Massachusetts Pound

Massachusetts Pound

The pound was the currency of the Commonwealth of Massachusetts and its colonial predecessors until 1793. Like the British pound sterling of that era, the Massachusetts pound was subdivided into 20 shillings, each of 12 pence, but the Massachusetts and British pounds were not equivalent in value. British and other foreign coins were widely circulated in Massachusetts, supplemented by locally-produced coins between about 1652 and 1682 and by local paper money from 1690.

The paper money issued in colonial Massachusetts was denominated in pounds, shillings, and pence. Initially, six shillings were equal to one Spanish dollar. After years of high inflation, in 1749 Massachusetts withdrew its paper money from circulation and returned to specie.

Massachusetts once again began issuing paper money after the American Revolutionary War began in 1775. The state currency depreciated greatly and was replaced by the U.S. dollar in 1793.