The history of the United States Dollar refers to more than 200 years since the Continental Congress of the United States authorized the issuance of the US dollar September 8, 1786. The term 'dollar' had already been in common usage since the colonial period when it referred to eight-real coin (Spanish dollar) used by the Spanish throughout New Spain. After several monetary systems were proposed for the early republic, the dollar was approved by Congress to be released in a variety of denominated coins and currency bills.