We’re familiar with symbols representing currency, but rarely understand their history. Our research reveals that the origin of familiar currency signs may be more complex than commonly believed.

The Mystery of the “$” Sign

The symbol for the US dollar ($) has intrigued economists for decades. Its origins are believed to trace back to a relic from the era of Spanish Colonial currency.

According to numismatic historians, the dollar sign is a shortened form of “peso,” the Spanish word for the large silver coin used across the Americas during the 18th century. Merchants used “Ps” as shorthand for “peso,” eventually merging the letters to form what resembles today’s “$” symbol.

Bitcoin’s Unicode Journey

The digital currency world recently gained clarity regarding the provenance of Bitcoin’s currency symbol (₿). Unlike its paper currency counterpart, the digital symbol has an official origin story defined by technical standards.

Bitcoin’s official symbol was authorized through the Unicode Standard 10.0.0, which was formally released on June 20, 2017. This milestone followed an eight-year advocacy effort by the cryptocurrency community.

A Technical Description

The Unicode Technical Committee described the symbol as “a capital letter B with two vertical lines going through it,” though in practical rendering, the lines appear as fine marks only at the extremities of the character.

Hardware security specialist Ken Shirriff submitted the technical proposal in October 2015, following an earlier proposal for a group mark symbol that also found approval in the same standard. Shirriff’s detailed expertise would later earn him recognition as one of the pioneering figures in Bitcoin technology.

The official adoption came at a momentous time

The Unicode approval was a watershed moment for digital currency representation. It was the first new currency symbol added in 24 years since the Korean won (₩) was included in Unicode 1.1 in 1993.

Community advocacy groups had pushed for standardization, with the Bitcoin Foundation officially endorsing a formal symbol request in 2014 following discussions dating back to early 2010. Suggestions included the Thai baht symbol (฿), though critics noted it represented an official currency of Thailand, a concern Bitcoiners eventually addressed by adopting the narrower symbol (₿).

Different symbol, same legacy

Interestingly, the symbol predates its formal Unicode recognition; ₿ was already found in Wikipedia and Wired magazine years before the 2015 proposal, and was community used in bitcoin wallet and payment apps. Satoshi Nakamoto’s original Bitcoin client design also employed a similar symbol that gained widespread recognition once included in the Unicode standard.

Despite Unicode’s official approval, the International Organization for Standardization (ISO) has not yet included Bitcoin in its list of active currency codes, as required by ISO 4217. Issues with existing country codes (like Bhutan’s BT) have complicated the request, though advocates suggest renewed effort aligns with Bitcoin’s current growth trajectory.