Massachusetts pound

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The pound was the currency of Massachusetts until 1793. Initially, the British pound circulated with foreign coins, supplemented by locally-produced coins between 1652 and 1682. [1] These coins were minted in silver but were smaller than the equivalent sterling coins by 22.5%. The coins circulated widely in North America and the Caribbean.

From 1690, paper money was issued, denominated in pounds, shillings and pence. 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.

The State of Massachusetts 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.