New Jersey pound
Encyclopedia
The pound was the currency 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, shilling
s and pence
, they were worth less than sterling, with 1 New Jersey shilling = 9 pence sterling. In 1746, the New Jersey currency was pegged to silver
at a rate of £1 pound = 2 troy oz 18 dwt 8 gr (1,400 grains / 90.7 grams) of silver.
The State of New Jersey issued Continental currency denominated in £sd and Spanish dollars, with $1 = 7/6. Copper coins were also issued in the mid-1780s, bearing the Latin name of the state, Nova Cæsarea. The continental currency was later replaced by the U.S. dollar at the rate of $1,000 continental = US$1.
New Jersey
New Jersey is a state in the Northeastern and Middle Atlantic regions of the United States. , its population was 8,791,894. It is bordered on the north and east by the state of New York, on the southeast and south by the Atlantic Ocean, on the west by Pennsylvania and on the southwest by Delaware...
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, 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 and 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:...
, they were worth less than sterling, with 1 New Jersey shilling = 9 pence sterling. In 1746, the New Jersey currency was pegged to silver
Silver
Silver is a metallic chemical element with the chemical symbol Ag and atomic number 47. A soft, white, lustrous transition metal, it has the highest electrical conductivity of any element and the highest thermal conductivity of any metal...
at a rate of £1 pound = 2 troy oz 18 dwt 8 gr (1,400 grains / 90.7 grams) of silver.
The State of New Jersey issued Continental currency denominated in £sd and Spanish dollars, with $1 = 7/6. Copper coins were also issued in the mid-1780s, bearing the Latin name of the state, Nova Cæsarea. The continental currency was later replaced by the U.S. dollar at the rate of $1,000 continental = US$1.