The Changing Face of the American Dollar

The Changing Face of the American Dollar - The Changing...

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The Changing Face of the American Dollar The Spanish Milled Dollar (= peso = piece of eight). This was the most common coin in the American colonies. 1
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Continental dollar Here is a Continental Dollar issued during the Revolutionary War. Notice that the continental dollar was based on a promise to pay the Spanish milled dollar (peso). Notice, also, that the bill does not promise to pay on demand, rather it promises to “according to the Resolutions of the Congress, held at Philadelphia, the 10 th May, 1775.” Essentially, those resolutions promised to pay after the war was won. 2
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Early American silver dollar. Compare it with the Spanish peso above. Alexander Hamilton's idea was to increase the credibility of the American dollar by making it similar to the Spanish peso. 3
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An early American gold dollar. Before the Civil War the U.S. mint was open to both gold and silver. We were on a "bimetallic standard." 4
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This note was uploaded on 09/25/2011 for the course ECONOMICS 305 taught by Professor Hughrockoff during the Spring '11 term at Rutgers.

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The Changing Face of the American Dollar - The Changing...

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