The word dollar comes from the name "Tolar" given to coins first minted in 1520 from locally mined silver in Jáchymov inBohemia. The town now lies within the borders of the Czech Republic.
Later on, dollar - the English transliteration of Tolar - was applied to similar coins, not only ones minted in Bohemia or in central Europe, but also the Spanish peso and the Portuguese eight-real piece. Both of these large silver coins were practically identical in weight and fineness. Today the phrase "pieces of eight" is known from tales of pirates in the Caribbean.