American Colonial Money
Form(s) of money used during the American Colonial Times
- Before the US Revolution in 1776, governments and private banks issues many paper notes
- These notes were often called "script" and often backed by gold or silver reserves
- Often lead to abuse or fraud - there was often no gold/silver to back up the notes
- At the time there was very little silver or gold in the American Colonies
- Most common currency was the British Pound
- Dutch Guilders & Spanish Pesos (pieces of eight) were also used
- Due to the lack of currency, the barter system was commonly used
- Skins and pelts (ex. beaver pelts) were also used as a medium of exchange
- Other commodities like weat, corn or coal were also used as a medium of exchange