Massachusetts pound
Encyclopedia
The pound was the currency of the Commonwealth of Massachusetts and its colonial predecessors until 1793. Like the British pound sterling
of that era, the Massachusetts pound was subdivided into 20 shilling
s, each of 12 pence
, but the Massachusetts and British pounds were not equivalent in value. British and other foreign coins were widely circulated in Massachusetts, supplemented by locally-produced coins between about 1652 and 1682 and by local paper money from 1690.
The paper money issued in colonial Massachusetts was denominated in pounds, shillings, and pence. Initially, six shillings were equal to one Spanish dollar
. After years of high inflation, in 1749 Massachusetts withdrew its paper money from circulation and returned to specie.
Massachusetts once again began issuing paper money after the American Revolutionary War
began in 1775. The state currency depreciated
greatly and was replaced by the U.S. dollar in 1793.
coins by 22.5%.
Later pieces, struck between 1652 and 1660 or 1662, bore the image of a willow tree, with an oak tree appearing on coins produced between 1660 or 1662 and ca. 1667. However, the most famous design was the final one to be issued, the pine tree type, struck between ca. 1667 and 1682. The coins circulated widely in North America and the Caribbean.
The coins nearly all bore the date "1652". This was the date of the local legislation sanctioning the production of coins. The date was maintained by the Massachusetts moneyers in order to appear to be complying with English law that reserved the right of produce coins to the crown, since, in 1652, England
was a Commonwealth
(King Charles I
having been beheaded three years previously). The coins were struck by John Hull
and Robert Sanderson, two Massachusetts settlers. The image of the pine tree on the later coins may symbolize an important export for Massachusetts - pine trees for ships' masts. The mint was closed by the government in 1682.
).
The Massachusetts shilling was initially worth 9 pence sterling. However, the value of this first issue of notes declined relative to silver coins and, in 1704, the "Old Tenor" notes were introduced, again at a value of 1 Massachusetts shilling = 9 pence sterling. The value of these notes also declined and they were followed, in 1737, by the "Middle Tenor" issue, worth 3 times the Old Tenor notes, and, in 1741, by the "New Tenor" issue, worth 4 times the Old Tenor notes. In 1759, all previous issues were replaced by the "Colonial" issue, worth 10 times the Old Tenor notes.
Pound sterling
The pound sterling , commonly called the pound, is the official currency of the United Kingdom, its Crown Dependencies and the British Overseas Territories of South Georgia and the South Sandwich Islands, British Antarctic Territory and Tristan da Cunha. It is subdivided into 100 pence...
of that era, the Massachusetts pound was subdivided into 20 shilling
Shilling
The shilling is a unit of currency used in some current and former British Commonwealth countries. The word shilling comes from scilling, an accounting term that dates back to Anglo-Saxon times where it was deemed to be the value of a cow in Kent or a sheep elsewhere. The word is thought to derive...
s, each of 12 pence
Penny
A penny is a coin or a type of currency used in several English-speaking countries. It is often the smallest denomination within a currency system.-Etymology:...
, but the Massachusetts and British pounds were not equivalent in value. British and other foreign coins were widely circulated in Massachusetts, supplemented by locally-produced coins between about 1652 and 1682 and by local paper money from 1690.
The paper money issued in colonial Massachusetts was denominated in pounds, shillings, and pence. Initially, six shillings were equal to one Spanish dollar
Spanish dollar
The Spanish dollar is a silver coin, of approximately 38 mm diameter, worth eight reales, that was minted in the Spanish Empire after a Spanish currency reform in 1497. Its purpose was to correspond to the German thaler...
. After years of high inflation, in 1749 Massachusetts withdrew its paper money from circulation and returned to specie.
Massachusetts once again began issuing paper money after the American Revolutionary War
American Revolutionary War
The American Revolutionary War , the American War of Independence, or simply the Revolutionary War, began as a war between the Kingdom of Great Britain and thirteen British colonies in North America, and ended in a global war between several European great powers.The war was the result of the...
began in 1775. The state currency depreciated
Depreciation (currency)
Currency depreciation is the loss of value of a country's currency with respect to one or more foreign reference currencies, typically in a floating exchange rate system. It is most often used for the unofficial increase of the exchange rate due to market forces, though sometimes it appears...
greatly and was replaced by the U.S. dollar in 1793.
Coins
Coins were issued in denominations of 3 and 6 pence and 1 shilling. The first pieces bore the letters "NE" and the denomination "III", "VI" or "XII". The coins were smaller than the equivalent sterlingPound sterling
The pound sterling , commonly called the pound, is the official currency of the United Kingdom, its Crown Dependencies and the British Overseas Territories of South Georgia and the South Sandwich Islands, British Antarctic Territory and Tristan da Cunha. It is subdivided into 100 pence...
coins by 22.5%.
Later pieces, struck between 1652 and 1660 or 1662, bore the image of a willow tree, with an oak tree appearing on coins produced between 1660 or 1662 and ca. 1667. However, the most famous design was the final one to be issued, the pine tree type, struck between ca. 1667 and 1682. The coins circulated widely in North America and the Caribbean.
The coins nearly all bore the date "1652". This was the date of the local legislation sanctioning the production of coins. The date was maintained by the Massachusetts moneyers in order to appear to be complying with English law that reserved the right of produce coins to the crown, since, in 1652, England
England
England is a country that is part of the United Kingdom. It shares land borders with Scotland to the north and Wales to the west; the Irish Sea is to the north west, the Celtic Sea to the south west, with the North Sea to the east and the English Channel to the south separating it from continental...
was a Commonwealth
Commonwealth of England
The Commonwealth of England was the republic which ruled first England, and then Ireland and Scotland from 1649 to 1660. Between 1653–1659 it was known as the Commonwealth of England, Scotland and Ireland...
(King Charles I
Charles I of England
Charles I was King of England, King of Scotland, and King of Ireland from 27 March 1625 until his execution in 1649. Charles engaged in a struggle for power with the Parliament of England, attempting to obtain royal revenue whilst Parliament sought to curb his Royal prerogative which Charles...
having been beheaded three years previously). The coins were struck by John Hull
John Hull (merchant)
John Hull was the leading merchant and mintmaster of the Massachusetts Bay Colony. He married Judith Quincy , daughter of Judith Pares John Hull (18 December 1624 – 1 October 1683) was the leading merchant and mintmaster of the Massachusetts Bay Colony. He married Judith Quincy (1626–1695),...
and Robert Sanderson, two Massachusetts settlers. The image of the pine tree on the later coins may symbolize an important export for Massachusetts - pine trees for ships' masts. The mint was closed by the government in 1682.
Paper money
From 1690, paper money was issued, denominated in pounds, shillings and pence. The notes were printed from engraved copper plates (probably the work of silversmith Jeremiah DummerJeremiah Dummer (silversmith)
Jeremiah Dummer was the first American-born silversmith, whose works are today highly valued.-Life:Dummer was born in Newbury, Massachusetts, the first son of Richard Dummer and his second wife, Frances Burr....
).
The Massachusetts shilling was initially worth 9 pence sterling. However, the value of this first issue of notes declined relative to silver coins and, in 1704, the "Old Tenor" notes were introduced, again at a value of 1 Massachusetts shilling = 9 pence sterling. The value of these notes also declined and they were followed, in 1737, by the "Middle Tenor" issue, worth 3 times the Old Tenor notes, and, in 1741, by the "New Tenor" issue, worth 4 times the Old Tenor notes. In 1759, all previous issues were replaced by the "Colonial" issue, worth 10 times the Old Tenor notes.
External links
- Willow tree coinage at the American Numismatic SocietyAmerican Numismatic SocietyThe American Numismatic Society is a New York City-based organization dedicated to the study of coins and medals.-Introduction:...
- Oak tree coinage at the American Numismatic SocietyAmerican Numismatic SocietyThe American Numismatic Society is a New York City-based organization dedicated to the study of coins and medals.-Introduction:...
- Pine tree coinage at the American Numismatic SocietyAmerican Numismatic SocietyThe American Numismatic Society is a New York City-based organization dedicated to the study of coins and medals.-Introduction:...