The US Dollar: When Money Speaks Louder Than Words

Like so many things related to the United States of America, the name given to its currency is considerably older than the country itself. ‘Dollar’ is the way the English pronounced ‘thaler’, the name given to coins minted in 16th century Bohemia, a land that is now the Czech Republic. The coins were minted in silver that was mined in the town of Joachimsthal (nowadays, Jáchimov), so they were known as ‘joachimsthalers’, which was anglicised to ‘thalers’. 

ANY COIN WILL DO

The English applied the same name to other silver coins that were of a similar weight. Among these, the Spanish peso — also called ‘real de a ocho’, that is ‘piece-of-eight’—, which were coins made of silver obtained in the Americas. Pesos were commonly used in the Caribbean, and the Spanish peso in particular was often used in British colonies in North America. 

No pounds

The supply of British pounds to the colonies was always insufficient, which meant that local settlers used all kinds of different coins, and even products, as currency. In Virginia, for example, tobacco was used. The introduction of Spanish coins, which were much more abundant than pounds, were a welcome substitute for pre-independence Americans. ‘Thaler’ was a word already commonly used, and its adoption allowed them to distinguish themselves from British influence. In 1792, after the American Revolution, Congress approved the ‘thaler’ or ‘dollar’ as the standard in the new United States. 

The United States is not the only country to have the dollar as its national currency, of course. Canada gradually changed from the pound to the dollar between 1853 and 1857 to make trade easier with its southern neighbour.

Symbols (money is power) 

On the reverse side of the one-dollar bill you can see a large unfinished pyramid crowned by an eye. The pyramid symbolises both strength and durability, and the fact that it is unfinished is meant to represent its eternal capacity for growth. 

The eye on top of the pyramid has an obvious divine quality. This all-seeing eye represents God watching over the American people. This is underlined by the inscription “Annuit Coeptis” which means something like “favoured undertakings”, meaning that God intervened in the nation’s destiny in a favourable way. 

The eagle —a uniquely American bird— on the back of the $1 bill holds an olive branch (representing peace) in its right talon and arrows (symbolising war) in its left. In front of the eagleis a shield, which is unsupported to signify Americans should rely on their own virtue. The horizontal top bar of the shield symbolises the federal government, and it holds together yet is supported by vertical bars that represent individual states (the thirteen original colonies at the time it was designed), of which there are now fifty. There is another Latin inscription stating a “Novus ordo seclorum” (“a new order for the centuries”), meaning that the world in which America has a predominant position will last for centuries.

Dead presidents

The most obvious slang words for money in the US refer to famous men. This is because, up until today, it is only men who have appeared on the front of American bills. So, for example, if you ask someone for a ‘Jackson,’ they will hand you a $20 bill because the 7th president Andrew Jackson appears on the front. 

Bank notes in general are also called ‘dead presidents’, even though this is a slight misnomer, since although both Alexander Hamilton — on the $10 bill — and Benjamin Franklin — on the $100 bill — were two of the seven Founding Fathers of the Unites States, but they were never actually presidents. 

The 1$ bill is also called a ‘buck’, the common term for a dollar in the States. Historians believe that it is an abbreviation of the word ‘buckskin’, as the skin of the male deer was used a unit of trade among Indians and Europeans back in the 18th century. The $2 note is called a ‘deuce’, while the 5$ one is known as a ‘fiver’. The $100 bill is often referred to as a ‘C-note’, apparently because C is the Roman numeral for a hundred.Even though there isn’t currently a $1,000 bill in circulation, this amount of money is what an American would call a ‘grand’, or simply a ‘G’, but also a ‘K’ as in ‘kilo’.

Another slang word one would sadly probably not use very often is a ‘rock’ meaning a million dollars. At most, you may hear it in a gangster film!

Two Dollars

The $2 bill has another great president on one side: Thomas Jefferson, the main author of the Declaration of Independence and third president. On the reverse, there’s the representation of a painting depicting the signing of the declaration.

Five Dollars

The 5$ has one of the most iconic US presidents on the front: Abraham Lincoln, who abolished slavery, won the American Civil War and was murdered for his troubles. On the reverse, we can see his Memorial, in Washington.

Ten Dollars

On the 10$ we find the image of man who has experienced a revival in his fame in the 21st century: Alexander Hamilton, another one of the Founding Fathers. The Broadway musical based on his life has been a great success. On the reverse, we can see the US Treasury, which had Hamilton as its first Secretary. 

Twenty Dollars

The president on the $20, Alexander Jackson, has been a silent victim of Hamilton’s popularity. The man on the 10$ bill was due to be substituted by Harriet Tubman, one of the country’s most important antislavery activists. Hamilton’s popularity has led to Jackson being the one who will be replaced. The reverse of the Jackson bill shows the White House.

Fifty Dollars

The $50 shows Ulysses S. Grant on the front, the man who was the 18th US president and who led the Union Army to victory against the Southern States in the American Civil War. The US Capitol, the home of the country’s Congress, is featured on the reverse.

Hundred Dollars

The largest US bill, the $100 note, has Benjamin Franklin, another of the Founding Fathers and notable polymath, on the front. On the reverse there is an image of the Independence Hall in Philadelphia, were both the Declaration of Independence and the Constitution were adopted.