New Hampshire pound facts for kids

The pound was the money used in New Hampshire a long time ago, before the U.S. dollar existed! It was the official currency until 1793. Imagine a time when each state had its own special money!

What Was the New Hampshire Pound?

The New Hampshire pound was the money system used in the area that is now the state of New Hampshire. Back then, New Hampshire was one of the American colonies under British rule. This means its money system was connected to the British pound sterling.

Early Money: Sterling and "Old Tenor"

At first, people in New Hampshire used real British coins. But as the colony grew, they needed more money to buy and sell things. So, starting in 1709, New Hampshire began printing its own paper money.

This first paper money was called "Old Tenor" notes. These notes were measured in pounds, shillings, and pence, just like British money. However, they were not worth as much as actual British sterling coins. For example, one New Hampshire shilling was only worth nine pence of British sterling. This difference in value could sometimes make things confusing!

New Money, New Names: "New Tenor" and "Lawful Money"

Over time, the "Old Tenor" paper money started to lose its value. This is called depreciation. To fix this, New Hampshire issued new paper money in 1742. This new money was called "New Tenor" notes. These "New Tenor" notes were worth four times more than the "Old Tenor" notes.

Then, in 1755, another new type of money was introduced: the "Lawful Money" issue. These notes were initially designed to be worth the same as British sterling coins. They replaced the older notes at specific rates. For instance, one "Lawful" shilling was equal to 3⅓ "New Tenor" shillings, or 13⅓ "Old Tenor" shillings. It was like trading in your old video game console for a newer, more powerful one!

The "Colonial" Issue and Continental Dollars

The changes didn't stop there! In 1763, the "Colonial" issue of paper money came out. These notes were worth 1⅓ times more than the "Lawful Money" notes. It seems New Hampshire was always trying to find the best way to manage its money!

Later, during the American Revolution, the state of New Hampshire also issued Continental currency. This money was measured in both pounds, shillings, and pence, and also in Spanish dollars. The Spanish dollar was a very common coin used in many parts of the world at that time. One Spanish dollar was set to be worth six shillings of this continental currency.

Saying Goodbye: The U.S. Dollar Arrives

After the American Revolution, the United States was formed. The new country decided to create its own standard money system: the U.S. dollar. This meant that all the different state currencies, like the New Hampshire pound, would eventually be replaced.

The continental currency was exchanged for the new U.S. dollar at a very specific rate. For every 1,000 continental dollars, you would get just one U.S. dollar. This shows how much the value of the continental currency had changed over time. By 1793, the New Hampshire pound was officially replaced by the U.S. dollar, bringing an end to its unique money history.