Wampum: A Paper Presented to the Numismatic and Antiquarian Society of PhiladelphiaWoodward, Ashbel
History
Wampum: A Paper Presented to the Numismatic and Antiquarian Society of Philadelphia
Woodward, Ashbel
Indians of North America -- Money; Wampum
Toward the middle of the century wampum reached its highest value in
New-England. Thereafter the increasing prosperity of the colonies, the
domestic coinage of silver, and perhaps the too extensive manufacture of
the shell money, gradually diminishing its value, drove it from
circulation. In 1650, it was refused in payment of country rates in
Massachusetts.[45] This action of the government naturally created
distrust among the people, to counteract which it was ordered that
"peage" should still "remagne pawable from man to man, according to the
law in force." Close upon this followed another decree, limiting it as a
legal tender to 40 shillings.[46] These laws continued in force till
1661, when wampum was declared to be no longer a legal tender in
Massachusetts.[47] Rhode Island passed a similar decree the next
year[48] and Connecticut, probably, soon afterwards. But though wampum
now ceased to be legally current, it lingered among the people for years
and constituted in great part the small change of the community. As late
as 1704, it was a common mode of payment in country places.[49]
Shell money was used extensively and for a long time in the Dutch
colonies. Here for a while absolutely no coin was in circulation, and
wampum being the feasible substitute was universally adopted. So great
was the popular demand, that even the unstrung wampum, prohibited in the
eastern colonies, passed at but a trifling discount.[50] For many years
the easy-going government at New Amsterdam does not seem to have
regulated the currency by law, as did its more thorough neighbors, and
the amount of wampum requisite to make a stiver, was left to be
determined by the parties concerned. Such a course was fraught with
inconvenience to the public, and frequent petitions were made for the
establishment of some uniform rate.[51]
Public-domain text, read in full here on John Shaqi.
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