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There were three general types of money in the colonies of British America: the specie (coins), printed paper money and trade-based commodity money. [2] Commodity money was used when cash (coins and paper money) were scarce. Commodities such as tobacco, beaver skins, and wampum, served as money at various times in many locations. [3]
The currency of the American colonies, 1700–1764: a study in colonial finance and imperial relations. Dissertations in American economic history. New York: Arno Press, 1975. ISBN 0-405-07257-0. Ernst, Joseph Albert. Money and politics in America, 1755–1775; a study in the Currency act of 1764 and the political economy of revolution. Chapel ...
From 1700 to 1774, the output of the thirteen colonies increased 12-fold, giving the colonies an economy about 30% the size of Britain's at the time of independence. [5]: x-1 Population growth was responsible for over three-quarters of the economic growth of the British American colonies.
The English and the Germans brought along multiple Protestant denominations. Several colonies had an established church, which meant that local tax money went to the denomination. Freedom of religion became a basic American principle, and numerous new movements emerged, many of which became established denominations in their own right. [118]
The Freedmen's School of Edisto Island, South Carolina photographed c. 1865. The Society for the Propagation of the Gospel in Foreign Parts was a Church of England missionary society that sent workers to the colonies to educate the white children, and also to reach out to "heathens" such as the slaves. The teaching mission was to teach how to ...
Other minor denominations included 4 reales, 2 reales, 1 real, and 1/2 real. The 8 reales coin is the predecessor to the American dollar. Before the United States Mint was in production, columnarios circulated, along with other coinage, in the US colonies, as legal tender until the middle of the 19th century.
This reform applied only to coins minted in Spain. The coinage of the American colonies, which had already assumed great importance in international trade, was left untouched, and the 1497 silver standard continued in use (until 1728). From this time on, the monetary systems and currencies of Spain and of Spanish America developed differently.
The slave trade of Native Americans was common among southern colonies and Florida in the 1600s and early 1700s, but especially in the American Southeast. Most people associate Africans with the only people who were enslaved in the Americas however, in most of the southeastern colonies Native American slaves, at times, outnumbered those of ...
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