Paper Money
From 1690, paper money was issued, denominated in pounds, shillings and pence. The notes were printed from engraved copper plates (probably the work of silversmith Jeremiah Dummer).
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.
Read more about this topic: Massachusetts Pound
Famous quotes containing the words paper and/or money:
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—Philip Dormer Stanhope, 4th Earl Chesterfield (1694–1773)