Oliver Pollock
Encyclopedia
Oliver Pollock was a merchant and financier of the American Revolutionary War
, of which he has long been considered a historically undervalued figure. He is often attributed with the creation of the US Dollar sign
in 1778.
. Two years later, he began his career as a merchant, trading from port-to-port with the Spaniards in the West Indies, and was headquartered in Havana, Cuba. It was here that he became close with the Governor-General Alejandro O'Reilly
. O'Reilly was later made the Governor of Louisiana by the King of Spain
. Pollock began working as a merchant in New Orleans and, through his relationship with O'Reilly, was favorably received by Spanish Louisiana's officials, who granted him free trade within the city. He became the most successful businessman in the city as a result of the scarcity of provisions at the time, bringing in a desperately needed shipment of flour. However instead of taking advantage of the colonists, Pollock sold the flour for half the going price. In 1770 he married Margaret O'Brien of New Orleans, with whom he had eight children before her death in 1799.
By the outbreak of the American Revolution
, Pollock had become very wealthy and had significant political influence. Pollock stayed in New Orleans for eight years and also worked as a plantation owner and selling land in Baton Rouge
.
in Illinois 1778 occurred with his financial support. In the same year he borrowed $70,000 from Spanish Louisiana's Governor Bernardo de Gálvez, but the financial needs of the country at the time left him in a loss. Pollock served as Gálvez's aide-de-camp during the Spanish campaign against the British that began with the Spanish declaration of war in June 1779. Gálvez and the Spanish troops swept through Louisiana, Alabama, and Florida, defeating the British with the Capture of Fort Bute
and campaigning through the victorious Siege of Pensacola in 1781. Pollock's diplomacy assisted in the surrender of Fort Panmure at Natchez, Mississippi
.
In 1783 he was appointed an agent by the United States in Havana, where he would be imprisoned for his debts a year later, amounting to $150,000. In 1785 he was released on parole and returned to Philadelphia, where he met a sympathetic Robert Morris
, another financier of the war who had also incurred debts as a result. Morris however had collected a sum of money to buy Pollock time from his debtors. Both Congress and the state of Virginia had continually refused to clear his debts from the war, until 1791 when congress passed an act discharging them, but in the same year he would return in poverty to Cumberland County.
American Revolutionary War
The American Revolutionary War , the American War of Independence, or simply the Revolutionary War, began as a war between the Kingdom of Great Britain and thirteen British colonies in North America, and ended in a global war between several European great powers.The war was the result of the...
, of which he has long been considered a historically undervalued figure. He is often attributed with the creation of the US Dollar sign
Dollar sign
The dollar or peso sign is a symbol primarily used to indicate the various peso and dollar units of currency around the world.- Origin :...
in 1778.
Early life
Pollock sailed to North America at the age of 23 in 1760 with his father from his native Ireland to Philadelphia. He settled in Cumberland County, PennsylvaniaCumberland County, Pennsylvania
Cumberland County is a county located in the U.S. state of Pennsylvania and is one of three counties comprising the Harrisburg–Carlisle Metropolitan Statistical Area. As of 2010, the population was 235,406.-History:...
. Two years later, he began his career as a merchant, trading from port-to-port with the Spaniards in the West Indies, and was headquartered in Havana, Cuba. It was here that he became close with the Governor-General Alejandro O'Reilly
Alejandro O'Reilly
Alejandro O'Reilly , was a military reformer and Inspector-General of Infantry for the Spanish Empire in the second half of the 18th century...
. O'Reilly was later made the Governor of Louisiana by the King of Spain
Charles III of Spain
Charles III was the King of Spain and the Spanish Indies from 1759 to 1788. He was the eldest son of Philip V of Spain and his second wife, the Princess Elisabeth Farnese...
. Pollock began working as a merchant in New Orleans and, through his relationship with O'Reilly, was favorably received by Spanish Louisiana's officials, who granted him free trade within the city. He became the most successful businessman in the city as a result of the scarcity of provisions at the time, bringing in a desperately needed shipment of flour. However instead of taking advantage of the colonists, Pollock sold the flour for half the going price. In 1770 he married Margaret O'Brien of New Orleans, with whom he had eight children before her death in 1799.
By the outbreak of the American Revolution
American Revolution
The American Revolution was the political upheaval during the last half of the 18th century in which thirteen colonies in North America joined together to break free from the British Empire, combining to become the United States of America...
, Pollock had become very wealthy and had significant political influence. Pollock stayed in New Orleans for eight years and also worked as a plantation owner and selling land in Baton Rouge
Baton Rouge, Louisiana
Baton Rouge is the capital of the U.S. state of Louisiana. It is located in East Baton Rouge Parish and is the second-largest city in the state.Baton Rouge is a major industrial, petrochemical, medical, and research center of the American South...
.
Revolutionary War period
In 1777 he was appointed "commercial agent of the United States at New Orleans", making him the representative of the colonies in the city. He used his fortune to finance American operations in the west, and the successful campaign of General George Rogers ClarkGeorge Rogers Clark
George Rogers Clark was a soldier from Virginia and the highest ranking American military officer on the northwestern frontier during the American Revolutionary War. He served as leader of the Kentucky militia throughout much of the war...
in Illinois 1778 occurred with his financial support. In the same year he borrowed $70,000 from Spanish Louisiana's Governor Bernardo de Gálvez, but the financial needs of the country at the time left him in a loss. Pollock served as Gálvez's aide-de-camp during the Spanish campaign against the British that began with the Spanish declaration of war in June 1779. Gálvez and the Spanish troops swept through Louisiana, Alabama, and Florida, defeating the British with the Capture of Fort Bute
Capture of Fort Bute
The Capture of Fort Bute signalled the opening of Spanish intervention in the American Revolutionary War on the side of France and the United States. Mustering an ad hoc army of Spanish regulars, Acadian militia, and native levies under Gilbert Antoine de St...
and campaigning through the victorious Siege of Pensacola in 1781. Pollock's diplomacy assisted in the surrender of Fort Panmure at Natchez, Mississippi
Natchez, Mississippi
Natchez is the county seat of Adams County, Mississippi, United States. With a total population of 18,464 , it is the largest community and the only incorporated municipality within Adams County...
.
In 1783 he was appointed an agent by the United States in Havana, where he would be imprisoned for his debts a year later, amounting to $150,000. In 1785 he was released on parole and returned to Philadelphia, where he met a sympathetic Robert Morris
Robert Morris (merchant)
Robert Morris, Jr. was a British-born American merchant, and signer of the Declaration of Independence, the Articles of Confederation, and the United States Constitution...
, another financier of the war who had also incurred debts as a result. Morris however had collected a sum of money to buy Pollock time from his debtors. Both Congress and the state of Virginia had continually refused to clear his debts from the war, until 1791 when congress passed an act discharging them, but in the same year he would return in poverty to Cumberland County.