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The Spanish dollar or '' Peso '' (literally, "weight") is a Silver coin that was minted in the Spanish Empire after a Spanish currency reform in 1497 . By the late 18th Century its widespread use in the Americas and the Far East made it the nearest thing to a World Currency at the time. Many existing currencies, such as the Canadian Dollar and the Chinese Yuan , are based on the Spanish dollar.

Thanks to the vast silver deposits that were found in Mexico (for example, at Taxco, Guerrero , and Zacatecas) and, Potosí in modern-day Bolivia , and to silver from Spain's possessions throughout the Americas , mints in Mexico and Peru also began to strike the coin.

Millions of Spanish Dollar s were minted over the course of several centuries. They were among the most widely circulating Coin s of the colonial period in the Americas, and were still in use in North America and in South-East Asia in the 19th Century . They had a value of one dollar when circulating in the United States. During the U.S. Civil War the United States government first issued Paper Money backed by Spanish dollars.

The coin is roughly equivalent to the silver Thaler issued in Bohemia and elsewhere since 1517. The German name "thaler" (pronounced "tahl-er" — and "dahler" in Low German ) became ''dollar'' in French and English.

The peso nominally weighed 550.209 Spanish grains, which is 423.900 troy/avoirdupois Grain s (0.883125 Troy Ounce or 27.468 grams), .93055 fine: so contained 0.821791 troy ounce (25.560 grams) fine silver. Its weight and purity varied significantly between mints and over the centuries.

The peso had a nominal value of eight '' Reales '' ("royals"). The coins were often physically cut into eight " Bits ," or sometimes four quarters, to make smaller change. This is the origin of the colloquial name "pieces of eight" for the coin, and of "quarter" and "two bits" for twenty-five cents in the United States.

Prior to the American Revolution there was, due to English Mercantilist policies, a chronic shortage of English currency in its colonies. Trade was often conducted using Spanish dollars. The pricing of equities on U.S. stock exchanges in 1/8 dollar denominations persisted until the New York Stock Exchange converted to pricing in sixteenths of a dollar on June 24 , 1997 , to be followed shortly after by decimal pricing.

Long tied to the lore of Piracy , "pieces of eight" were manufactured in the Americas and Transported in bulk back to Spain (to pay for wars and various other things), making them a very tempting target for seagoing pirates. Some pirates were among the richest people in the world. The Manila Galleon transported Mexican silver to Manila , where it would be exchanged for Chinese goods, since silver was the only foreign commodity China would take. In oriental trade, Spanish dollars were often stamped with Chinese characters known as "chop marks" which indicate that that particular coin had been assayed by a well-known merchant and determined genuine.


LIVES ON IN THE CHINESE YAN

In China , the base unit of the official currency Renminbi is called " Yuan " (元 or 圆 , with a symbol ¥). The word "yuan" also means round object, but its original meaning is the Spanish dollar. Indigenous coins minted in China were always called "Chin" (錢). The word "Yuan" 圆 referred specifically to the Spanish dollars widely circulated in China in the late 19th century, when they were properly known as 銀圆 (pronounced as "Yin Yuan" ), meaning "silver rounds". Coins minted in Hong Kong in 1866 also carried the same amount of silver as the Spanish dollar and were called "Hong Kong One Dollar" 香港壹圓. When China adopted its first national currency in 1914 , the base unit was also called 圆, with the Pinyin "Yuan". One meaning of it was still "dollar" , as witness the fact that a "yuan" at that time contained exactly the same amount of silver as a Spanish dollar.


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