Before the establishment of official United States currency, the early American colonies conducted trade with a mix of bartering and foreign money. Common commodities such as tobacco, grain, animal skins and furs, and ammunition served as substitutes for currency in trade. As you can imagine, this was a difficult way to conduct business. As international trade in the Colonies became more common, coins from England, Spain, France and Germany began circulating and this helped to stabilize transactions. You may have heard of “pieces of eight” in one of your favorite pirate adventure films. These were literally as the name suggests, Spanish gold coins that were cut into 8 pieces or eighths, and they were actually used by colonists.
As this caused much confusion, leaders of the colonies saw the need to create their own standardized currency system separate from using the British currency. Some colonies took the initiative and began minting their own coins or even commissioning foreign mints to create uniquely colonial issues for them. This resulted in many different types of designs, such as the Pine Tree Shilling, oak tree shilling and willow tree shilling. The pine tree shilling is one of the most known colonial coins. It did not have the head of the King since the revolutionary spirit was already prominent. However, this also wasn’t very effective, because the money printed by Pennsylvania for example, was not worth the same amount as the money in Massachusetts. There was still not national standard. Since there were 13 colonies, that meant that there were multiple different types of currency, most which were in denominations of shillings, then used in Britain. The colonies were established in 1607 and included New Hampshire, Rhode Island, Connecticut, Massachusetts, Delaware, Pennsylvania, New York, New Jersey, Georgia, Maryland, North Carolina, South Carolina and Virginia. The early coins signify an important chapter in American history before 1776, an era in which the foundation for economic independence was being laid. It has even been said that this disordered system may have inspired Adam Smith to write his famous economic treatise. After the revolution and a try at paper money, the Unites States adopted the silver standard. This was achieved with the Coinage Act of 1792 and finally established the regulation of coinage in the United States.
A significant part of American history, colonial coins are sought after by collectors, historians, and investors alike. Their values range from a few dollars for circulated pieces to even thousands for rare, high-grade specimens. Whether you’ve inherited a piece, found one in a collection, or are simply curious about its worth, we are here to inform you.
We actively seek to buy colonial coins of all varieties, from the most common types to the rarest pieces. We can also connect you with services that will preserve and keep your coins for generations to come. Every coin tells a story and we’re to help you tap into the story of yours.
Contact us today for a free, no obligation, appraisal by our experienced staff. Your American Colonial coin might be worth more than you think!