Rhode Island pound
The pound was the currency of Rhode Island until 1793. Initially, the British pound and foreign coins circulated, supplemented by local paper money from 1710.[1] Although these notes were denominated in pounds, shillings and pence, they were worth less than sterling, with 1 Rhode Island shilling = 9 pence sterling. The first issue of notes was known as the "Old Tenor" issue. This fell in value and "New Tenor" notes were introduced in 1740, worth 4 times the Old Tenor notes. Both Old and New Tenor notes were replaced in 1763 by "Lawful money" at a rate of 1 Lawful shilling = 6⅔ New Tenor shillings = 26⅔ old Tenor shills.
The State of Rhode Island issued Continental currency denominated in £sd and Spanish dollars, with 1 dollar = 6 shillings. The continental currency was replaced by the U.S. dollar at a rate of 1000 continental dollars = 1 U. S dollar.
References
Notes
- ↑ Newman, 2008, p. 371.
Bibliography
- Newman, Eric P. The Early Paper Money of America. 5th edition. Iola, Wisconsin: Krause Publications, 2008. ISBN 0-89689-326-X.