Origin of the Dollar

The name Dollar used in many currencies around the world has its origin in a little European village of Jáchymov in the Czech region. This area rich in silver ore deposits are ruled by Count Stephan Schlick and his family. Silver mining is not a new thing in Bohemia, However, the village of Jáchymov was known for minting the silver deposits into coins. According to local stories, Count Schlick first minted coins in his castles long before the Count received an official grant to mint silver coins by Bohemia in January 9, 1520.


At that same period in time, Bohemia was under German rule which was known as the Holy Roman Empire at the start of the 16th century. At a German perspective in terms of accent, the coins minted in the region of Jáchymov were called Joachimsthalergroschen or Joachimstalergulden. A pretty long name even for native German speakers. Over the course of several years the name evolved into a shorter form as the talergroschen and later as their tongues get lazier the entire term was drop to just taler or thalers.

Since the Holy Roman Empire had strong political influence over Europe the silver coin minted in the area of Jáchymov was spread as the Thaler. The empire of Spain took notice and also begain using it as its empire began to wane in the later part of the century. The spread of the German coin had a few spelling variations because of the regional differences in accents all over Europe. The Dutch called it the daalder, while the Italians used it as tallero, Sweden as riskdaler. The currency reach the English language and took the form Dollar through Scotland around 1567. Scotland used Dollar as currency as a sign of anti English sentiments and eventually carried the word when a majority of the population migrated in the early American colonies.

comments powered by Disqus

Stocks | Forex | Options | Economics | Bonds | History | Language learning | Technology | Technical Analysis | Fundamental Analysis
Copyright © 2014 econtrader | Risk disclosure | Terms of Use