The dollar sign is more than just a symbol of U.S. currency, it is an idea.
Actually, it is more than just one idea, it is a compilation of many ideas. Some positive and some negative, depending on the individual’s point of view:
American Dream
Affluence
Money (in general)
Wealth (in general)
Success
Aspiration
Motivation
Greed
Capitalism
Consumerism
The list just goes on and on…
The dollar sign is as much a definition of U.S. currency as it is American.
It can be seen everywhere, in U.S. pop culture - think of Ke$ha - advertising, media, and even in computer coding.
The amazing thing about the $ is that it transcends language and is understood internationally among various cultures, which is a testament to Judith Williamson’s philosophy of ‘currency of signs’, an unconscious understanding of ideas and messages through symbols that transcend speech, borders, race, and cultures.
But why is this particular symbol so accepted and understood worldwide?
To understand that, it is important to know where it came from in the first place!
Dollar Symbol Origins
Even though the ideas the dollar sign represents are clearly understood, its origins are not.
Some of the more widespread theories include:
Pillars of Hercules
Bohemian Coins
Harried Merchants
While none of the above theories can be adequately validated, the one theory that makes the most sense - not cents - is that the $ stands for the United States as the symbol appears in the shape of an ‘S’ the U was dropped later on according to the theory and signifies ability, achievement, and creativity, all characteristics of the American dream.
Upon further investigation, however, this theory does not seem to be correct either because there is evidence that the dollar sign was used even before the U.S. was formed.
Dutch or Spanish Origins
Wouldn’t it be ironic if the mighty U.S. dollar sign wasn’t even from the United States?
As improbable as that may sound, it might just be true - the symbol may have taken its inspiration from at least two other cultures.
The following origin stories give compelling evidence that the dollar sign itself may not have actually been an original American invention but rather inspired by other monetary names and symbols.
Dutch Daler
The name, 'dollar’, can be traced back to the Dutch, whose coins at that time, ‘daler’, made its way to pre-colonial and colonial America where the present name for America’s currency was refashioned & renamed from ‘daler’ to ‘dollar’.
The Dutch, themselves, are said to have taken the name from the Bohemian coin, ‘thaler’, but there is no real evidence that this is true, just speculation, albeit an educated one at that.
However, just because the name ‘dollar’ may have Dutch inspiration behind it, does not prove whether or not the dollar sign was created along with the name.
Spanish Peso
Another dollar origin theory comes from the close association colonial coins shared with Spanish coins.
During the early years of America, trade between English Americans and Spanish Americans was common, and therefore at that time, up until 1857, the ‘peso’ was considered legal tender in America.
The ‘peso coin’ itself had the engravings of a ‘P’ and an ‘S’ hovering alongside it. Some historians believe that this ‘P’ eventually merged with the ‘S’ so that the ‘P’ lost its curve and became just a line that ran right down the center of the ‘S’.
As the Spanish peso was equivalent at that time to the American dollar, the new symbol was supposedly transferred to the new American currency.
Oliver Pollock
The following account of Oliver Pollock ties into the Spanish peso theory previously listed above but gives further credence to its relevance as some historians cite a name behind the sign.
Some historians also claim that the dollar symbol was not previously used in the U.S. before Pollock accidentally used it.
Oliver Pollock was an Irish-born, wealthy trader & supporter of the American Revolution and is often cited as the actual creator, some may say, curator, of the dollar sign.
Now, Pollock supposedly did not come up with the idea intentionally, he created the sign by accident.
The story goes like this:
After the Revolutionary War was over, Pollock requested Congress to return the money he had lent for the war effort.
As the ‘peso’ was an established currency in the new nation at the time, he wrote down ‘ps’ on his official payment of debt request but because he merged the ‘p’ & ‘s’ together the result was a $.
The symbol was understood and accepted, and by 1797, it became the official symbol of U.S. currency.
Conclusion
The truth of the matter is that there is no absolute, clear evidence of where the symbol came from, which often causes a political debate between those who like the idea that the dollar sign was ‘home-grown’ and those that favor the theory that it was created elsewhere.
What is for sure is that this sign causes a subconscious, some may even say unconscious reaction in the minds of those who see it.
This in itself is clear evidence that no matter where it came from, it is now and has been for some time, a symbol of America.
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