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:
“My vocabulary dwells deep in my mind and needs paper to wriggle out into the physical zone. Spontaneous eloquence seems to me a miracle. I have rewritten—often several times—every word I have ever published. My pencils outlast their erasers.”
—Vladimir Nabokov (1899–1977)
“This spending of the best part of one’s life earning money in order to enjoy a questionable liberty during the least valuable part of it reminds me of the Englishman who went to India to make a fortune first, in order that he might return to England and live the life of a poet. He should have gone up garret at once.”
—Henry David Thoreau (1817–1862)