Colonial Currency
Until the Massachusetts Bay Colony issued the first paper currency in 1690, money in the colonies was limited to British and Spanish coins. Indeed, the Spanish dollar, known as a "piece of eight," was the dominant coin of the New World. But a shortage of coins made transactions difficult, so unofficial paper money was printed.
The Colonial paper issued between 1690 in Massachusetts and 1788 in New York included bills engraved by Paul...Continue Reading