, known as external territories, and a...
|
Australian DollarThe Australian dollar is the currency of the Commonwealth of Australia, including Christmas Island, Cocos Islands, and Norfolk Island, as well as the independent Pacific Island states of Kiribati, Nauru and Tuvalu...
|
AUD |
1966-02-14 |
Australian PoundThe pound was the currency of Australia from 1910 until 13 February 1966, when it was replaced by the Australian dollar. It was subdivided into 20 shillings, each of 12 pence.- Earlier Australian currencies :...
|
 The Bahamas |
Bahamian DollarThe dollar has been the currency of The Bahamas since 1966. It is normally abbreviated with the dollar sign $, or alternatively B$ to distinguish it from other dollar-denominated currencies. It is divided into 100 cents....
|
BSD |
|
Bahamian Pound The pound was the currency of the Bahamas until 1966. It was equivalent to the pound sterling and was divided into 20 shillings, each of 12 pence. Ordinary UK coinage circulated...
|
 Barbados |
Barbados DollarThe dollar has been the currency of Barbados since 1935. The present dollar has the ISO 4217 code BBD and is normally abbreviated with the dollar sign "$" or, alternatively, "Bds$" to distinguish it from other dollar-denominated currencies. It is divided into 100 cents...
|
BBD |
|
|
 Belize |
Belize dollar The Belize dollar is the official currency in Belize, formerly known as British Honduras; is normally abbreviated with the dollar sign $, or alternatively BZ$ to distinguish it from other dollar-denominated currencies. It is divided into 100 cents...
|
BZD |
1973 |
British Honduran Dollar |
 Brunei |
Brunei dollarThe ringgit Brunei or the Brunei dollar , has been the currency of the Sultanate of Brunei since 1967...
|
BND |
|
|
 Canada |
Canadian DollarThe Canadian dollar is the currency of Canada. As of 2007, the Canadian dollar is the 7th most traded currency in the world. It is abbreviated with the dollar sign $, or C$ to distinguish it from other dollar-denominated currencies...
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CAD |
1858 |
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 Dominica |
East Caribbean DollarThe East Caribbean dollar is the currency of eight of the nine members of the Organisation of Eastern Caribbean States...
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XCD |
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 East Timor |
United States Dollar The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
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USD |
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 Ecuador |
United States Dollar The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
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USD |
2001 |
Ecuadorian Sucre |
 El Salvador |
United States Dollar The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
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USD |
2001-01-01 |
Salvadoran colón The colón was the currency of El Salvador between 1892 and 2001, until it was substituted by the U.S. Dollar. It was subdivided into 100 centavos and its ISO 4217 code was SVC. The plural is colones in Spanish and was named after Christopher Columbus, known as Cristóbal Colón in Spanish.The symbol...
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 Fiji |
Fiji Dollar |
FJD |
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 Grenada |
East Caribbean DollarThe East Caribbean dollar is the currency of eight of the nine members of the Organisation of Eastern Caribbean States...
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XCD |
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 Guyana |
Guyana Dollar |
GYD |
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 Hong Kong |
Hong Kong DollarThe Hong Kong dollar is the currency of the jurisdiction. It is the eighth most traded currency in the world. In English, it is normally abbreviated with the dollar sign $, or alternatively HK$ to distinguish it from other dollar-denominated currencies...
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HKD |
1863 |
RupeeThe rupee is the common name for the monetary unit of account in India, Sri Lanka, Nepal, Pakistan, Mauritius, Seychelles, Maldives, and formerly in Burma, and Afghanistan. Historically, the first currency called "rupee" was introduced in the 16th century...
, Real (Spanish/Mexican), Chinese cashChinese cash has several meanings:*Cash , a type of copper coin used in imperial China*Cash , a Chinese unit of weight equivalent to tael, and a currency equivalent to that weight in silver...
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 Jamaica |
Jamaican DollarThe dollar has been the currency of Jamaica since 1969. It is often abbreviated "J$", the J serving to distinguish it from other dollar-denominated currencies. It is divided into 100 cents.-History:...
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JMD |
1969 |
Jamaican pound The pound was the official currency of Jamaica between 1840 and 1969. It circulated as a mixture of British currency and local issues and was always equal to the British pound...
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 Kiribati |
Kiribati dollar The dollar is the currency of Kiribati. It is not an independent currency but is pegged at 1:1 ratio to the Australian dollar. Coins were issued in 1979 and circulate alongside banknotes and coins of the Australian dollar.-History:...
along with the Australian DollarThe Australian dollar is the currency of the Commonwealth of Australia, including Christmas Island, Cocos Islands, and Norfolk Island, as well as the independent Pacific Island states of Kiribati, Nauru and Tuvalu...
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N/A/AUD |
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 Liberia |
Liberian Dollar The dollar has been the currency of Liberia since 1943. It was also the country's currency between 1847 and 1907. It is normally abbreviated with the dollar sign $, or alternatively L$ or LD$ to distinguish it from other dollar-denominated currencies. It is divided into 100 cents.-First dollar:The...
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LRD |
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 Marshall Islands |
United States Dollar The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
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USD |
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 Federated States of Micronesia |
United States Dollar The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
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KWD |
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 Namibia |
Namibian DollarThe dollar has been the currency of Namibia since 1993. It is normally abbreviated with the dollar sign $, or alternatively N$ to distinguish it from other dollar-denominated currencies...
along with the South African randThe rand is the currency of South Africa. It takes its name from the Witwatersrand , the ridge upon which Johannesburg is built and where most of South Africa's gold deposits were found. The rand has the symbol "R" and is subdivided into 100 cents, symbol "c"...
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NAD |
1993 |
South African randThe rand is the currency of South Africa. It takes its name from the Witwatersrand , the ridge upon which Johannesburg is built and where most of South Africa's gold deposits were found. The rand has the symbol "R" and is subdivided into 100 cents, symbol "c"...
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 Nauru |
Australian DollarThe Australian dollar is the currency of the Commonwealth of Australia, including Christmas Island, Cocos Islands, and Norfolk Island, as well as the independent Pacific Island states of Kiribati, Nauru and Tuvalu...
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AUD |
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 New Zealand and its external territoriesThe Realm of New Zealand is the entire area in which the Queen in right of New Zealand is head of state. The Realm comprises New Zealand, the Cook Islands, Niue, Tokelau and the Ross Dependency in Antarctica, and is defined by a 1983 Letters Patent constituting the office of Governor-General of New...
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New Zealand DollarThe New Zealand dollar is the currency of New Zealand. It also circulates in the Cook Islands , Niue, Tokelau, and the Pitcairn Islands. It is divided into 100 cents....
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NZD |
1967 |
New Zealand pound The pound was the currency of New Zealand between 1840 and 1967. Like the British pound, it was subdivided into 20 shillings each of 12 pence. As a result of the great depression of the early 1930s, the New Zealand agricultural export market to the UK was badly affected...
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 Palau |
United States Dollar The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
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USD |
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 Saint Kitts and Nevis |
East Caribbean DollarThe East Caribbean dollar is the currency of eight of the nine members of the Organisation of Eastern Caribbean States...
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XCD |
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 Saint Lucia |
East Caribbean DollarThe East Caribbean dollar is the currency of eight of the nine members of the Organisation of Eastern Caribbean States...
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XCD |
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 Saint Vincent and the Grenadines |
East Caribbean DollarThe East Caribbean dollar is the currency of eight of the nine members of the Organisation of Eastern Caribbean States...
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XCD |
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 Saint-Pierre and Miquelon |
Canadian DollarThe Canadian dollar is the currency of Canada. As of 2007, the Canadian dollar is the 7th most traded currency in the world. It is abbreviated with the dollar sign $, or C$ to distinguish it from other dollar-denominated currencies...
, unofficial |
CAD |
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 Singapore |
Singapore DollarThe Singapore dollar or Dollar is the official currency of Singapore. It is normally abbreviated with the dollar sign $, or alternatively S$ to distinguish it from other dollar-denominated currencies...
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SGD |
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 Solomon Islands |
Solomon Islands Dollar The dollar is the currency of the Solomon Islands since 1977. It is normally abbreviated with the dollar sign "$" or, alternatively "SI$" to distinguish it from other dollar-denominated currencies...
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SBD |
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 Suriname |
Surinamese dollar |
SRD |
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 Republic of China (Taiwan) |
New Taiwan DollarThe New Taiwan dollar , or simply Taiwan dollar, is the official currency of the Taiwan Area of the Republic of China since 1949, when it replaced the Old Taiwan dollar...
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TWD |
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 Trinidad and Tobago |
Trinidad and Tobago Dollar The dollar is the currency of Trinidad and Tobago. It is normally abbreviated with the dollar sign $, or alternatively TT$ to distinguish it from other dollar-denominated currencies. It is subdivided into 100 cents...
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TTD |
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 Tuvalu |
Tuvaluan dollar The dollar is the currency of Tuvalu. From 1966 to 1976, Tuvalu officially used the Australian dollar. In 1976, Tuvalu began issuing its own coins for circulation, although these circulate alongside Australian coins and Tuvalu continues to use Australian banknotes...
along with the Australian DollarThe Australian dollar is the currency of the Commonwealth of Australia, including Christmas Island, Cocos Islands, and Norfolk Island, as well as the independent Pacific Island states of Kiribati, Nauru and Tuvalu...
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TVD/ AUD |
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 United States and its territories |
United States Dollar The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
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USD |
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 Zimbabwe |
United States Dollar The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
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USD |
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Zimbabwean DollarThe Zimbabwean dollar was the official currency of Zimbabwe from 1980 to 12 April 2009....
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Countries and regions which have previously used the dollar
- Malaysia: the Malaysian Ringgit
The Malaysian ringgit is the currency of Malaysia. It is divided into 100 sen...
used to be called the "Malaysian Dollar". The surrounding territories (that is, MalayaThe Federation of Malaya is the name given to a federation of 11 states that existed from 31 January 1948 until 16 September 1963. The Federation became independent on 31 August 1957...
, British North BorneoNorth Borneo was a British protectorate under the sovereign North Borneo Chartered Company from 1882 to 1946. After the war it became a crown colony of Great Britain from 1946 to 1963, known in this time as British North Borneo. It is located on the northeastern end of the island of Borneo. It is...
, SarawakSarawak is one of two Malaysian states on the island of Borneo. Known as Bumi Kenyalang , Sarawak is situated on the north-west of the island. It is the largest state in Malaysia followed by Sabah, the second largest state located to the North- East.The administrative capital is Kuching, which...
, BruneiBrunei , officially the State of Brunei Darussalam or the Nation of Brunei, the Abode of Peace , is a sovereign state located on the north coast of the island of Borneo, in Southeast Asia...
, and SingaporeSingapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
) used several varieties of dollars (for example, Straits dollarThe Straits dollar was the currency of the Straits Settlements from 1904 until 1939. At the same time, it was also used in the Federated Malay States, the Unfederated Malay States, Sarawak, Brunei, and British North Borneo.-History:...
, Malayan dollarThe dollar was the currency of the British colonies and protectorates in Malaya and Brunei until 1953. It was introduced in 1939, replacing the Straits dollar at par, with 1 dollar = two shillings four pence sterling .-Board of Commissioners of Currency, Malaya formed:The Malayan dollar was issued...
, Sarawak dollarThe dollar was the currency of Sarawak from 1858 to 1953. It was subdivided into 100 cents. The dollar remained at par with the Straits dollar and its successor the Malayan dollar, the currency of Malaya and Singapore, from its introduction until both currencies were replaced by the Malaya and...
, British North Borneo dollarThe British North Borneo dollar was the currency of British North Borneo from 1882 to 1953. It was subdivided into 100 cents. The dollar had remained at par with the Straits dollar , the currency of Malaya and Singapore, at the value of one dollar to 2 shillings 4 pence sterling from its...
; Malaya and British Borneo dollarThe Malaya and British Borneo dollar was the currency of Malaya, Singapore, Sarawak, British North Borneo and Brunei from 1953 to 1967. The currency was issued by the Board of Commissioners of Currency, Malaya and British Borneo...
) before Malaysia, Singapore and Brunei gained their independence from the United KingdomThe United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
. See also for a complete list of currencies.
- Spain
Spain , officially the Kingdom of Spain languages]] under the European Charter for Regional or Minority Languages. In each of these, Spain's official name is as follows:;;;;;;), is a country and member state of the European Union located in southwestern Europe on the Iberian Peninsula...
: the Spanish dollarThe Spanish dollar is a silver coin, of approximately 38 mm diameter, worth eight reales, that was minted in the Spanish Empire after a Spanish currency reform in 1497. Its purpose was to correspond to the German thaler...
is closely related to the Dollars and EuroThe euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
s used today.
- Rhodesia
Rhodesia , officially the Republic of Rhodesia from 1970, was an unrecognised state located in southern Africa that existed between 1965 and 1979 following its Unilateral Declaration of Independence from the United Kingdom on 11 November 1965...
: the Rhodesian dollarThe dollar was the currency of Rhodesia between 1970 and 1980. It was subdivided into 100 cents.-History:The dollar was introduced on February 17, 1970, less than a month before the declaration of a republic on March 2, 1970. It replaced the pound at a rate of 2 dollars to 1 pound...
replaced the Rhodesian poundThe pound was the currency of Rhodesia from 1964 until 1970. It was subdivided into 20 shillings, each of 12 pence.-History:The Rhodesian pound was introduced following the break-up of the Federation of Rhodesia and Nyasaland, when Southern Rhodesia changed its name to simply Rhodesia...
in 1970 and it was used until ZimbabweZimbabwe is a landlocked country located in the southern part of the African continent, between the Zambezi and Limpopo rivers. It is bordered by South Africa to the south, Botswana to the southwest, Zambia and a tip of Namibia to the northwest and Mozambique to the east. Zimbabwe has three...
came into being in 1980.
Other territories which currently use the dollar
(NetherlandsThe Netherlands is a constituent country of the Kingdom of the Netherlands, located mainly in North-West Europe and with several islands in the Caribbean. Mainland Netherlands borders the North Sea to the north and west, Belgium to the south, and Germany to the east, and shares maritime borders...
) (NetherlandsThe Netherlands is a constituent country of the Kingdom of the Netherlands, located mainly in North-West Europe and with several islands in the Caribbean. Mainland Netherlands borders the North Sea to the north and west, Belgium to the south, and Germany to the east, and shares maritime borders...
) (NetherlandsThe Netherlands is a constituent country of the Kingdom of the Netherlands, located mainly in North-West Europe and with several islands in the Caribbean. Mainland Netherlands borders the North Sea to the north and west, Belgium to the south, and Germany to the east, and shares maritime borders...
) (FranceThe French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...
) (alongside the
EuroThe euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
)
Countries which accept the dollar, but do not use it as their official currency
AfghanistanAfghanistan , officially the Islamic Republic of Afghanistan, is a landlocked country located in the centre of Asia, forming South Asia, Central Asia and the Middle East. With a population of about 29 million, it has an area of , making it the 42nd most populous and 41st largest nation in the world...
BoliviaBolivia officially known as Plurinational State of Bolivia , is a landlocked country in central South America. It is the poorest country in South America...
CambodiaCambodia , officially known as the Kingdom of Cambodia, is a country located in the southern portion of the Indochina Peninsula in Southeast Asia...
GuatemalaGuatemala is a country in Central America bordered by Mexico to the north and west, the Pacific Ocean to the southwest, Belize to the northeast, the Caribbean to the east, and Honduras and El Salvador to the southeast...
LebanonLebanon , officially the Republic of LebanonRepublic of Lebanon is the most common term used by Lebanese government agencies. The term Lebanese Republic, a literal translation of the official Arabic and French names that is not used in today's world. Arabic is the most common language spoken among...
MexicoThe United Mexican States , commonly known as Mexico , is a federal constitutional republic in North America. It is bordered on the north by the United States; on the south and west by the Pacific Ocean; on the southeast by Guatemala, Belize, and the Caribbean Sea; and on the east by the Gulf of...
PanamaPanama , officially the Republic of Panama , is the southernmost country of Central America. Situated on the isthmus connecting North and South America, it is bordered by Costa Rica to the northwest, Colombia to the southeast, the Caribbean Sea to the north and the Pacific Ocean to the south. The...
PeruPeru , officially the Republic of Peru , is a country in western South America. It is bordered on the north by Ecuador and Colombia, on the east by Brazil, on the southeast by Bolivia, on the south by Chile, and on the west by the Pacific Ocean....
See also
- Fiat Money
Fiat money is money that has value only because of government regulation or law. The term derives from the Latin fiat, meaning "let it be done", as such money is established by government decree. Where fiat money is used as currency, the term fiat currency is used.Fiat money originated in 11th...
- Eurodollar
Eurodollars are time deposits denominated in U.S. dollars at banks outside the United States, and thus are not under the jurisdiction of the Federal Reserve. Consequently, such deposits are subject to much less regulation than similar deposits within the U.S., allowing for higher margins. The term...
- Amero
- Dollar sign
The dollar or peso sign is a symbol primarily used to indicate the various peso and dollar units of currency around the world.- Origin :...
- List of circulating currencies
- Petrodollar
A petrodollar is a United States dollar earned by a country through the sale of petroleum. The term was coined by Ibrahim Oweiss, a professor of economics at Georgetown University, in 1973...
- United States one hundred-dollar bill
The United States one hundred-dollar bill is a denomination of United States currency. U.S. statesman, inventor and diplomat Benjamin Franklin is currently featured on the obverse of the bill. On the reverse of the banknote is an image of Independence Hall. The time on the clock according to the...
External links