The pound was the currency of Virginia

Virginia

The Commonwealth of Virginia , is a U.S. state on the Atlantic Coast of the Southern United States. Virginia is nicknamed the "Old Dominion" and sometimes the "Mother of Presidents" after the eight U.S. presidents born there...

 until 1793. Initially, the British pound sterling

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...

 circulated along with foreign currencies, supplemented from 1755 by local paper money. Although these 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, usually discount

Discounts and allowances

Discounts and allowances are reductions to a basic price of goods or services.They can occur anywhere in the distribution channel, modifying either the manufacturer's list price , the retail price , or the list price Discounts and allowances are reductions to a basic price of goods or services.They...

ed so 1 Virginia shilling = 9 pence, while 1 British shilling was equal to 20 pence in British £sd duodecimal coinage.

In 1645 the legislature of the Colony of Virginia prohibited barter, and valued the 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...

 or piece of eight at 6 shillings. The 1655 legislature officially devalued the Spanish dollar to 5 shillings.

The first "official" coinage in British North America

British North America

British North America is a historical term. It consisted of the colonies and territories of the British Empire in continental North America after the end of the American Revolutionary War and the recognition of American independence in 1783.At the start of the Revolutionary War in 1775 the British...

 was issued by the Province of Virginia in 1775, although they were dated 1773. The reason was that the Virginia House of Burgesses had been requesting the coinage for several years and King George III finally consented in that year.

Five tons of coins were sent to the colony on the clipper ship Virginia and most of the coins were distributed just before the breakout of the American Revolution

American Revolution

The American Revolution was the political upheaval during the last half of the 18th century in which thirteen colonies in North America joined together to break free from the British Empire, combining to become the United States of America...

 in April of 1775. They are considered to be the most affordable Colonial American coinage.

The State of Virginia issued Continental currency denominated in £sd and Spanish dollars, with 1 dollar = 6 shillings. The continental currency was replaced by the U.S. dollar at a rate of 1000 continental dollars = 1 U.S. dollar.