Spain
Rich deposits of silver in the Spanish colonies of the New World allowed Spain to mint great quantities of silver coins. The Spanish dollar was a Spanish coin, the "real de a ocho" and later peso, worth eight reals (hence the nickname "pieces of eight"), which was widely circulated during the 18th century.
By the American Revolution in 1775, Spanish dollars backed paper money authorized by the individual colonies and the Continental Congress. In addition to the American dollar, the 8-real coin became the basis for the Chinese yuan.
Read more about this topic: Silver Standard
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