Trade Dollars were introduced in the 15th Century when the ‘Spanish Dollar’ became a standardised currency in international trade. Worth eight Spanish Reales, these Spanish Dollars were the original “pieces of eight”!

By the 19th Century the Mexican peso had followed the Spanish Dollar as a key currency in trade with China, where it was preferred to the $US due to its higher silver content.

This meant US businesses had to convert their dollars into pesos in order to trade with China, losing money in commission fees each time, a problem that was resolved in 1873 with the introduction of the US Trade Dollar.