How was the dollar adopted as the basic monetary unit?

Answer 1

The dollar was adopted as the basic monetary unit in the United States through the Coinage Act of 1792, which established the U.S. dollar as the country's standard unit of currency. The Act created a decimal system based on the Spanish dollar, which was widely used in trade at the time. The dollar was defined in terms of a specific weight of silver, and its adoption aimed to standardize and stabilize the currency system in the newly formed nation. This decision reflected both practical needs for trade and the influence of existing currencies in circulation.