DOLLAR (Low German dater, from thaler, short for Joachimsthaler, coined 1519 from sil ver mines in Joachimsthal, Bohemia, and stand ard for weight and purity), the unit of American currency. During the troubled periods in Eu rope previous to the 19th century some coins because of their intrinsic value, appearance and other qualities came to have a circulation far beyond the confines of the political state which placed them in circulation. Thus it came about that Prussia, Canada, Mexico and the United States received the name of their monetary unit from a section of the little country of Bohemia. Florence in the Middle Ages issued a coin which came to be known by the city's name, and the name is perpetuated in Holland, Austria and England. The West India trade before the Revolution had made the Spanish dollar — more convenient than the sovereign the real unit of trade here; and the Coinage Act of 2 April 1792 merely legalized this fact, establishing the dollar as the unit of American currency, making it equivalent to 24.75 grains of fine gold and authorizing the coinage of silver dollars 'of the value of a Spanish milled dollar the same as is now current" (see also CENT), and of halves and quarters correspond ent. The first actual coinage was in 1794, dol lars of 416 gr., 37125 silver, .8924 fine. The dollar of account was rated at 4s. 6d. sterling, making the pound equal to $4.44; which, as the sovereign was 113 gr. gold, was too little and should have been $4.565. By act of 28 June 1834, the gold in the dollar was reduced to 23.20 gr., raised 18 Jan. 1837 to 23.22, where it remains, the pound having been unchanged, has since been equal to $4.8635. The last act
made the weight of the silver dollar 412.5 gr., but raised it to .900 fine, the amount of silver remaining the same as before, 371.25 gr. On 3 March 1849, a coinage of gold dollars was authorized, weight 25.8 gr., .900 fine, 2322 gr. pure gold; on 21 Feb. 1853, a $3 gold piece, same fineness, 77.4 gr.; and half and quarter dollars of silver, 192 and 96 gr. respectively, but legal tender only to $5. The act of 1873 discontinued the coinage of the silver dollar of 412.5 gr., but authorized one of 420 gr. (the 'trade dollar” for the China and Japan trade. The fall in silver shortly after, however (at this time the silver dollar was worth rather more than the gold), inflated its value and made bullion owners anxious to have their metal coined into these, and on 22 July 1876, their coinage was limited to the actual demand for export, they not being intended for internal circulation —35,959,360 were issued in alL The coinage was suspended April 1878. The act of 28 Feb. 1878 revived the coinage of the dollar of 412 gr., and that of 14 July 1890 continued it. It is notable that many times more silver dollars have been coined since 1873 than be fore; up to 30 June 1872 the total number struck was only 8,045,838, while that of gold dollars was 19,015,642. The act of 14 March 1900 makes the gold dollar the standard of value in the United States. The law, however, did not provide for the issue of coins of this denomination.