Colonial

Spain had the greatest influence on American currency. Spain’s large supply of gold and silver made it the largest contributor of coinage to the territories that would become the United States. Gold issues were used by wealthier businessmen and bankers while the common people used silver 8-reales, pieces of eight (also called milled dollars or cobs). Each reale was worth 12 and a half cents and the coin was frequently in half, quarters or into all eight. However of course the coins reach did not extend everywhere mostly confined to cities or coastal towns and rarely seeing use in rural areas.

Revolutionary

When America received independence in 1776, although they would not mint coins for another 16 years, they set the value of their dollar to the value of Spanish dollars. Also Even up until the war of 1812 the majority of all coins in circulation were minted at the Spanish controlled mints of Mexico City, Lima and Potosi.

A history of money and banking in the United States, Murray Rothbard