Earlier quoted context omitted.
The first federal copyright law in 1790: https://copyright.gov/about/1790-copyright-act.html Specified in dollars because dollars had been invented (in 1789), but in the amount of one half of one dollar, i.e. $0.50. That's 1790 dollars, of course, so a little under $20 today. (There was basically no inflation for the first 100+ years of that because the US dollar was still backed by precious metals then; a dollar was…
My fault for the hanging clause: nearly a dozen state laws preceded it and used pounds. Mostly because they were based on the British law and also because the war made a mess of the currency situation. Statutory damages were added to reduce the burden on plaintiffs. Which encourages people to stay in line. How well this worked out and what it means when some company nobody heard of 4 years ago downloads a billion cop…
It encourages people to not spend a lot of resources speculating about damages. That doesn't mean you need the amount to be punitive rather than compensatory.