After Columbus discovered the New World for the Spanish Crown, the king of Spain claimed all lands west of the Straights of Gibraltar (also known as the Pillars of Hercules) as the possessions of Spain. To symbolize this Spain had coins minted which depicted two pillars (the Pillars of Hercules)
tied with an S shaped ribbon. As the European powers (Spain, Portugal, France and England) colonized the Carribean islands over the next three centuries a mixture of coins came into use. People were were more concerned with the intrinsic value of the coins rather than the country in which they were minted. As long as the coin contained a measured amount of gold or silver it was acceptable as currency. Eventually the Spanish coins found their way into what later became the United States. The two pillars bound by the S shaped ribbon became our short hand for the dollar or the dollar sign

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