February 11, 2025

History of the Dollar

The history of the U.S. dollar traces back to the late 18th century, emerging as the currency of the newly formed United States. In 1792, the U.S. government established the U.S. dollar with the Coinage Act, which created a standardized system of coinage based on the Spanish dollar (pieces of eight) that was widely used in colonial America. The dollar became the official currency unit, divided into 100 cents, and the first U.S. mint was established in Philadelphia.