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The name are peso de ocho reales (or “piece of 8 reales”), and, as the name indicates, it actually was value 8 devices of your real, the former standard. Whenever Spain underwent an excellent coinage change in the 1497, the brand new money are brought while the The country of spain’s device out of money. From the close union between the two currencies, odds are when the a symbol existed on the Language dollar prior to 1794, it can have been used for the U.S. dollar. The united states’ earliest buck coins, minted within the silver inside the 1794, not simply took their label on the Foreign language dollars and also borrowed the new Spanish dollars’s pounds and cost. More widely released theory claims that it started as the an excellent icon symbolizing the fresh Spanish milled money (also called peso).
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