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The decline of the US dollar hegemony is ever so clear today and this article aims to provide the reader with what exactly happened during past periods of reserve currency transitions.

Historically, when a reserve currency transitioned over to a new one, it marked a pivotal change for the world.

Portugal and Spain then merged together to create the Iberian union; however, it collapsed through wars and revolutions by the mid-17th century.The country that dominates global commerce during any given period is usually marked with the status of having the reserve currency.Spain and Portugal dominated the 15th and 16th centuries, the Netherlands the 17th century, France and Britain the 18th and 19th centuries, and the US dominated the 20th century.France achieved European political dominance under Louis XIV, and although the legacy of the ‘Roi Soleil’ was is not to be forgotten that he left his heirs in a whirlwind of social strife and extreme debt caused principally by war and an unfair tax base.

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