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:
“All the reputedly powerful reactionaries are merely paper tigers. The reason is that they are divorced from the people. Look! Was not Hitler a paper tiger? Was Hitler not overthrown?... U.S. imperialism has not yet been overthrown and it has the atomic bomb. I believe it also will be overthrown. It, too, is a paper tiger.”
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Sherry Peatty: You don’t know me very well, Johnny. I wouldn’t think of letting George throw his money away on cigars.”
—Stanley Kubrick (b. 1928)