Georgia pound facts for kids
Quick facts for kids Georgia pound |
|
|---|---|
| Georgia pound | |
| User(s) | Georgia, United States |
| Subunit | |
| 1⁄20 | shilling |
The pound was the official money used in Georgia a long time ago. It was used until the year 1793. Imagine a time before the U.S. dollar! Back then, people in Georgia used a type of money called the pound.
What Was the Georgia Pound?
When Georgia was first settled, people mostly used British money, which was called sterling coin. This was like the money used in Great Britain.
How Money Worked Back Then
Starting in 1735, Georgia began printing its own paper money. This local money was also called the pound. It was divided into smaller parts, just like how a dollar is divided into cents.
- One Georgia pound was worth 20 shillings.
- Each shilling was worth 12 pence.
- So, one pound was equal to 240 pence!
New Money for a New Nation
After the American Revolution, the State of Georgia printed special money called Continental currency. This money showed its value in both pounds and Spanish dollars. One Spanish dollar was worth 5 shillings.
Over time, the Continental currency faced problems. It lost a lot of its value. Because of this, it was eventually replaced by the U.S. dollar. This happened at a rate where 1,000 Continental dollars were only worth 1 U.S. dollar. This shows how much the old money had lost its buying power.
