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Why a Dollar is Called a âBuckâ. As with many etymologies, the exact root of this word is difficult to say with one hundred percent certainty. However, the leading theory is extremely plausible and backed up by a fair bit of documented evidence. Specifically, it is thought that a dollar is called a âbuckâ thanks to deer. One of the earliest references of this was in 1748, about 44 years before the first U.S. dollar was minted, where there is a reference to the exchange rate for a cask of whiskey traded to Native Americans being â5 bucksâ, referring to deerskins. At this time, a buck skin was a common medium of exchange.
One answer is that it's valuable because it says it is. To the left of the portrait of George Washington, the dollar proclaims: This note is legal tender for all debts, public and private.. Dollar bills are fiat money - they are valuable because the government in power says so. People can, however, write contracts that specify payment in other currencies. If a contract specifies payment in euros, dollars will not fulfill the contract, despite what is printed on them.