Cryptocurrency Q&A
When did the US dollar coin become a currency?
When did the US dollar coin become a currency?
Nicola
Sat Jul 20 2024
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6 answers
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Could you elaborate on the history behind the adoption of the US dollar coin as a currency? Specifically, I'm interested in knowing when it first gained widespread acceptance and recognition as a legal tender. Did its status as a currency evolve gradually, or was there a specific event or legislation that marked its official introduction? Furthermore, what factors contributed to its success as a currency, and how does it compare to other currencies in terms of its history and influence? I'm curious to learn more about the timeline and context surrounding the establishment of the US dollar coin as a globally recognized form of money.
6 answers
LightningStrike
Sun Jul 21 2024
Prior to the legalization of the U.S. dollar coin under the U.S. Coinage Act of 1792, which also established the United States Mint, the Spanish milled dollar circulated widely.
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IncheonBeautyBloomingRadianceGlow
Sun Jul 21 2024
The Spanish dollar's influence was such that it was often referred to as the "piece of eight" or the "Spanish dollar" and was widely used in the Americas and beyond.
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DigitalTreasureHunter
Sun Jul 21 2024
With the passage of the U.S. Coinage Act, the official U.S. dollar coin was introduced, eventually superseding the Spanish milled dollar in many transactions.
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Nicola
Sun Jul 21 2024
This currency, originating from Spain, had gained significant acceptance in various regions due to its stability and widespread use in international trade.
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Alessandra
Sun Jul 21 2024
The Spanish milled dollar was a reliable medium of exchange, often preferred over other currencies due to its uniformity in weight, purity, and recognizability.
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