The History of the Thirteen Colonies of North America 1497-1763Jeffery, Reginald W. (Reginald Welbury)
History
The History of the Thirteen Colonies of North America 1497-1763
Jeffery, Reginald W. (Reginald Welbury)
United States -- History -- Colonial period, ca. 1600-1775
During the whole period there was a great lack of specie, which in the
early years had not been a very serious drawback, as barter was the
ordinary method of exchange, but as the colonies advanced in importance
it was a decided check upon foreign commerce. In 1631, Massachusetts
declared corn to be legal tender, and four years later it was ordained
that public dues were to be paid in this commodity at the rate of 6s.
per bushel. This system was employed in the next decade by both
Connecticut and Newhaven, with decidedly disadvantageous results, for it
brought about the inconvenience of a double price; the monetary payment
being about half the actual value of the payment in kind. For many years
in the Indian trade the settlers had used Indian shell money or wampum.
This medium of exchange was first applied in New Plymouth in 1627, and
was afterwards employed by Coddington when he bought Aquedneck. In 1641,
wampum was declared legal tender under £10, but within eight years the
Massachusetts Assembly refused to accept it for taxes. The fact was that
it depended solely upon Indian trade, and when this began to decline,
wampum was valueless. Rhode Island was the last colony to discontinue
its use for taxes, which it did in 1662; though it acted as small change
in Newhaven well into the eighteenth century.
As early as 1642, Massachusetts, by means of its foreign trade, began to
obtain coined money in the shape of Dutch ducats and rix-dollars. But
the extraordinary mixture of coins was very awkward, so that in 1652 a
mint was established in the colony. John Hall, the goldsmith of Boston,
was made its master. The coins had stamped upon them the word
Massachusetts encircling a tree, which was in early years a willow,
later an oak, and finally a pine. Charles II. was furious at this attack
upon his coinage, and the story goes that to appease his wrath he was
told that the emblem of the oak was in grateful memory of his glorious
escape at Boscobel.
Public-domain text, read in full here on John Shaqi.
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