Why Is The Dollar Represented By $

[WilliamIV]

Can anybody say how the $ sign originated?

[Insight]

It's a fair question

[kerryk]

It's a fair question

US paper money was backed by gold Spanish Pesos that were abbreviated by UP. An Irish trader shortened it by putting the U over the P and then later just made it an S with two slashes. His name was Oliver Pollock.

[suegha]

I love trivia!!! This bit is facinating...

But why were Spanish Pesos abbreviated by UP? It's a fair question.

[Tywais]

I love trivia!!! This bit is facinating...

But why were Spanish Pesos abbreviated by UP? It's a fair question.

Just a guess, perhaps "uno peso" or one peso.

As for your original question:

"The Dollar Sign $ - Theories of its Origins

Since the symbol is more recent than the name, and the origins of the latter are well understood, one might expect that the origins of the sign would also be known for certain particularly when the origin of the British pound sign, £, which is far older, is well-established. However that is not the case with regard to the dollar.

Perhaps this is less surprising when there has been controversy over the origin of the sign for the European euro, €, a currency that did not come into existence until 1999. (It has been claimed that the euro sign was invented by Arthur Eisenmenger more than a quarter of a century before the currency was introduced). Nevertheless a number of theories about the origin of the dollar symbol have been proposed.

The United States Abbreviation Theory

One of the most popular theories is that the dollar sign is derived from the initials of the United States. If you superimpose a capital "U" on a capital "S" then drop the lower part of the "U", what you end up with is a version of the dollar symbol with two strokes. This theory was endorsed by the American libertarian philosopher and staunch defender of capitalism, Ayn Rand, in her novel Atlas Shrugged. Chapter 10 is entitled the Sign of the Dollar. Rand claimed the dollar sign was the symbol not only of the currency, but also the nation, a free economy, and a free mind."

Edited February 20, 2006 by tywais

[ChiefBEM]

I love trivia!!! This bit is facinating...

But why were Spanish Pesos abbreviated by UP? It's a fair question.

Just a guess, perhaps "uno peso" or one peso.

As for your original question:

"The Dollar Sign $ - Theories of its Origins

Since the symbol is more recent than the name, and the origins of the latter are well understood, one might expect that the origins of the sign would also be known for certain particularly when the origin of the British pound sign, £, which is far older, is well-established. However that is not the case with regard to the dollar.

Perhaps this is less surprising when there has been controversy over the origin of the sign for the European euro, €, a currency that did not come into existence until 1999. (It has been claimed that the euro sign was invented by Arthur Eisenmenger more than a quarter of a century before the currency was introduced). Nevertheless a number of theories about the origin of the dollar symbol have been proposed.

The United States Abbreviation Theory

One of the most popular theories is that the dollar sign is derived from the initials of the United States. If you superimpose a capital "U" on a capital "S" then drop the lower part of the "U", what you end up with is a version of the dollar symbol with two strokes. This theory was endorsed by the American libertarian philosopher and staunch defender of capitalism, Ayn Rand, in her novel Atlas Shrugged. Chapter 10 is entitled the Sign of the Dollar. Rand claimed the dollar sign was the symbol not only of the currency, but also the nation, a free economy, and a free mind."

Let us see what the Oxford Dictionary says about the dollar sign and the pound sign.

Frequently Asked Questions

What is the origin of the dollar sign ($)?

Many suggestions have been made about the origin of the dollar symbol $, one of the commonest being that it derives from the figure 8, representing the Spanish 'piece of eight'. However, it actually derives from a handwritten 'ps', an abbreviation for 'peso' in old Spanish-American books. The $ symbol first occurs in the 1770s, in manuscript documents of English-Americans who had business dealing with Spanish-Americans, and it starts to appear in print after 1800.

The name 'dollar', however, derives from the Dutch or Low German word daler (in German taler or thaler) - originally Joachimstaler, referring to a coin from the silver mines of Joachimstal, in Bohemia (now Jáchymov in the Czech Republic), which opened in 1516.

"Frequently Asked Questions

What is the origin of the pound sign (£)?

This sign is simply a capital letter L, written in old-fashioned roundhand, with one or two crossbars to show that it is being used as a symbol or abbreviation. The L stands for the Latin word libra, the name of a Roman unit of weight, which also gave rise to the abbreviation lb for a pound as a measure of weight, and to the French word livre. The symbol for the Japanese yen was probably invented by analogy with the pound and dollar symbols, as it is a capital Y with one or two bars across it."

Regards ChiefBEM

[englishoak]

facinating !

[suegha]

Yeah, love it! Although there seems to be differences in the theories behind the dollar sign.

The £ sign is easier even though it's far older.

Pre-decimal BPS were shown as LSD, which stood for Pounds, Shillings and Pence, ie Librae, Solidi, Denarii. (not Lysergic Acid Diethylamide)

Edited February 21, 2006 by suegha

[Martin]

This has reminded me of Singapore about 15 years ago.

For National Day, all the school pupils had to learn a song which went "One people, one nation, one Singapore".

The kids at the most 'prestigious' school, Raffles Institute, started making a downward stroke of the hand, in front of their chests, as they sang "One People". And another as they sang "One Nation". And, as they sang "One Singapore" they made an "S" sign.

The Headmaster was furious!!!!

[CHOPTHAI]

This has reminded me of Singapore about 15 years ago.

For National Day, all the school pupils had to learn a song which went "One people, one nation, one Singapore".

The kids at the most 'prestigious' school, Raffles Institute, started making a downward stroke of the hand, in front of their chests, as they sang "One People". And another as they sang "One Nation". And, as they sang "One Singapore" they made an "S" sign.

The Headmaster was furious!!!!

This is a good one.

BTW, talking about currency origins, there are also many variations to the origin of a Malaysian dollar [formerly known as a straits dollar] now known as "ringgit".

Well, as the story goes....when the straits dollar coins were first minted and used in the straits settlements, the locals, especially the Malays were not too confident and had not much trust on the authenticity of the silver coin. So, the colonials had to resort to a simple test to assure that the silver dollar coins were good for their silver's worth. They would cajole the locals to "strike the coin and ring it in their ears" to test it. So every time they handed the coins to the locals, they would say loudly, "RING IT" which the locals thought that the new coin was known as "ringgit" so ...till now it is still being called the ringgit!

[suegha]

Wow, the above's a cracker!!! Ringgit!

[Martin]

In Malaysia, if they want you to reverse your car, they say "Ashtun, Ashtun", which I am told is a corruption of "astern, astern" hanging over from the days when the big ships landed the planters at Georgetown.

But the best corruption-of-the-literal that I have heard of was perpetrated by the Ordnance Survey.

The story goes that they were doing a re-survey (where they put on changed roads, new buildings and so forth).

In a pub in rural North Yorkshire one evening, the surveyors were getting the names of farms etc from the locals.

One noticed that a big area of moorland didn't have a name on it and asked about it.

The local was puzzled, as he had never heard it called anything, so he said "We call that the top o't moor (top of the moor)".

The map duly showed 'Toppat Moor'.

[CHOPTHAI]

In Malaysia, if they want you to reverse your car, they say "Ashtun, Ashtun", which I am told is a corruption of "astern, astern" hanging over from the days when the big ships landed the planters at Georgetown.

/quote]

Allow me to add:

In Malaysia, the actual word used is "GOSTAN" and not "ASHTUN". It could have been corrupted from the word "Go astern" shouted by British traders using the Penang port. To many who are not familiar with those sea-faring jargon, thought that GOSTAN could have come from "Course turn" !!!

Similarily, the Malay word for "money" is "DUIT" which could have derived from the English phrase: "Do it". The story goes that English colonials could have used money as an incentive for favours...so, whenever there was a favour to perform certain task, they would show the locals a coin in one hand while calling out "Do it!" Do It!". But the locals thought that the word for the legal tender in general, should be called DUIT! ....till today the word DUIT in Bahasa Malaysia, still refers to money in general

[Sir Burr]

When the early settlers went to Australia, they saw a strange animal and asked the aboriginal guide what it was. The guide said "kangaroo", which meant in his own language "I don't understand".