studies on money in early america / eric p. newman, ed. ; richard g. doty, ass. ed

8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.

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ety

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M

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C r e a t i v e C o m m o n s A t t r i b u t i o n - N

o n C o m m e r c i a l - S h a r e A l i k e / h t t p : / / w w w . h

a t h i t r u s t . o

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Independenceisanappropriatetimeto

cticesinColonialAmericawhich had

auseofthe AmericanRevolution.The

arationofIndependencerelatetothe

tions bothlocalandinEngland toagree

ColonialAssemblies.Themanyfrustra-

voringtoimproveandmaintaintheireco-

inabilitytoobtainsatisfactorylawsfor

yissues.

ningfromthestartofthe AmericanRevo-

shmentof governmentunderthe

h n u misma t ice p e r i men t so naFe de r a l a s

anunusualnumismaticheritagewhichthe

wishestohonorbyofferingthis bookand

n i ts Museum.

iccatalogueofearlyAmerican

tbearepublicationof researchalready

m o nographs an da r t ic l e son th e s ub ec t .

avoredtoincludein thisbookunpublished

opedwillshednewlight onspecificareas

lateotherstocontinue intothefuture

gfield ofearlyAmericannumismatics.

holarswhocontributedtothisbook

e ct o ro f t heAmer i can Nu mi s ma t i cSoci e ty w ho

tsinceptionto itscompletion.

ca t eEd ito r

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ericanNumismaticSociety

N e wCanaan Co nnec t i cu t

o l o ni a t i on3

a rg o F l o r id a

tes15

O N ( N e w Yo r k

nsinthe AmericanColonies25

r k e le y

nialCoinagesunderthe

63 43

s o n NewYork

i e V ar i e ti e so f M a ss a c hus e t t s O a k

EnglandElephantTokens91

R ( U n i ve r si t y of M ar y la n d

ney94

o n nec t i cu tMin t s 1 7 5 -17 9 105

o u i s

onofEnglishandB ungtown

R ac ine Wis c on s in

Coinage173

s U n i ue 179 2Pat t e r n i n Gol d 19 9

Yr k

n a nd theF ound ing o f th e M int2 09

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peopledisclosesmuchaboutthat

evelopment theirself-image theircul-

t t h ei r f i nanc i a l an dpol i t i c al fu tu r e t o be.Ch a n ge s

omitantchangesanddevelopmentof

ofthisis mostapplicabletoAmericans

announcedtheirindependencefromGreat

o we r i n theworlda t t ha t t i me .

aryingformsofmoneyusedby American

h e s even t eenthcen tury t o th e1 79 0 s

s o vere ignty t heUn i t e dS t a t es be gan s tr i k -

ohundredyears:aspanof timealmostas

pendencewearecurrentlycelebrating.

veerainAmericanhistory theseed-time

settlementstenaciouslyclingingto a

v a l f or e s tononesid e t h r e e thou s a nd mi l e so f

f a i r -s i edna t i on fu l l o f p r omi s e i t

meetitsongoingneeds.And ifcultured

ralledandaghastattheirwitnessingofa

ag roupo fcol on i ese l e c t in g t obecomean

t h e y rea l i ed i t o rn o t t he ywer e a l so wi t -

growthofamonetarysystemwhichwas

m a n yways .

fmoneyinAmericawasimprovisational

enotconcernedwithestablishing

stems norweretheyworriedaboutpro-

neyof anartisticori nspirationalnature.

erformits function thatitbeacceptedas

d a i l y t r ansac ti ons . In theb e g i nn in g i t d id

onalformofcoins orpaper—barter wasa

oniesintheirearlyphases aswastheuse

a i l s o ro fb i a r r e on es su c h a s wamp um. I t was

m e d iumemployed i t be r e c ogn i ed a s va lu-

p le u s ing i t .And i f f o r s o me r ea son p r ob -

hatwasincurrent use thecolonistswould

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ofmoneyinearly Americawasthusa

i n g v ir t ua ll ya l l o fma n ssea r c h f or av i ab l e

e rw e avingba r te r c o i n sandp a pe r mon e y.

rmoney t heA mer i c a ns wer e t r ue in no va-

conomywhichultimatelybecamebasedupon

ofgovernmentalpapermoneyforeconomic

edmanyinnovativeapproaches inorderto

rkablemediaforcommerce.Hedgedinby

prohibitingtheholdingofhard moneyinthe

asunsuitedto theneedsofarapidly grow-

implydevelopedtheuseofgovernmental

p ed i enceandconv eni en ce. I n sod o i ng i n

heywereunwittinglybecomingeconomic

h oweve r t h a tm on e ywasag o od dea l

thepeoplethan itistoday.Thepopula-

endofthe colonialperiod itwasless

number.Moreover thelinksbetween

s strongastheyarenow.Evenat the

herewasnosinglelargeAmericaneconomic

do f s ma l lones r an g ing in s i e f rom a s in gl e

merchantswithaneconomicnetwork

obaccofarmerinMarylandhadlittleto

setts whatcommerceeitherhadwas

or inforeigntrade.Thesmallersi eand

nomicunitmeantthatmoneywasless

nt.Inavillage market tradecouldand

argemerchant transactionsrecordedby

oractualmoney.F inally amuchsmaller

rectlyinvolvedinthe moneyinthose

mightsupplyallofthe needsofhisfamily

rmonthsat atime.Hisneedfor money

henlargelyan areaofsmallfarmers.

heuntestedcoloniale pedientsto

argelysuccessful onemustremember

stantlyinvolvedfairlyfewpeople.

yoneonlywhenspecialevents suchas

hattheprocess ofinnovationwasac-

aterneedformoney.Themostnotable

ay War when un d e rg rea t erp r e s sur e th a n

rnmentcreatedanAmericanmonetary

dualcolonies tofurnishspecietoredeem

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on

Amer ica in16 0 0w asas r e mo te a s my s -

e reachesofouterspaceare toourcontem-

ndromance fameandfortune tothose

unknownandbreaktheconstraining

i k e thoseo fmode rnas t r onau t s t he i r e -

reandrecordedforeverinthe annalsof

e ampleofsuccess.Ithad beenpush-

eNewWorldformorethana century

efor itself.Itsshipsmaderegular

s haulingtoCadi preciousmetalsand

c o andPeru h ide s f rom th e La P l a t a r eg i on o f

i rg in i a " En g rav e d15 5b y T he od o r e deBr y

Pu b l i cL ib r a ry N e w YorkC i t y

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o m Merca tor A t l a s

romthe Caribbean.Portugalhadsimi-

graduallydevelopingaplantation

up p l i ed suga r to theE ur op ean mar ke t .

etnottakenevena smallsteptoward

e n E l i abe th ma rau d i ng e p e d i ti o nsaga in s t

cou raged and on occ as i on s he i n ves t ed

voyages.B utEli abethdidnotchooseto

evenafterthedestructionof thegreat

a mes Ia scended the th ron e in 1603 he t oo

coloni ingventures.

italone buttonoavail.Sir WalterRa-

t o Vi rg in i a in1 5 5 bu th i s co lo n y f a il ed to

04attemptedwithoutsuccessto founda

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O L O NIZ ATIO N

s y of theAmer i ca n

singleprivateindividual nomatterhow

e r e so u rces to f i nance t h i s t y peo fac t i vi t y.As aco n-

eu s t oco lon i a t i o n c ame f ro ml arg e t r a din g

apableofraising theenormousamountof

os u chaven tur e .Th eA mer i cane pe r imen t

ritishbusinessoperations.

aseffectedbytheL ondonCompany

06asaregulatedcompanyandreor-

n t -s t ockcompany co n t ro l l e dbyw ea l thy L on do n

atchedacontingentofmenandsupplies

yChristopherNewport toestablishanout-

1607 t he e ped it i on s igh t e d t he c ap e s o f

p r ecu r sorysu rveyo f t hea r e a s e l ect ed a s i t e s ome

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t h e se t tl emen twa s named J am e st o wn i nh on o r

operations thecompanysentsome

Ye t due to thehar sh c on di t i onsand th e In di an

h e e nt i r epopu l a t ion nu mber e d l es s th an 1 3 00 .

y f il ed fo rbank rupt c y a n d i t s ch ar t e r

umbrances revertedtotheCrown.

dslowlyinthesucceedingdecades as

deade uatelandforthecommercial

hichEnglandprovidedane cellentmarket.

edandtheprobabilityofsurvivalloomed

k en e d e speci a l l ya ft e r 1 64 0. A bsent eemana g e -

miseofthe L ondonCompany.Now

mericaorimproveitsrealestate migrated

ldmanagetheiraffairspersonally.B y

istenceaplantationsystemrunby owner-

edthetransportationofa laborforceto

gnesstopay firstforindenturedservantsand

hcapitalflowedintothecolonies intheform

lonywas stillsparselypopulatedbythe

o f i t s annua l t obaccoe po r t s t o Eng lan d

l l i o npounds s te r l i ng .On ba l a nc e V i rg i ni ah ad

ationwasNewEngland thesingular

blendingofbusinessandreligion.This

mouth foundedin1620byreligiousseparatists

radford.L ackingthenecessarycapital

ePilgrimsstruckabargain withagroupof

aj oint-stockcompanywasformedinwhich

hare.Eachcolonistgoingto Americaalso

hecolonistswereto workforthecom-

dof whichtheyweretoreceivetitleto the

beli uidatedinaccordancewithstock

ebeginningapoorand obscurecom-

e i ng mor tgaged fo r man yyea rs t oL on don

mainlyrural barelyscratchingoutaliv-

ateas1691thecolonyc ontainednomore

a t y ear i twasab so r be db y it s r i c h e r and l a rg e r

y.

onofNewEnglandcamefromtheMassa-

t a bl i shed in162 . A c tu a ll y i tw as an o ff sh o oto f

ichsince1623hadbeensendingout fishing

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O L O NIZ ATIO N

p o fNewEng land 1 614 ( Cou rt e sy o f theB e in e ck e Ra re

r a ry Ya l eUn ive r s i ty N e wHave n

ongthe NewEnglandcoast.Whenthe

i twas r e org an i ed a s th e M a ss a c hus e t t s

ionsofcapitalfromL ondonandeastern

ationreceiveditscorporatecharter giv-

.

A meri caea r l y in 1 63 0 . B yJ un e o f that

adwitnessedthearrivalof morethanathou-

u a t ep rov i s i onsan de u ip men t t o s t a r t bui l d i nga

wilderness.O nereasonforinitialsuccess was

e r s i nc luding i t s p r es i de nt J o hn Wi nt h r op

ica.Takingthecharterwiththem theyin

rationundercontrolof American

ac h u set t sBay mer ch a n t s a ndm in i s te r s

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S

oththeoldDorchesterCompanyandthe

y Companylistedarelativelysi able

ckholders.O fthe119memberswho

esterCompany 20wereclergymen.

eywereeducated highlyrespected and

ntheformulationofcompanypolicy.In a

edasthepersonneldepartmentoftheMassa-

parentlywithgreateffectiveness.Theyad-

onnelandwerestronglyopposedto the

gundesirablestoAmericatobegin co-

ehighdespitethehard dullroutineof

yandpurpose acompellingreasonfor

sentedafusionofEnglish CommonL aw

ofthe NewEnglandF ederationof1643

h e a t temp t " toad van c e thek in g dom of ou r

d t o en oy the l i be r t i e s of t heGo s pe l i n pu r i tyand

nedtodirectsocial behaviorinconformity

lingethicalcodes.Themediaevaldoc-

e d t owagecon t rol an d p r i ce- f i i ng o f manyco m-

tlawedwhattheydeemedunfairbusiness

n g r eg rat i ng an den gro s s in g .

reconomybybuildingsturdyfishing

or cod bycombingtheforestsfortall

ores byconstructingfastshipsand carry-

e fortheirservices.

alwasraisedinternally.SincetheMassa-

absenteeinvestorofa corporation his

t heA mer icanp ro e c t .

urceof capitalinseveralways.F irst

assachusettsmaintainedtheirold

httoservice thosewhowerean iousto

et.TheearlyAnglo-Americantradewas

withtheAmericanmiddlemanactingasan

s.B ritishmerchantsthusborethe risks

eingcolonialcapitalforlong-terminvest-

s es sh ipping t e rmi na l s f i s h ing f l e et s an d

B r i t i shmer c han t s o f t en e n t e r ed in to l i m it e d

hingandtrading ventures.F inally the

ouragedotherEnglishbusinessmento

o fv i t al c ap i t a l fu nd s a nds ki l l s .

sesin output whichinturncreated

eansoffinancingits transportationto

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O L O NIZ ATIO N

plentifulinrelationtoavailablelaborers

tsupply.F rom1630to1640an estimated

B oston.Calculatingtransportationcostsat

talinvestmentinrelocatinga laborforce

s s t e rl i ng a s t agg er in g f igu re f o r t h at d a y.

nthcentury tradewasopenedupwith

ope immeasurablye pandingthescope

a l ac ti v i t y.As the c en tury d r e w to a c lo s e t he

e di c Pa r i s 1 76 9 ( Co urt e sy o f theCo lu mbi a U n i ve r s i t y

mb e redmore than60 000 a nd B os t on t he

n e d some6 700 t ownsp eop l ean dc ar r i e do na

s oftheworld.

on Englandincreasedthenumberof

dditionswereaccomplishedby three

a ssa chuse t t s andV i rg in ia t h e e s t ab l i s hm e n t

t r e pr eneur s an d t hec on ue s t o f o th e r c ou n-

ee tensionsofMassachusetts.With

nd t heywer e s e t t led w i th the s a me l ogi c a l

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H i s toryo f theBr i t i s hP l a nt a t i on s i n Am e r ica . . . . Pt . 1 .

i n i a L ondo n 17 3 ( C ou r te s yo f t heCo lu mbi a

chusettsitself.Soonafter theinitiallanding

i s t ence—B os t on S a l em C ha rl e s town

y nn Ro bu ry an dDo rch e s te r. E ach tow n was

esamemanneras townshadbeenlaidoutin

dle wasthecommon withthemain

gle.Nearbythetownsmenbuilttheir

n i st e r shouse andch u r c h schoo l . Ea ch s e t tl e r

w h i chva r i ed f romaq ua r t er o f a nac r e to twen t y

norchard andputina smallgarden.Notfar

wasassigneda stripoflandfor cultiva-

c l os edby fenc ing a ndco ns e uen t ly th e

son sowingandreapingatthesame time.

plantingandharvesting wereplannedand

. O the rpa rt s o f t h e l andwer e r e se rv ed f o r

gofwood towhichallsettlershad

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O L O NIZ ATIO N11

aportionofhomelotsand arabletractswere

gfamiliesj uststartingoutin life.

ofavailablelandwasapproachingitslimits

d i ts p r e sc ri bedb ounda r ie s i t wo u ld pe t i t ion

vi n c i a l l eg i s l at u r e f o rpe r mi s s ion t o se t up a

alsubdivisionconsistedof24 000acres.If

osedesignatedtomigratewould ontheap-

newlocationunderthedirectionsofa few

d t o superv i s e the j ou rn ey. Ona r r i va l a t t he

y w as aga ina ll oca tedah om e lot a s t r i po fa r ab l e

ecommon.

tsbeyondMassachusettswerees-

Hooker pastoratNewtown ledacontin-

ndSaybrookontheConnecticutRiver.

ythereafteratHartford Wethersfield

aterincorporatedintoMassachusetts.The

weredirectedbytheReverendJ ohn

n oneofhisparishioners.B othmenhad

ssachusettsB ayCompanyand together

e r c han t s so ug ht t o se t u pam e rcan t i l e

ostonin1637andthe followingSpring

NewHavenon L ongIslandSound.

entsevenmorethanthoseinMassa-

anidealof aB ibleCommonwealth.Their

by-lawswerej ustifiedbyScripture.

erin coming.B yabout1650 strag-

DoverandPortsmouth whosepopulations

mthesouth. In165 Massachusetts

ninhabitedlandto thenorthwhichlater

-r de redpa t te rno fe pan s ion w a s th e s et t l e -

o f d is co rd.Roge r Wil l i ams fo r ced to l eav e

istheologicalviews fledtoNarragansett

y a f ewloyald i s c i pl e s he f ou nd e dan ew s et t l emen t

encePlantation.

alsoforcedtoleaveMassachusetts

intothewildernessofRhodeIsland.

on awealthymerchantandstockholder

m p an y andSamue l Gor ton sh e ru l edPor t s -

o n qua r r e l l ing e a c hwen th i s s ep ar a t e way

ontoWarwick.

ionmovementbeyondthelegal

u n l ik eNewEng lan d n o t i n a n o r de r ly a ndo r-

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a m about1650 byLa u r e nsB lo c k ( C ourt e s yo f t he

NewYorkCity

t h e 1640 s p e op le f r om Vi rg in i aw ere d r i f t in g

of NorthCarolina.Themotiveseemsto

however thesefrontieroutpostsbecamea

ando the rundes i r ab le s .

nglishdominancewhenNewNether-

6 2 4 cap i tu l a t ed t o a B r i t i s h t ask fo r ce i n

hcontrol ofthelandfromConnecticut

ngbylandtheirnorthernandsouthern

akeup theoriginalU nitedStates

rsmallgroupswhoac uiredproprietary

efirstofthesesole proprietorswasCecil

a nt f romh i s f athe r Ge org e L o r dBa l t i mo re.

heL ondonCompany whichhadsent

he establishedacolonyinNewfoundland

andfurtrade.In1632 hewasgranted10

hecharterforwhichwasactuallyissued tohis

mo re fol l owed inh i s f a the r s foo t st e p s a nd

e ped i ti ona r r i ved in th eC hes a peake Bayan d

nea r themo u t ho f t hePo to ma c .

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O L O NIZ ATIO N

ethene tsuccessfulcolonywasbegun

.Thisoccurred in1670whenagroup of

J ohnCo ll e ton a B a rb a do s p l a nt e r a nd

r o f Vi rg in i a s en t ac on vo y t oSo u th Ca r o li na .

thevoyagerssettledonasite onthesouth

eproprietorwasWilliamPenn who on

tooktitletotheancestral landsandeffects.

b t o f16 000po und s to th e e s t at e f ro mt he

inthe NewWorld anarrangementwhich

arter bearingtheGreatSealofEngland.

Atlanticand fourmilesupthe Delaware

thecityof Philadelphia.Headvertised

a pamphletsweretranslatedintothreelan-

h andGerman .Phi l ad elp h i awas f r o mtheo u t s e t a

servinganever-growinghinterland.

y P e rceva l O g le t ho rp e a nd A s s oc i a t es .

aristicandphilanthropic.Thecolony

z oneagain s t t heSp a n i sh in F l o r i da a nd as

givenafreshstart.

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e Amer icami ght s t i l l be r ega r ded a s

a n d nakedcoun t ry. S e t t lem e nt swe r e thin l y

h e reand the r e f o l l ow in g t he dee p i n -

ndingrivers communitiesprotrudedin-

ationamountedtoonly about260 000

achusettsandV irginia.

glishcolonieswereagoing concernby

lysmall-scaleone especiallyincomparison

operationstothe South andthey

ricaneconomicmight.Theirlimited

w i t hach ron i c l ack o f s pec i e ( cau s ed i npa r t

cpolicies inensuringthatthe firststepin

merica wouldbethewidespreaduseof

d B a l t imore (16 06 -1 675 .B y G e ra rdSoes t

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preciatestheuseofcoins andpaper

thesecurrencieswillbuythe property

oour modernliving.Intheearlyyearsof

e N orthAmeri can c ont i nent h owev e r p e opl e

uythethings theyneeded.Insteadthey

m o ne y suchas In di anw a mpu m n a t i ve to -

a n d thebar t e r ingo re ch a ngeo fon e k i ndo fg oo d s

Ho l l and F ran ce a nd e l sewh ere i n

s b e fo r e them h ad kn ow nand usedco in s for

moneywasnotnewtothemwhenthey

e r i ca in theea r ly16 00 s .H o wev e r m a ny

s w i th them a nd i n th e c a s eo f theEn g l i sh

nthehomeland theywerediscouraged

t all.Whilethesettlersmanagedto ac-

mo ney f romt ime to t i me ( mo s tl y f r om S pa n i s h

urnedtothe motherlandsforagriculturaltools

ialfarmsandin establishingnewco-

w A mer i canshad l i t tl e c ho i ce bu t t o r e s or t t o th e

e changingonecommodityforanother

bstituteswereso widelyacceptedin

ta eswithfarmproducts.

ubstantialbutgraduallydiminishing

afterthefirstseaboardsettlementswere

stheypersistedthroughoutthe entireco-

mountsofSpanishand othercoinsbe-

f romthemid - 160 0 so nw ard t he r e was

liminatethe useoffarmproduce called

te r t hemorepopu l at ed c e n te r so f t he seab oard

money farmersinthehinterland

.Thecountrystore wasthecenterof

p ou l tr y an do the r f a r mp ro du c ts c ou ld be

c l o thing ha rdwar e and o t he rn e c e ss i t i e s.

imilar tradingtakesplace.

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finitionofmoneyincolonialtimesas

a n ge wem igh t ad d t ha t s uch mon ey too k

needsat differenttimes places andcir-

ghthavein commonwithneighboring

e g ov e rn ingbody l aw s an dcu st oms a swe l l

msofe change.Eachcolonialgovern-

ommoditiesitsciti enscoulduseas

rivatedebts. Whilecolonialauthorities

valueofaparticularproductfrom timeto

ddependingonsupplyanddemand.

periodforsomesettlersof eachna-

articlesboughtandsoldin termsofthe

herland.Evenwhennocoinswere

t h eEngl i shco lon i e s wou ld e p r e s s val ue s i n

e nc e s t e r l ing . InN e wAm st e rdam sa l e s wer e in

a n ds t i ve r s . I nD e la w a re p ro duc t s we r e tr a ded

killings.MeanwhiletheF renchsettle-

l e y weredeal i ng in l i v re s s ou s a n dd e ni e r s .

edforuseas moneyinpaymentof

ariouscoloniesismuchtoo longto

stapleproductsincludingskins grains

b e ef t o ba c co c h ee s e s u ga r m ol a ss e s r u m

a ll o w l u mb e r p i tc h t a r i n di g o a n d a ho s t of o t he r

irectly orindirectlyfromthesoil. Inthe

s o ne o f themost im po r tan t a r t ic l e s o f e -

n o r tho r sou th .F r om th eb e g i nn ing f u r swer e

c h a nge a t f i r s t a lo ng the seab oard a nd l a t er

ternmovementofpopulation.B eaver

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S T IT U T E S 1 7

urtesyoftheMuseumoftheAmericanIndian-Heye

t y

mand atonetimebeingthecolonists

m a r ket .

substituteswerenails.B eforenail-

ereinventedinthelate1700 s nailswere

mith andtheywerevaluedinterms of

rcewerenailsin thosetimesthatmost

odenpegs.Nevertheless nailswere

onedhousesweresometimesburned

m.To discouragethispractice in1646

giniaofferedtopaythe ownerofahousethe

usingthe torch.

i n t heea r l ydayso f c o l oni a t i o nwer e

dV irginiapowderandshotwereabout

tieswerepaidfora considerablelengthof

bstitutecurrencyinboth ofthesecolonies

ctionslargeandsmall.

e p r i nc ipa l formof mo ney i nV i rg ini aan dMary -

he NewWorldingreatdemandin England

ercialcultivationofthetobaccoleafin

n i n1612byJ o hnR o lf e h usb and o f P o -

f i ci a l cu r r encyo f th e c olo ny i n1 619 t he

dby thefirstGeneralAssemblyat

eda t3 sh i l l ing s pe r pound fo r theb es tg r ad e

m

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25/222

S T IT U T E S

etingofTobacco.F romWilliamTatham AnHis-

o t he Cu l t i va t i ono f To bac co L o n do n 1 00

D i v i s ion TheNewYor kPub l i cL ib r a r y As t o r L e n o

N e wYorkCi ty

m

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26/222

. V a luedat3 sh i l l i ngs ap ou nd in1 619 i t b e -

t w aswor thon ly 1 ' / 2pen ce a po u nd an d

mallfractionofits originalvalue.

e i n conveni enceo f i ts ma orc u r r en c y i t s

ngvalue asearlyas1633the colony

a l l con tr ac t s b a rga i n s p l ea sa nd j u dg e-

T h is l awprovedwh o lly in e ff ec t ive s im p lyb e -

.In afurtherefforttoraise tobacco

ered theburningofallthe badandhalfof

V i rg in iaand M a ryl an d j o in t ly r a t i f ied a

oneyearandtouse othermoneysub-

sprovedonlytemporarilyeffective.

n ia n s s t i l l d i sc o u r aged by low tobac c op ri c e s pe t i -

plantingfor anotheryear.Whenthe

ebelliouspeoplewentaboutdestroyingto-

dthem.Theseso-called" tobaccoriots

odenouncesuchactionsas traitorous

death penalty.

derablelossesdueto costlytransporta-

vethis problem tobaccoreceiptswere

drelativelymodernformofmoney— one

r r en cy—was l ega l i ed in V i rg in ia in1 72 7 .

torynote foraq uantityoftobaccoofa

arehouse.Thenotesbecameoneofthe

encies remainingsoformanydecades.

honoredbytradersinnorthernas well

ywerethe warehousereceiptsusedin

e c am eama or f o r mo fcur r en cy in So u t h

es whereconvenientplacesofstorage

e c a me the" ban k " w h i l e thep a p er

posit becamewidelyacceptableascur-

esas wellaswithinthecolonywherethe

olonialperiod thereweretimeswhen

essesconsideredvitaltothecolonial

hemwithofficialsanction.In V irginia

3 l a wspec i f i ed tha th o r se b r e e der s c ou ldd em a nd me-

ise ceptiontothelawof therealmwas

ding soessentialtofarmingandtrans-

dbythecolonistsfor smallchange

wNetherlandsandtheEnglishin New

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S T IT U T E S

R o a noke " t heAb or igi na l Curr e ncy of V i rg i ni a ( A s

ey o f theAmer i can In di ans

escalledwampumpeageorpeage wasalso

a s whe re i twas k nownas" R oa noke . I t

oneoftheoldestcurrencies knowntoman

ofcowriesortiny seashells orpiecesof

deintobeads.Strungtogetherin beltsor

t e mb lemsof Ind i a ncul t u r e p r i e da so rn a-

ncy.

h a n ge inNewEngland were f u r s g r a i n

n paymen to f t a e sa sw e l l a s p ri va t e de b t s .

co rn and l i ve s to ckwer e a dde d t o t he l i s t.

galcurrency intheearlydaysof Massa-

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e i ngo rde red in16 37 to "p a s s a t s i beadsapen ny

I n di a ns ( 1970 , Don Ta a y r e p or t s t ha t

Englandin1627by IsaacDeRa ier

s w i th£5 0 i nb ead s b r oug h t t o P ly -

p u rc h aseofco rn .Ta a yno t es th a t a c c o rd i n g

s ( i nc ludingups ta t e N e w Yor k t r i be s , t h e i r

possiblyoffreshwatershells datefrom

u o i sConfedera t i on w a s fo rme d . East e rn Lo ng

m a n ufac tur e w a s a ma or so u r ce o f t h e c u r-

h

y wampumva r ie d in q ua l i tyan d va l ue .

erpurpleorwhite thepurplebeing

hite.Someofthesettlerssoonlearned

purpleorsocounterfeited.Reportsare

onistsbutnottheIndians whosoonde-

n ne c t i cut i n1 64 , f o u r whi t eb e a ds wer e

c h u se t t s t he r at ew a s s i t o e igh tb eads fo r a

wampumshouldbestrung" suitable

lyanddisorderlymi tasformerlyit hath

hefathom consistingof360beads

ghinMassachusettstheshellmoneywas

12pence in1641thelimit wasraisedto

rs t hen theamo unt w a s lo we red t o4 0shi l l i ngs .

enientandusefulcurrencyinthebeaver

wEngland.Desiringamorefle ibleand

bywampum however Massachusetts

i t s o wncoin s f r om 165 2 t o1 6 2 . Th e

glishregulationsforbadecolonial

omereliefbut onlytemporarilyinter-

nies.

other newsourcesofcurrency.Its

h a t o fothe r co lon i e s g r e w rap id ly t h i s t r ade

e uentedbytheNewEnglandvessels.

verplentifulenoughtosatisfy fullythecur-

p a nd ing t r ade.S t i l l c om mod i t ypa ym en t s

convenientandsatisfactorykindsof

s.Amongthemwerenotonlywarehouse

h ed ab road fo r fu t u re use s and a l i m it edp a per

treasurybillsof1690beingoneof thefirst

wasnotuntil1670that Massachusettsre-

ndcattlee uivalenttomoney.

Netherlands( uptotheEnglishoccupa-

m

M

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29/222

S T IT U T E S 2 3

c o l ony i s s a id toh avep ro vi d e dm ore c o i n s f or i t s s e t t le r s

umwasthe firstlegalcurrency butit

ageof Holland.Theshellmoneyim-

l an d ( Eng l ish s e t t le d wasp r i ce d a t s i wh i t e

oppedtoeight beadsastiverbythe ruling

ompany whichperiodicallychangedthe

d.L iketobacco wampumsufferedfrom

hepriceofthe shellmoneydroppedto24

mportantcurrencyin theDutchcolony s

a t ed a t8 f l o r in so r1 60 s t i ve r s pe r s kin t h e

ins.Thepriceofbeaverin thecoloniesasa

wellasbytheskin beingreceivablein

ftheMuseumoftheAmericanIndian-HeyeF ounda-

pound.In thatcolony theGeneral

entsinvariouskindsofproduce.In 1640

e d a t4 sh i ll i ngsperb ush e l wheat a n dp e a s a t6

y at 5 sh i l l i ngs .

cesuch asgrainsformoneyinvolvedtrans-

takenintoaccount.Colonialauthorities

f o r i n s tance e s t ima t ed th ei r co l l e ct i on an d

hecommodity ssellingprice.

ofperishableswasattimesha ardous.An

ords concerningacollectionof150 bushels

Springfield Massachusetts.Transportingthe

ythelocal constabletobemostcheaply

t R i ver.Howeve r pa s s ing ov e ra f al l s t he

li ng thepeas .Such e pe r i en cesd e ta i l ed inco-

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totheinconveniencesandha ardsof

valueofwhichwasgenerallyratedmuch

ailable merchantsbeganinsistingon

o mmod i tye changes . A t t i mes pay me n t in

dn g t og reatp rob l ems . In h i s J o u r nal o f

n Win th rop gov e rno ro fMas s a c hu s e t ts ob s e rv e d t hat

b ts t h ough theyha denou th " ad d i ng tha t

lltoone-halfor aslittleasone-fourthof

nialhardshipsin debtpaymentsisalso

n al whenh e wr i t e s o f a f ar mer nam e dRowl e y

o- c a l led" coun tryp a y. I twas t hencu s -

hiredservantsandtradesmen.B utinthis

bl e Rowleyha d t o sel l h i sp a i r o f o en to pa y

ce.WhenRowleyinformedhisservanthe

no tknowingh owtop a yh im ne ty e a r

bewillingtoacceptpaymentin cattle.

y o u whena llmyca t t l e ar ego ne " a s kedR owl e y.

a n d soyoumayhav eyo u r ca t tl e ba c kaga i n "

mentmadeintheeraofbartering the

nmusthavebeentested tothelimit.A

o u l dbeacomple t r a n sa c t i on t ha t i s t oa r r i ve a t

andhisrigand animals.InMassachusetts

l a w migh t acc e p t wam pu mbu t r e fu se t h e

herightamountproperlystrung.In Mar-

i g no rB l i t w as g i vin g a pe r fo r man c e

iredcoinstopaythe admissionfoundthat

ter1650playedama orroleinthe

Tobaccohadearlysecured afavorable

Middle Atlanticcoloniesprosperedwith

leNewEnglandmerchantsplayedaleading

rcolonialtrade.New Englandwasthe

lsfromthisregiontookcargoesof driedfish

wheresugarandmolasseswereobtained.

ndmaderumwhichwas shippedtoAfrica

Indies.This so-called" triangulartrade

upplythecolonieswith alargeassort-

r i g ins t h i s co i na ge i n f lu con t r ib u t ed to

atleastalongtheAtlantic seaboard.

m

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32/222

M O N

oin.Spanishshipswerethe principal

astheycarriedtherichestcargoes.

forbothtradersandpirates duetothe

e.

n t o England in16 55 m a k ing a va il ab l e t o

bletradingbaseintheWest Indies.This

etoobtain goldandsilvercoinsminted

WesternHemisphereandtheAmerican

oftrade withtheWestIndies.B uccaneer

nformarauders particularlybetween1660

earlyflowofSpanish-Americancoinagetothe

panishcon uestsintheNewWorld

hesupplyand productionofgoldand

ngbestsuited fordomesticandinterna-

enteenthcentury.Sei ureofthelarge

surebythe Spanishfromthenativesand

eslocated inSpanishAmericaelevated

worldtradeandintoa periodofeconomic

atingfromSpanish-Americanmints

rceandwasreadilyacceptedby traders

Spanishcolonialgoldandsilver

erallyconsistentgoodq ualityandavail-

ewasoccasionaldebasement itwasminor

ces.

EnglandandherAmericancolonieswere

andpoliticalphilosophy.Yetmoneyeco-

rtheseedsof politicaldivergence.

attitudesincludedastrongdesiretofind solu-

nsactions.Authoritiesinthevarious

valuesforthe circulatingforeigncoins.

helocalcolonialpound shilling and

ferentineachcolonyandfrom Englishster-

rt onSeptember27 1642 " consider-

f t r ad ing w i t h " t he Ho l l a nde r s a t t he

e dothereforeorderthattheholland

ec u r r ant a t s i sh i l l ing s an d" th e r i

e e l i kewi secu r r ant a t f i v e s hi l l i n gs a n d" th e

at a t f i ve shi l l i ngs .

ngandmadetheSpanishpiece ofeight

d a t s i sh i l l ings i n1 64 5 .

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M E RICA27

meetinginNewYork O ctober2-7 1672

hl l i n gsha l l pa s s fo ro nesh i ll i n g and a goo d

w e thero fMe ico S e v i ll o r p i l l a rp i ec e s ha l l

ingsinanypaymenteitherfor debtandde-

rchandi ebetweenmanandman.

e t o loca l r e ue s t NewYor ke p a nd ed t he

hownbythe CouncilMinuteofSep-

yorandAldermenofthe Cityof

da petitionsettingforththe

busescommittedforwantofa certain

stablishedfortheCurrencyof

e O r de red t ha t a l l peec e s o f e ig h t be -

ar no twe igh in g l es s e th a n fiv e t een pe nny

l l in gs& a l lPe ru o f th e s a mewe i gh t

r sha l l pas se f o r f i ve sh i l l i ng s a l l

a l lQua r t e r s a to neshi l l i ng & s i

ce.Givenundermyhandthis

3 .

c o mmonprac t i c e i nE ng la nd a ndA me r i ca to

le s b y theappe l l a ti o n so fSe vi l l e M e ic o

tionbeingwithoutaccuratestandards.Cobs

vians regardlessoftheactualmintof

valuedthesilvermintageofPeru

rSpanish-Americanmints becauseSir

a s te r o f t heMint r e po rt e d i n17 17 t ha t

uncertainallay. Despitethegenerally

f theSpanishNewWorldmints there

astheSpanishRoyalO rdinancesof1650and

no fPhi l i p IV s t a t e tha t t he r e "o c cu red a s c a n-

m

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O M O N

sofsilver moniescoinedinourPeruvian

omSpainandSpanishAmerica other

mericancolonies.The greatmi tureof

hichcirculatedwascomplicatedbynormal

schanges lackofadherencetothelegalstan-

a vi n g sweat i ng f i l i ng c l i pp in g an dch anges i n

nditionof thecirculatingcoinagewasin

n y c olon i st s found i t e p e d i en t t op os ses s c o i n scal e s a s

i m e to t ime e chang e t ab l eswer e p ubl i s hed

of account andusuallytheweightsofthe

nces pennyweightsandgrains.

raspeciallicensefor thee portofforeign

gravatedtheunfavorabletradebalance

mothercountry.Generallytradebetween

nsactedbybills ofe change.Inflation

shortageofcoinagecauseddepreciation

moneyofaccountasrelatedtothe prin-

ca theSpanishpieceofeight.In orderto

oniesindependentlysoughttopreventwhat

f theirrespectiveareasbyincreasingthe

ofcirculatingspecie. Thesterlingrate

s f ou r sh i l li ngs s i pence.E ng l and a t -

he higherAmericanratingsbyputting

untused topurchasesilvercoin.

ndividualcolonieswasgladlyreceived

aluesofcirculatingcoinswerenot uniform

hcolonyhad itsownrulesand regula-

inlocalcolonialpounds shillingsandpence.

cy inrelationtoherdominions was

h e Nor thAmeri can c o lo n i e s. Q u een A nne s

1704wasap p l i cab l e to a ll B r i t i s h t er r i t or y i n t he

u a ry 1 1705a nd wa s a s f o l lo w s :

rationthe differentratesat

coins dopassinourseveral

ica andtheinconveniencies

r ac t i c eo fd rawing th e mo n ey f r om onep l an t at i on to a no th er t o t h e g r ea t p r e -

e c t s Andbe ings en s i bl e tha t t h e

ed thanbyreducingofall

ntrate withinallourdominionsin

heSpanishdollarshouldnot passin

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M E RICA29

colonialshillings.ThiswastheMassa-

currentforeignsilvercoinswere toberated

f silvercontent.O nlysilvercoinswerein-

on o f s i l ve rbul l i o n a nd go ld l e f t am a or l oop ho l e

roclamationwasoneofdissatisfaction.

rein privatehandsbeforeitspublication

fferedoppositiontoEnglish monetary

N ewYorkCitywaso n F e b r ua r y5 1 70 5 an d

s ed nomarke t w a s op era t i ng a nd go od s

ymoney.Provisionsoftheproclamation

in1707 however littleattentionwas

u m values inAmer i ca a nd th e r at i ng s be-

oney.

thAmericancoloniesandthe West

tingthenewlimitationsset bythe

avirtualgold standardbythestrategy

weight notasmultiplesofthe Spanish

beused todepreciatevaluesandstaywithin

sreciprocatedandrated silverbythe

ldtoflow totheislands andatthesame

a i nl a nd w i th thene t r e su lt t ha t t heco lo n i a l

hdollarstendedto continueafluctua-

ue.

u eenAnne rep eal ed a N e wYor k e nactm e nt i n -

e time.Thedocumentread:

ventingtheCorruptionofthe

oftheCorruptionofthe Coyn

lony.B eitEnactedby the

yandbytheAuthority ofthe

blicationofthisActnone ofthe

ionedshallbepaidReceivedor

u e h e re inL imi t t ed a ndE p re s t a nd

panishhalfRyalsfair uncliptand

f o u rpenceha l fpenny e a ch All

nomannerofwaydefac dat

Ryallsnot Cliptnorinany man-

npence.All otherSpanishmoney

landPillarpieces whatsoeverat

y.Allpiecesof Eightandhalf

i Sh i l l ingsE igh t pe nce t he O un c e

dand innomannerDefac dat

achandhalfDollarssuch asbefore

Ninepenceeach. Andthatfrom

m

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36/222

M O N

sinthisColonyshallbe boundor

entanyof theSpeciesofmoney

rgreaterprice orRatethanis

abusetothe Contraryhereof

eof " dogdollar hadbeengiventhe

eviously.Thiscoinwasthe leeuwen-

andsasa tradecoinforcirculationin the

1 709 NewYo rk p r ohi b i t ed e p o r t at i o n" by

B ogo ta 2Escu do s 165 0

a ni s h Co i n C e vi l l P i ll a r M e i c o or P e ru L y o n

t he rFo re ignCo in G o l d S i l v ero rB u l l i on

orfeitingDoubletheV alueofallSuch

eal( " royal ) wasthebasicdenomina-

acticalformostcoinageof theSpanish

eightrealsor piecesofeight.Thepieceof

panishdollar adoptingtheEnglish

ableamountofa verycrudetypeof

nishauthoritiesand knownas" cob

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M E RICA

omcabodebarra meaning" endofa

as a l soca l ledmacu u i nao rm ac a c a .Na t i ves in c o -

m q u inade pap a lo teyc r u , " l i t e r al l y

" r e f e rr i n g t o t hede v i c es dep i c ted on th e

anchetswereloppedfromsectionsofround or

d hammer-struckwithcoarsedies the

nevidence.Planchetse ceedingthe

hemint aprocedureresultinginhighly

s wereofinsufficientdiametertoreceive

inpartor notatallor beingindecipherable.

s t suchas r e la t i ve l yc i r c ul a r po lygo na l a l -

s au c e r-l i keand th i ck in th emid d l ew ith th in

tury mintingsbecamegenerallythicker

rses reversesshowingsurfacecutsand

nalimpression.Nevertheless somecobs

coins. Despitealltheirregularities cobs

r e u sua l l yof l awf ul w e ig ht an d f in enes s o r a l -

ahighlyimportantq ualityforcommercial

Americawasgraduallyreplacedby the

hescrewpress.Anoverlapoccurredcaus-

ewtypecoinage withaprotectiveedge

ype duetoaninitial shortageinthe

ande uipmenttoproducetheimproved

duroof eightreales knownasdos

o r i ed in J un e 172 , f i r st m i n t e d i nMe ico in

milleddollar bytheAmericancolonists.It

importantcoinstocirculatein colonial

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38/222

M O N

culatedinthe B ritishcoloniesin

valentSpanishDollarV alue

becamefirmlyestablishedinthetrading

rkabletoreali ethattwohundredyears

nsstillcalculatesecurityprice variationsin

ng es no twi th s ta nd ing th e d e c im a l i ed

U nitedStatesin1792.

n circulatedincolonialAmericabut was

gularSpanishdollar series.Pistareens

haface valueoftworeales butdidnot

aSpanish-Americantworealpiece.

fthe pistareenwaslessthanone-fifthofa

dtheSpanishdoubloonwasmintedin

asoneofthemostwidelyc irculatedgold

.Thefirstmintingofcob doubloonsinthe

n M e ico .S t ar t i n g i n1 732 go ld co inage

ntsunderwentatransitionparalleltothat

ygivingwayto muchimprovedcoinsstruck

esses.

golddenominationsincomparisonwith

mandedforgoldspecieratingsthan for

ghtsusedinthe publishedtableswere

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M E RICA

42

o u gh s l i gh tl y incons i s t en t an d i n so me t a b l e s

a s u sed mea ning th e a c ce p t ab l em in imu m. In

tionsoftheSpanishescudocoinagein

mericancolonistscalledthefour escudosa

sa pistole addingtotheconfusion.

f1640broughtabout themintingofthe

d s ubse uen t t o 1 70 w e re o ft en c a l led F r e nch

inmanye changeratingtablespublished

dor leastweightfortheF renchguineas

o r t heac tua lEng l i s hg uin ea s i t s to od a t5

e n t weigh t changes a gen e ra l r e c o in ag e in

n1726 therefore anotherconfusingmis-

d o rwh ichwas l i s t ed i n r a t i n g t ab l e s a s a

t4 g r. s l i g ht l y l e s s tha nac t ua l Sp a n ish p i s -

coinage whichincludeddoublesandhalves

9 16 7 bu twasnea re r t o 0 .90 0 . TheF ren c h

cedwidecirculationintheAmericancolonies.

ghtre uirementforF renchcrownswas

ge v a luat i onwasse t a t s e vensh i l l ing s s i -

w ei g h t and ra t i ngas for t heSp an ish mi l l ed p i ece

16 6 ; " F r e n ch G ui ne a 1 71 0

m

M

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40/222

M O N

wasderivedfromtheWest African-area

rceofthe goldfromwhichtheearliest

was f i r st co in e d i n16 63 .P r io r t o th e

neaanditsmultiplesand fractionshadare-

nagetroublesplaguedEnglandaswellas

teenthcentury silvercoinshortages

uctionofscrewpressmintingin1662 did

24

tyofwornandclippedhammeredcoins

neralrecoinageofsilverwas undertaken

supon e changeofoldfornew coins.

s theguineawaspermittedtofluctuate

r oa c h ing th i r t y shi l l i n gsa t on e t i me d ue i n

erbutmainlybecauseofthe deteriorated

ntherecommendationofSirIsaacNewton

ny - on esh i l li ngs in1 717 a r a t e t hat ove r-

noneandone-halfpercent.

m

M

m




r g / a c c e s s

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y - n c - s a - 4 . 0


41/222


42/222

M O N

e r ed in1500 f i r s t co lo n i e d by P ort ug a l i n

n f r om15 0un t i l 1 640 wasav e ry imp or t an t

goldcoinsimportedbyB ritishcoloniesin

goldin MinasGeraisin1693prompteda

95 t h eBah i aandRi od e J an e ir om in t s

r a i l .

eg o l dco insonana t i o na l o r e s cud o s t a n da r d

heweightandfinenessbeingthesamein the

n d th e 1 2 8 0 0 r ei s ( B r a i l , t h e 4 es c ud o s an d t he

a n d the3 200 r e i s t h e 1escud oa nd th e 1 6 0 0

t h e 800 re i s a l l bo re t he r oya l por t r a i t an d

i n at i ons.The8 e scu do a nd the1 2 8 0 0 r e i s

e s cudo an d f r ac t i ona l c o i n age f o l low e d sui t .

yalso minted onacolonialor decimal

s t he l a rge s tbe ing the2 0 0 00 re i s i ss ueo f

ss o f J e ru sal em .

8 00 re i s bea r i ng th eb us t o f J o ha nnesV w e re

t h e4escudos ( 6 4 00 re i s be i ngco mm on l y c a l le d

ei s 17 32

o f November29 1 732 p r ov id e d f o r thed i s -

h e l arge rdenomina t i o n in Br a i l b u t t h e

strikethecoinin 1733 presumablybe-

ms.Thehalfj oethenreplacedthej oe

i a n goldco in toc i rcu l a te in B r i t i s hWes t I n d ian

mericancolonistsandpassedunder the

ecessaryconfusion.AnotherPortuguesecointo

encolonieswasthemoidore acoinof

m

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M E RICA

e g a l ly0 .9167 f in e t h eac t ua l f i n e nes s o f

oldcoinswas between0.912and0.914.The

o h annes ( 1 d w t . 8 g r. was f i ve po un ds

an ne s ( 9dwt .4 g r. tw opo un dsseve n t e en s h i l l -

r e s (6 dwt .1 g r. t w op ou n ds t h r e e s hi l l i ngs s i -

u gu e sego ldco in sp l ay e da ve r yac t i vepar t i n

wi n g inandouto f t he ma o r s eap or t s i n bo th

heres.

6 4 00Rei s 17 39

f t er March31 1 7 50 u s in g t he t e rm

u do sands ingl e j ohan nes fo r4 e s cudo s i n c luded

ratedsilverinMassachusettscurrencyat

r o u nceandSpani sh" m i l l d P i ec eso fE i g h t o f

g s andp rov ide dadd i t i on a l r a t in gsa s f o ll ow s :

n g s AnEng l ifh Cr owna t f i Sh i l l -

ownatthreeshillingsand four

neShillingandfourPence:An

nc e : Adoub le J o ha nnes o rG o l d

ofThreePoundstwelveshillings

t e e nShi l l i ngs :A f in g l e J ohanne so f t he

g s S t e rl i ng a t fo r t yei gh t S h il l i n gs:A

s:APistoleoffull Weightattwenty

arthingsforonePenny andEng-

NumbersinProportion.

g r ea tmar i t ime r i va l ry e i s t ed in theMed i -

m

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45/222

M E RICA

in

Q : * 5 _ .~

C a r.

5 2

a n ac k fo r1751 p r i n te db yB . F r a n k li n Ph i l ade l phi a

orkHistoricalSociety NewYorkCity

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46/222

M O N

e C ont inent a lCongr e s s a ppo int e dac om mi t t e eof

c e rt a i n theva lueo f t he s ev e ra l s pe c ie s o f go ld

h e s ecolon i es a nd th ep ro po r ti ons th ey o ug h t

s:... ThecompletedreportofSep-

l d i nBu l l i on a t s e ven t e e n do l l a r s pe r t r o y

d S i lve r a t oned o ll a r a nd o ne - n i nt hp e r

nationsintermsofSpanishmilled

ted proportionatelywiththeprovision

hpartofadollarpergrain ongoldcoins

anadvanceatthesamerate ongold

hecommitteepointedoutthefact that

edatdifferentrates intheseveralstates

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M E RICA

a pp e n in some ins t ance s t o t h e pu bl i c a s w e l l a s

oberemedied.

fa c t o rymi tu r e o f c i rcu l a ti n g f o r ei g nco insd id

nyyearsaftertheU nitedStatesofAmerica

ystem.As ane pediencyuntilsuchtime

ly s upp ly i t s co ina ge r e u i r emen t s man y

onweregivenlegaltenderstatuson a

ionsoftheforeignc oinlegaltenderlawof

c ti v e J u l y 1 1 7 93 , g o ld c o in s " o f t h e ir p r es e nt s t an -

a n dPor tuga lwere r a t e dat oned o l l ar f o r 27 g r.

m F rance Spa i n a nd theSpan i sh dom in ion s

weight.Spanishmilled dollarswere

weightnotlessthan 17dwt.7gr. each

dollarand tencentsforactual weightnot

ubdivisionsofthesecoins wereratedpro-

anishmilled dollarsandtheirdivisions

foreigncoins couldcirculateweresetat

esticgoldandsilvercoinageunder the

e s t ab l i sh ingaMi n t a nd regul a t i ng t he c o i n so f t he

o re ign l ega l t ende r l aw w a s e t end ed a nd a me nded

onoflegal tenderforeignspeciewasnot

57 ove r s i dec a des a f t er t hee s t a bl i sh men to f

whichhadbeencirculatingin the

afterthe Revolution whetherornot

n d Va lueo fCo in s as t he yp af i i n t he r e fpe &iveS t a t e so f t he U n i on w i t h t hei r

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49/222

ges

1 6 40 -1763

r e n chpos se ss ion s in No r thA mer i cae pe r i enced a

ishAmericansimportedgoldandsilver

t he i rF rench c o unt e r par t s sp o ra d i c al l y

ehomelandgovernment.F rench

tiondidnot beginuntilmanyyearsafter

anditwasnotespeciallyconsistent.

ed m oney inNouvel l eF rance ( Ca nad a an d

a s r a rea s i twas i r r el evant a n imalpe l t s be ing th e

geamongthehabitantsandtheIndians.

e n spec i ewasnec es sa ry l a rgel y f o r p u r chas i ng

visionsnotlocallyobtainable.O fficial

w asde li be r at e ly ca lcu l a te d t om in im i e the su pply

s m et a l l e aveF r e n c h j u r i sd ic t i on in f av o r o f En gl i s h

o n i eswere thus fo r ced to re ma i nas nea r ly as

homegovernment totradeaslittleas

l w i th for e ign s hip s an d t o r ema inasn e ar ly

ereconomy.L ocalcoinagewasregarded

tive ontherareoccasion whencoinwas

eds itwasofa kindnotelsewherenego-

withforeigners.

a t p rovid ingaq uan t i t y o f s i lve r c o i ns in 1 67 0

ded despiteupwardanddownwardre-

asethe colonists plighthadtodo with

usly thoughthecopperswereofgood

lt e and theeno r mousb i l l on i s su e s d is ap -

t h r ough1763 Can ad i a n a nd Lo u i s i an an a u -

on cardmoneyasanemergencycirculat-

ingofthefollowingmaterialisfamil-

rysystem mintsandmintingpracticesof

ionprimarilybecausenosinglereference

m

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50/222

it s w e re the se :

o u rn o i s = 20So l s . Ab b r evi a t i on :L T. As i l v er

o f s h i ll i ngo rqua r t e rd o l l ar s i e .

tion:S.Sometimesaslowas9 sometimes

n di ng to r e turn to th e n o rm of 12 .Aco in o f 1

on commonlyofsovereignorU .S.nickel

e l arge ro r smal l e r.

urnois .Abbreviation:d.Aunit ofaccount

/ 12 s o l r ep r ese n t ed r a r e ly by t i nycopp e r

denominationsisofultimatelymediaeval

s o r i gina l ly l i b r a= 2 0sh i l li n gs l i v r e i s

ngwasdividedinto12pence ( d. originally

2 d en ie r s .F r ench an dAn g lo -Gal l i c co unt e rp ar t so f

preciselydeniers.L aterdivergencesin

aluationsoverthecenturiesonbothsides

meswerelessprecise:

une1640 wasaheavysilvercoinof

T = 60so ls .C hanged to4 L Tin1 66 3 3 .1 in

al e d i c t s i nf l a t i ng t o 5L Tin 170 9 i t r e a ched i t s

L a w ( 1 7 20 , b e in g r ed u ce d t o ll / 2 L T l a te r s ti l l

v a lu edbyweigh t . I tsn am e ( = " s h i e ld )

ourbonarmsonthereverse.

ame foranygoldcoinwith aroyal

o r = 10L T ad oub le l o u i s= 20 ap e t i t

evariations.Thecoinsdid notindicatetheir

heywerevaluedsolelybyweight as

silvercoinwitha royalportrait com-

T thepe t i t l oui sm i g h t be1 LT o r1 /2 LT.

efrom6 to24deniers.

icially ratedtothemarc.This wasa

ughthename wasoccasionallyusedto

Royaledictsandthe decreesoftheConseil

e d c o in soface r t a i n tot a l we igh t i n marc s to b e

edfineness weightandtolerance.The15

wasaco in t ar i f f eda t3 5 t o t hem a rcwe i g h in g

r a ms ( 10 .13 g r ai n s . Kn o wled ge o f th e s e

enableddiscoveryofauthori edmintage

outfromstripswhichhad beenrolled

wereforbidden.Edgesreceivedreedingor

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R ENCHREGI ME

anksedgewiseunderpressurebetween

a c h ine bea r ing th e o r nam ent s t h i s a t once

agedclippingorshavingedges.Designs

crewpress amethodwhichreplaced

signswereimpartedtodies byacombina-

portraitpuncheons smallindividual

symbo l s e t c .The r e w e re s om e 30s epa ra t e

e when theConsei l d Es t a t or de r ed a ne w

s n ame cop i es o f d r a win gso f the i nt ended

intmasterwiththe necessaryphysical

. t h eannua l t r i al s o f t h e py , o rdea l ing wi th

cientfineness , itwasbelievednecessary

i d e nt i f y i t smin t s i t e and mi n t mas t e r s a nd

a r ks va rying f r om tim e to t i me i nc l udeda

ndapersonalsymbolor differentforeach

g r a ve r ( r ev. . I n r a r e i n s ta nces a s uc c e ss io n o f

sethesamedifferent.Normallyachange

fdifferents.

o f a l l t hecoin sa u t ho r i ed to pas scur r en t

ourbons includingsomeheretoforeap-

u e s ( Counte r ma rk o f 16 40

J u n e 16 4 0 a l l ol d b il l on d o u a i n s ( = 1 s o l o r 1 2

dcountermarkedwitha fleurdelysin a

pedto NouvelleF rancetobetherecurrent

e r ea f t e r r ef e r r ed to a s s o l s dequ in e ( =

so l s ma r u e s ( c o u nt e rs t am p ed . I n L o u i s X I V ' s E d ic t

e c oi n sa r e spec i f i ca l l y men t io ne das t hencur r en t a t

ma orityofbilloncoinsso countermarked

2

m

M

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r g / a c c e s s

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52/222

ms f l an k ed b y L ' s . + L V D O V I C V S -

- REX-161

rtocrossfourcheebut theendsare

we r r i gh t ang l e s c r own s r e s pec -

no t he r ang l e s L ' s .

E N EDICTV M - A - ( = Pa r i s

i n s a t6 :30so tha t t hem in tma rk i s a t

o u t 26mm w t . 11 2 t o th e ma r c= 2 .4 3 9g ram s

0 3 no t i nHoffman n B e r ryLX I I I 2 . De s ig n

gs i mi l arones r ec ur onea r l i er b i l l on c o in s ( 1 595

Cl e men tV I I I ( 1 59 2 -1 60 )

e u r de lys in r e l i e f i t so u t erbo un dary c lo s el y

o v a lo f abou t2 beads ( v a r i at i ons e i s t ;

h o r i on t a l abou t 2m m.Rar e .Usu a l l y fo und on

d o es the161 d a t e sho w. P r idm ore I I I p . 1 0

i n .

knownunofficiallyasmonnaiesgrises

y fr o m ta r ni s h— B e r ry , F r e nc h s ol e m ar k s s o u

7 09 p .379 Be r ry p . 51 7 .S imi l a rp iece s

treportedcountermarked.Wehaveseen

6 -den i e r sp iece so f1 625 s am e typean dm int

d ou a in s ( C iani17 10 , t h o ug hc it ed by Wi ll ey

1 970 p .147 a r eo fd oub t ful r e l ev ance be c a use

edicthadtakeneffect theyhavesimilar

s i n thed i eabove th e c ro wn an d t he

N-DNI-BENEDICTV M-1641.Theabove

ammeredsolsbecausetheywerestruck

ntroductionofthescrewpress.B reton

kedsols-( whichheapparentlyhadnever

a t t er nDouble a shav e mos to ther w r i t e rso n

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R ENCHREGI ME4 7

Wi l l ey B re to n s so u r c e Z ay d i dn o t

U B L E D E L ' A M ER I Q U E F R A NC O I S

ece neveroneof12or 15deniers.

u a sGove rno rCod r in g t on J u ly 13

f 16 9 9 re f er r i ng t o t he seco in s b o t ha s "b l a c k

h S ol s marks o r " F r en c hSousm a rks i nv a lu in g

— a c ommonva lueu n t i l t h e 179 0 s . Wemay c on ec -

udedtobythe Connecticutlegislature

p . 203 a t t emp t in g t o r eva l ue th e ma t 2dap iece .

I s la ndsandTor to laac t pa s sed in Assemb l yFeb .

e d by O r d e r i n Co u nc i l A ug u st 1 6 1 0 2 w hi c h wo u ld

ingallblackdoggs( alongwithvariousfrac-

ishfractions andmadeblackdoggslegal

upto10% ofanytransaction.InJ une

r e cu r re n t in S t . Ki t ts a t 7 2 to t h e do l la r i n 1 2 2 a

t c it e d" dogs a s cu r r en t a t lM> d . Aso f1 7 9

beingreckonedat6blackdogs perbitt.

d t o a l l suchb i l l on c oi n sa sn o i rs ( = b l ack

h a t t heo ldhammer e dso ls l a t e rmo us u e -

7 3 -64 e t c . pa s se d s i mi la r l yo ve r th e de c ad e s in -

mesandvaluescontinuingtoapply.Wemay

he secoin sd i s app e a red in C a nadaan d

b y c a rdmoney t he y f ou nd th e irway to th e

a p r e fe r r edmed ium of e c hange f o r a fu r t he r

i l lo n dou a in sa nds i a in s ( p i eces o f 12an d6

o n ly tobe reca l l ed i n16 62 a nds hi pp e d t o

l ued a t24and12d e ni e r s r e spec t iv e ly b y

t ( A .Sho r t t D o c ume n t sRel a t i ng t oC an a di a n

. I n1667 theywe re r e va l ued at2 0 a nd 10d e n ie r s

l s mar ues c i r cul a t i ng atp a rw i th the

p . 1 7 19 21 s ay s t ha t ce r t ai nP r ovinceo f

dtobuythe coinsinanyamountat theold

hepoorerhabitantsfromlossbydevaluation

1 6 79dou a in so f1 65 we r e a ga i n r e duced i n

s a p i ece t he i ro ri g in alF r e nchv al ua t i on be -

o16.Theysharedthe earliernameofsol

o w n i f t heywere al so c a l l ed mo nn ai e g r i s e. T he y

rikingwiththenewdevicesofthatyear

m

M

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54/222

he r ema in ingea r l i er s o l s C i a ni p . 4 39 s hows a

yoverstruck.Pridmoreignoresthem

achedthe WestIndiesinanyq uantity.

65 aredescribedsimilarlye ceptforsi eand

s f l ankedbyc row ned L ' s .L V D -

- R EX-165 -L e gend b e g i n sab ou t

markbelowtheshieldpoint.

l fourangles.SIT-NO MEN-

VM - B i l l on0 .23 5 f in e.

a b o u t24mm 1 92 to th e mar c = 1 .2 74 g r a ms

r y s ays24g ra in s w h ich p r obab ly mea n t he used a

L aterdatesthrough1691arenot relevant.

L e b la n c p . 3 8 , w he r e it i s c al l ed a " p i ec e d e

c a l l edmil l eddo u a in s .

rletters diameterabout16mm.oralittle

= 0 . 63 7 g ra m ( 9 . 3 g r ai n s . C ia n i 19 7 ;

beenlocatedinAmerica.B erryconfused

0.Thisdenominationwasignoredinthe

newerethento befound.Probablycalled

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56/222

p la i nona l l s een t ho ughV .Gu i l l ot eu , M on-

a l l s for f eu i l le t e e ( l e a f-o rn am e n tedaso nSp a ni sh

ght l y f romabou t27mm . t o2 , t h i ckn es s

w e i gh t35 to them a rc= 6 . 99 g r ams ( 1 0 .1 3

a bo u t 10 5 g ra i ns . L e b l a nc ( 1 7 03 , p . 3 8 ; B e r r y

. X C V I Z a y p p . 41 - 43 C i an i 2 06 4 B r e t o n 50 1

p . 1 34 G u il l ot e u 1 C h ar l to n l a M a a r d 1. 4 0 0 0 0

A b ou t12 t r aced two mi no rv a r i et i e s— ( a

n d in gbeyond i t F o ncu r l s t o pa f t e r TV I— e

e ndofcu rl a lm o st t ou c hes r i g h t t i po fX , F

fe r T VI— ANS a nd o t he r s l e s s r a re . M a ny

S O L S.Obve r se a nd reve r se s i mi l a r t o1 5so ls .

i n edge d i am.20 to 2 1m m. t h i c kne s sabo u t

m ar c o r2 .33g rams ( 3 5 .97g ra i n s , ob s e rv e d

p l . II I 5 a n d p. 1 3 5 L e R ou 2 5 1 B r e t o n

n n 1 01 Gu i l lo t e u 2 C ha rl t on 2 C a rmi c ha el 1

e s i n c ludedunde r the1 5sol s .A to t a l of2 00 00 0

at 5 obve r seand3 reve rsed i e s d i f f er i n g

e q uantityshippedtoCanadaisnot

ou t a t t he r a teo f40 s o l s pe r beave r ski n bu t

c o i n s . I gno ran to f G re sha m s L a w t he

, 1672 r a i s ed th ev a lue so f t he1 5 a nd 5 so l s

n d6so l s8 de n i er s ( 1 /3 l i vr e e ach w h i c h

lationdisappearedatonce.O nDec.2

e d t he co in s to the i ro r i gin a lva lue s w i t hou t

aretransactionswheresilverwasneeded

panishandMe icansilverandoccasional

e an dO akTreecoin a ge , do u bt l e s s a ide db y t he

p encewe ighed th e s a meas a5 s o l sp i e c e fo r

atthe B ostonShillingswouldhavebeen

e ( Ma ine Dep os i t o f1 70 4 c o n t ain in ga

ac h u set t sBays i l ve r an d fo und ina l oca t ion

m

M

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r g / a c c e s s

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R ENCHREGI ME5 1

thto B ayColonypeopleandhabitants

isevenpossible thatbetween1670and1690

ke d XI I may hav e pa s sed a t12 s o l s e ac h .

D E NI E R.

t e 1 670 Pa r i sm in t mark A be l ow.

I I I I- D -G R - R A N - ET - NAV. R E X S t yl e

.

L E / D E - A / M E RI Q V E - / F R A N CO I S E

a ch s i de a th i rdb e lowi t . Dent i -

ce.

am e t e r23.5mm.M a a rd g i ves t hewe i gh t a s6 .

wh ichcor r e s pond s t o a s t and a rdo f35 to th e marc

C i an i2066 H offman n 250 p l .C IV ( i nb o t h

d — a n e r ro r a s a H ar d i s a 3- d en i er s p ie c e ; Z a y

C r os b y p . 1 34 r e pr e se n te d b y an e l ec t ro t yp e V . G . 3

M a a r d 3. P r es u me d u ni u e a l th o ug h a s ec o nd i s r u-

n ti o ns two t h a td et a i l edb e lo w p lu s on e in th e

r p i ec e i sbe l i eved t ob e one o f th e e l e ct r o t yp e s .

J . J . F o r d J r . b y t r ad e ( 1 9 54 e W a yt e

J o h n so n e V i r gi l B r a n d e C o un t F e r r a ri w h o

h e ueNa t iona l e .

y S p an i shdo ll a r sh a db eg un to c i r c ul a t ea mon g

andofficials—largelyfor payingthemilitary

n F renchecus theywerepreferentially

ded.ManySpanishdollarswerelightweight

o n J an .13 1 6 3 t h e G ove rnor-G ene r a l

ficiallycountermarkedtoestablishsta-

r d e ly sonany fu l l we i gh td o l l ar ( 27 .04 gra mso r

( b l y s an d I o n a do l la r u p to 6 . 25 % l i gh t

t o p as s a t 3 L T 1 5 s o ls ( c l y s an d I I on a

3 . 66 g ramso r364 g r a in s t op as s a t3 LT 1 0

m

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58/222

o n a d ol l ar u p t o 1 . 7 5% l i gh t ( 2 1 . 9 7 gr a ms o r 3 3

o l s ( e l y s an d I II I o n a do l la r u p to 2 5 % l i g h t

n s t opas sa t3 L T.A n y th in g l i gh t e rw as to be

sandcountermarksweretobeusedon

anishdollarsortheirfractions wereso

ytheActwas deadfromthedayofits

eNEcountermarkingauthori edonO ct.

o r Sp a ni s h do l la r s ( C r o sb y p . 8 0 , a p r oc e du r e wh i ch

fSpanishdollarsforpayingthe military

m a ny i s sueso fcar dm on ey i n16 5 f r om

entedthebulkof thecirculatingmedium

inCanadaandL ouisiana successiveissues

s u rv iv inge a mp les be i ngv ery ra r e .

netarypicturewascompletelyconfused.

d o f t en i l l eg ibl e c i r c u la t e da t parw i t h

a r d sand t i s sue- t h i no ld s o l s o f many s i e s a n d

at12denierseach.Accordingly in1692

i n ag e re fo rm s pec ify in gam ong o th e r t h i ng s th a t

edandoverstruckwithnewdesigns there-

seachbothin F ranceandNouvelle

4 3 9 , p i c tu re sam e d i aev a lg ros t ou rnoi s s oo ve r-

e r typeswere161 a n dp resu mab l y16 5

a nt R audot ( Sho r tt p p .4 7 - ) o rd e r e d t hat a l l

heirearliervaluation wouldpassat15

until1720.

E Q U INZE D E N IERS. Th e rec o in e dso ls we re

s:

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R ENCHREGI ME5 3

g h t L ' s t h e i r l eg so ve rl ap p ing c ro wns

l y s ineachang l e .Beg in n ing a t

D - G- R- /ET N-R- d i v id ed by c ro wns .

elys.SIT-NO MEN-

M - 1 692( o r1 69 3 .

rsolsonwhichoverstruck.Nodata onq uan-

r d a t e s.C i an i19 0 H offmann 225 ( l i s t ed a s

s V I .A l so w i tho u t u nd e r t yp es ( C iani

No da t aon rar i t y.

1 7 09 -13

coinsdwindledandtherewasno way

ceptinwornSpanishfractionsand any

ssiveGovernors-GeneralandIntendants

lonsols.Eventuallytheir entreaties

b er 1 709 au th or i i n gco ina ge o f b i ll on

t o pas scur r en t i nF r a ncea nd N ouve l l e

ac e w he re theysh ou ld pa s sat 3 3an d16 Hdeni e r s

o n e l a rge lyunnot i c ed unt i l p ub li s hed byJ .

es d e x x x e t x v d e ni e rs f r ap p ee s e n 17 0 9- 1 71 3 " B S N

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t h e secoin s r ep re sen t t heon ly s ucces s fu l a t t emp tby

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ae a s 173 .O n ly e hau st i ono fava i l a bl e

to au tho ri e t heb i l l on s o l s mar u e s o f 17 3 - 64

D E T RE N TE D E NI E RS o r M O U S Q U E T A I RE .

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studies on money in early america / eric p. newman, ed. ; richard g. doty, ass. ed

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