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Inside the Moment — Historical Special Report
Date: July 6, 1785
Location: New York City, New York

"Congress Adopts the Dollar as America’s Official Monetary Unit"

NEW YORK CITY — In a landmark decision shaping the young nation’s economic future, the United States Congress voted unanimously today to adopt the dollar as the official monetary unit of the United States of America.

The resolution, passed without dissent, marked the first formal establishment of a standardized currency for the new republic. Inspired in part by the widely recognized Spanish milled dollar, Congress’s choice aimed to simplify trade, promote economic stability, and unify the diverse states under a common financial system.

Prior to this decision, the states relied on a confusing mix of foreign coins, colonial currencies, and barter systems. The adoption of the dollar promised to provide a foundation for commerce both domestically and abroad, setting the stage for a stronger national economy.

Lawmakers hailed the move as an essential step in strengthening the country’s independence, not only politically but economically, ensuring that the United States would no longer rely on the monetary systems of foreign powers.

This decision is expected to influence every aspect of American life, from daily transactions to international trade agreements, as the nation works to secure its place among the world’s established economies.

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