8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
1/222
ety
m
M
m
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
r g / a c c e s s
_ u s e # c c - b
y - n c - s a - 4 . 0
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
2/222
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
3/222
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
m
M
m
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
r g / a c c e s s
_ u s e # c c - b
y - n c - s a - 4 . 0
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
4/222
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
5/222
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
m
M
m
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
r g / a c c e s s
_ u s e # c c - b
y - n c - s a - 4 . 0
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
6/222
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
7/222
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
m
M
m
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
r g / a c c e s s
_ u s e # c c - b
y - n c - s a - 4 . 0
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
8/222
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
m
M
m
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
r g / a c c e s s
_ u s e # c c - b
y - n c - s a - 4 . 0
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
9/222
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
m
M
m
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
r g / a c c e s s
_ u s e # c c - b
y - n c - s a - 4 . 0
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
10/222
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
m
M
m
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
r g / a c c e s s
_ u s e # c c - b
y - n c - s a - 4 . 0
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
11/222
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
m
M
m
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
r g / a c c e s s
_ u s e # c c - b
y - n c - s a - 4 . 0
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
12/222
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
m
M
m
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
r g / a c c e s s
_ u s e # c c - b
y - n c - s a - 4 . 0
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
13/222
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
m
M
m
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
r g / a c c e s s
_ u s e # c c - b
y - n c - s a - 4 . 0
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
14/222
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
m
M
m
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
r g / a c c e s s
_ u s e # c c - b
y - n c - s a - 4 . 0
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
15/222
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
m
M
m
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
r g / a c c e s s
_ u s e # c c - b
y - n c - s a - 4 . 0
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
16/222
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
m
M
m
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
r g / a c c e s s
_ u s e # c c - b
y - n c - s a - 4 . 0
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
17/222
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-
m
M
m
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
r g / a c c e s s
_ u s e # c c - b
y - n c - s a - 4 . 0
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
18/222
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 .
m
M
m
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
r g / a c c e s s
_ u s e # c c - b
y - n c - s a - 4 . 0
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
19/222
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.
m
M
m
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
r g / a c c e s s
_ u s e # c c - b
y - n c - s a - 4 . 0
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
20/222
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
m
M
m
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
r g / a c c e s s
_ u s e # c c - b
y - n c - s a - 4 . 0
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
21/222
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.
m
M
m
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
r g / a c c e s s
_ u s e # c c - b
y - n c - s a - 4 . 0
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
22/222
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
m
M
m
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
r g / a c c e s s
_ u s e # c c - b
y - n c - s a - 4 . 0
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
23/222
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
M
m
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
r g / a c c e s s
_ u s e # c c - b
y - n c - s a - 4 . 0
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
24/222
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
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
M
m
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
r g / a c c e s s
_ u s e # c c - b
y - n c - s a - 4 . 0
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
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
m
M
m
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
r g / a c c e s s
_ u s e # c c - b
y - n c - s a - 4 . 0
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
27/222
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-
m
M
m
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
r g / a c c e s s
_ u s e # c c - b
y - n c - s a - 4 . 0
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
28/222
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
m
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
r g / a c c e s s
_ u s e # c c - b
y - n c - s a - 4 . 0
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
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-
m
M
m
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
r g / a c c e s s
_ u s e # c c - b
y - n c - s a - 4 . 0
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
30/222
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
M
m
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
r g / a c c e s s
_ u s e # c c - b
y - n c - s a - 4 . 0
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
31/222
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
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 .
m
M
m
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
r g / a c c e s s
_ u s e # c c - b
y - n c - s a - 4 . 0
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
33/222
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
M
m
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
r g / a c c e s s
_ u s e # c c - b
y - n c - s a - 4 . 0
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
34/222
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
m
M
m
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
r g / a c c e s s
_ u s e # c c - b
y - n c - s a - 4 . 0
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
35/222
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
M
m
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
r g / a c c e s s
_ u s e # c c - b
y - n c - s a - 4 . 0
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
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
m
M
m
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
r g / a c c e s s
_ u s e # c c - b
y - n c - s a - 4 . 0
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
37/222
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
m
M
m
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
r g / a c c e s s
_ u s e # c c - b
y - n c - s a - 4 . 0
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
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
m
M
m
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
r g / a c c e s s
_ u s e # c c - b
y - n c - s a - 4 . 0
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
39/222
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
m
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
r g / a c c e s s
_ u s e # c c - b
y - n c - s a - 4 . 0
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
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
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
r g / a c c e s s
_ u s e # c c - b
y - n c - s a - 4 . 0
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
41/222
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
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
M
m
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
r g / a c c e s s
_ u s e # c c - b
y - n c - s a - 4 . 0
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
43/222
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
M
m
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
r g / a c c e s s
_ u s e # c c - b
y - n c - s a - 4 . 0
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
44/222
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
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
m
M
m
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
r g / a c c e s s
_ u s e # c c - b
y - n c - s a - 4 . 0
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
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
m
M
m
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
r g / a c c e s s
_ u s e # c c - b
y - n c - s a - 4 . 0
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
47/222
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
m
M
m
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
r g / a c c e s s
_ u s e # c c - b
y - n c - s a - 4 . 0
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
48/222
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
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
M
m
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
r g / a c c e s s
_ u s e # c c - b
y - n c - s a - 4 . 0
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
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
m
M
m
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
r g / a c c e s s
_ u s e # c c - b
y - n c - s a - 4 . 0
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
51/222
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
m
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
r g / a c c e s s
_ u s e # c c - b
y - n c - s a - 4 . 0
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
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
m
M
m
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
r g / a c c e s s
_ u s e # c c - b
y - n c - s a - 4 . 0
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
53/222
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
m
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
r g / a c c e s s
_ u s e # c c - b
y - n c - s a - 4 . 0
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
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
m
M
m
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
r g / a c c e s s
_ u s e # c c - b
y - n c - s a - 4 . 0
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
55/222
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
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
m
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
r g / a c c e s s
_ u s e # c c - b
y - n c - s a - 4 . 0
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
57/222
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
M
m
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
r g / a c c e s s
_ u s e # c c - b
y - n c - s a - 4 . 0
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
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:
m
M
m
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
r g / a c c e s s
_ u s e # c c - b
y - n c - s a - 4 . 0
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
59/222
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
o l s and ( fo r r e a so ns t ob e c o n ec t u red be l ow a s
t h e secoin s r ep re sen t t heon ly s ucces s fu l a t t emp tby
rc u l at i ngmediumf o r h i s Amer i canco l on ie s . J u s t
dbysuccessivepetitionsbyCanadianau-
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 .
m
M
m
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
r g / a c c e s s
_ u s e # c c - b
y - n c - s a - 4 . 0
8/9/2019 Studies on money in early America / Eric P. Newman, ed. ; Richard G. Doty, ass. ed.
60/222
s c rownabo ve upr i g h t l y s a t e i t h er s i de a
- R - ET - NAV - R E X - ( d a te ( p e ll e t
d i ff e re n t on M e t ) .
r e e kc ros s fo rmed offo u r s ans - s er i fL ' s
( 2+ 1 end e a cha r m.Ly s in
X ( pe l l et on L yo n c o in s e n -
t ) DENIERS- In di v i d ua lp un c he s fo r
rs.
. 2 0 9 f ine 100 t o t hem a rc= 2 .44 g r ams ( 37 .
a y p . 6 6 C i a n i 19 4 G u il l ot e u 7 .
e d f rom1709 t o17 13 f rom b o t hLyo nan d M e t
o di f f e ren t s 1709 - 12 . 50 00 0 00 0au t ho r i ed
dandpossiblyearly 1710.Nonetraced
P ag e s J une1 93 1 c at a l ogueo f
6 5 0 s t ruck Sm a llo r l a rg e round e l s.V e ry s c a rce .
i a n i 19 5 . Co l l. J . J . F o r d .
A b ou t a s ra r e as 1 7 10 .
b o u t29 300 00 0 171 2 - 13 po s s i b l y
areas1712.
e t o f5 vo ided ( s pu r r owe l in s h a peof
i n g dat e .Twoseen .
6 000 000au tho r i e d17 09 -1 3 pos si b l y
nd . S t ipp l i ng inc ro s s . O bv.d i f f er e n t 17 09 -1 3 I :
i r r e gu l a rg lobewi th3 l eaf - l i ke p r o ec t i onsab o ve .
h er mine (e rmine t a i l o r c ros s f l e che e :
n to t h r ee a f t e rX X X o rX V .
t e . ( Pos sib ly4 5 9 0 00co ine d
l y 1 2 330 00 0 i n c lud in g som ed a t ed17 09
eduCanada.Hoffmann223.
P o s sib ly7 43 0 000
e po r t ed. ( Pos s ib ly 6 425 00 0
seen.
han1710 butlessrarethanother
0 0 0o fbo th type s
t ma r kS( ) , no d i f fe r en ts l e t t er s e ng rav ed .
e b p o ss i bl y e T e nn a nt .
m
M
m
C r e a t i v e C o