Pennsylvania pound

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Obverse and reverse of a three pence note of paper currency issued by the Province of Pennsylvania and printed by Benjamin Franklin and David Hall in 1764. US-Colonial (PA-115)-Pennsylvania-18 Jun 1764.jpg
Obverse and reverse of a three pence note of paper currency issued by the Province of Pennsylvania and printed by Benjamin Franklin and David Hall in 1764.

The pound was the currency of Pennsylvania until 1793. It was created as a response to the global economic downturn caused by the collapse of the South Sea Company. [1] Initially, the British pound and certain foreign coins circulated, supplemented from 1723 by local paper money, called Colonial Scrip. Although these notes were denominated in pounds, shillings and pence, they were worth less than sterling, with 1 Pennsylvanian shilling equalling 9 pence sterling.

The Pennsylvania Pound was first conceived by Francis Rawle, [2] who can be rightly called The Father of the Pennsylvania Pound. [3]

In March 1723, it issued Colonial Scrip, paper bills of credit to the amount of $60,000, made them a legal tender in all payments on pain of confiscating the debt or forfeiting the commodity, imposed sufficient penalties on all persons who presumed to make any bargain or sale on cheaper terms in case of being paid in gold or silver, and provided for the gradual reduction of the bills by enacting that one-eighth of the principal, as well as the whole interest, should be paid annually. Pennsylvania made no loans but on land security or plate deposited in the loan office, and obliged borrowers to pay 5% for the sums they took up. The scheme worked so well that, in the latter end of the year, the government emitted bills to the amount of $150,000 on the same terms. In 1729 there was a new emission of $150,000 to be reduced one-sixteenth a year. Pennsylvania was one of the last colonies that emitted a paper currency. In 1775, the Colonial "Scrip" currency was replaced by Continental currency. The Commonwealth of Pennsylvania issued Continental currency denominated in £sd and Spanish dollars, with 1 dollar equalling 7 shillings and 6 pence. The continental currency was replaced by the United States dollar at a rate of 1000 continental dollars = 1 U.S. dollar in 1793.

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Canadian pound

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Connecticut pound

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The pound was the currency of Delaware until 1793. Initially, the British pound and foreign coins circulated. This was supplemented from 1723 by local paper money. Although this was denominated in pounds, shillings and pence, the notes were worth less than sterling, with 1 Delaware shilling = 9 pence sterling.

The pound was the currency of Georgia until 1793. Initially, the British pound circulated. This was supplemented from 1735 with local paper money denominated in sterling, with 1 pound = 20 shillings = 240 pence.

The Maryland pound was the currency of Maryland from 1733 until its gradual replacement with the Continental currency and later the United States dollar between the American Revolution and the early 1800s. Initially, the coins of the Pound sterling circulated along with foreign coins. From 1733, this was supplemented by paper money, known as "Proclamation Money", denominated in pounds, shillings and pence, but worth less than sterling, with 1 Maryland shilling = 9 pence sterling. A second "New" issue of notes was introduced in 1751, replacing the earlier notes at a rate of 1 New shilling = 1¼ Proclamation shillings.

Massachusetts pound

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New Jersey pound

The pound was the money of account of New Jersey until 1793. Initially, the British pound and some foreign currencies circulated, supplemented from 1709 by local paper money. However, although the notes were denominated in pounds, shillings and pence, they did not have the same value as the British pound sterling or of other colonial currencies with denominations in pounds. A proclamation of Queen Anne, issued in 1704 and legislated by parliament in 1707, standardized the value of all colonial currencies at 6 colonial schillings to a full weight Spanish Milled Dollar, which was in turn equivalent to 4 shillings 6 pence sterling. This made a colonial schilling equivalent to nine pence sterling and a colonial pound equivalent to 2 troy oz 18 dwt 8 gr of silver. Currency issued at this rate was referred to as “Proclamation Money”.

New York pound

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North Carolina pound

The North Carolina pound, commonly known as the pound, was the currency of North Carolina until 1793. Initially, the British pound circulated, supplemented from 1709 by local paper money and the introduction of Colonial currency and the Pound denominations in 1712. Although these notes were denominated in pounds, shillings and pence, they were worth less than sterling, with 1 North Carolina shilling = 9 pence sterling. The first issue of paper money was known as "Old Tenor" money. In 1748, "New Tenor" paper money was introduced, worth 7½ times the Old Tenor notes.

Rhode Island pound

The pound was the currency of Rhode Island until 1793. Initially, the British pound and foreign coins circulated, supplemented by local paper money from 1710. These notes were denominated in pounds, shillings, and pence, but they were worth less than sterling, with 1 Rhode Island shilling = 9 pence sterling. The first issue of notes was known as the "Old Tenor" issue. This fell in value and "New Tenor" notes were introduced in 1740, worth four times the Old Tenor notes. Both Old and New Tenor notes were replaced in 1763 by "Lawful money" at a rate of 1 Lawful shilling = 6⅔ New Tenor shillings = 26⅔ old Tenor shills.

South Carolina pound

The pound was the currency of South Carolina until 1793. Initially, the British pound circulated, supplemented from 1703 by local paper money. Although these notes were denominated in pounds, shillings and pence, they were worth less than sterling, with 1 South Carolina shilling = 8 pence sterling. The first issues were known as "Proclamation Money". They were replaced by the "Lawful Money" issue in 1748, with 1 Lawful shilling = 4⅔ Proclamation shillings.

Virginia pound

The pound was the currency of Virginia until 1793. Initially, the British pound sterling circulated along with foreign currencies, supplemented from 1755 by local paper money. Although these notes were denominated in pounds, shillings and pence, they were worth less than sterling, usually discounted so 1 Virginia shilling was equal to 9 British pence, while 1 British shilling was equal to 12 British pence. In British pounds, shillings and pence (£sd), duodecimal coinage, which was in use in the UK until the adoption of decimal coinage in 1971.

The history of currency in the British colony of Grenada closely follows that of the British Eastern Caribbean territories in general. Even though Queen Anne's proclamation of 1704 brought the gold standard to the West Indies, silver pieces of eight continued to form a major portion of the circulating currency right into the latter half of the nineteenth century.

The history of currency in the British colony of St. Kitts closely follows that of the British Eastern Caribbean territories in general. Even though Queen Anne's proclamation of 1704 brought the gold standard to the West Indies, silver pieces of eight continued to form a major portion of the circulating currency right into the latter half of the nineteenth century.

The history of currency in the British colony of Saint Lucia closely follows that of the British Eastern Caribbean territories in general. Even though Queen Anne's proclamation of 1704 brought the gold standard to the West Indies, silver pieces of eight continued to form a major portion of the circulating currency right into the latter half of the nineteenth century.

References

  1. The American Weekly Mercury 2(54), The Colonial Society of Pennsylvania, Philadelphia (December 27, 1720). (2009-05-18)https://books.google.com/books?id=7IfQAAAAMAAJ.
  2. Francis Rawle, “Restoring the Sunk Credit of the Province of Pennsylvania with Some Remarks on its Trade.,” Early American Imprints, Series I: Evans, 1639-1800(2287), p. 6, Readex: A Division of News- Bank, Philadelphia (1721).
  3. Borawski, Thomas,"From Pennsylvania Pounds to Surveillance Money, The Bailout Debate of 1722",