Spain
Rich deposits of silver in the Spanish colonies of the New World allowed Spain to mint great quantities of silver coins. The Spanish dollar was a Spanish coin, the "real de a ocho" and later peso, worth eight reals (hence the nickname "pieces of eight"), which was widely circulated during the 18th century.
By the American Revolution in 1775, Spanish dollars backed paper money authorized by the individual colonies and the Continental Congress. In addition to the American dollar, the 8-real coin became the basis for the Chinese yuan.
Read more about this topic: Silver Standard
Famous quotes containing the word spain:
“How the devil am I to prove to my counsel that I don’t know my murderous impulses through C.G. Jung, jealousy through Marcel Proust, Spain through Hemingway ... It’s true, you need never have read these authorities, you can absorb them through your friends, who also live all their experiences second-hand. What an age!”
—Max Frisch (1911–1991)
“England and France, Spain and Portugal, Gold Coast and Slave Coast, all front on this private sea; but no bark from them has ventured out of sight of land, though it is without doubt the direct way to India.”
—Henry David Thoreau (1817–1862)
“last time I saw you was the hospital
pale skull protruding under ashen skin
blue veined unconscious girl
in an oxygen tent
the war in Spain has ended long ago
Aunt Rose”
—Allen Ginsberg (b. 1926)