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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 ...
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, sterling and certain foreign coins circulated, supplemented from 1723 by local paper money, colonial scrip .
The State of New York issued Continental currency denominated in £sd and Spanish dollars, with 1 dollar = 8/–. This valuation of the Spanish dollar was known as the York rating. The continental currency was replaced by the U.S. dollar at a rate of 1,000 continental dollars = 1 U.S. dollar.
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The pound was the currency of Virginia until 1793. Initially, sterling coin circulated along with foreign currencies, supplemented from 1755 by local paper money. [ 1 ] Although these notes were denominated in £sd , they were worth less than sterling, so 1 Virginia shilling was equal to 9d sterling.
The history of the United States dollar began with moves by the Founding Fathers of the United States of America to establish a national currency based on the Spanish silver dollar, which had been in use in the North American colonies of the Kingdom of Great Britain for over 100 years prior to the United States Declaration of Independence.
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The first issue amounted to 242 million dollars. This paper money would supposedly be redeemed for state taxes, but the holders were eventually paid off in 1791 at the rate of one cent on the dollar. By 1780, the paper money was "not worth a Continental", as people said, and a second issue of new currency was attempted.