New York pound facts for kids

This is a 10 shilling Colonial currency note from the Colony of New York. It was first printed on May 31, 1709.

Imagine a time when the money you used wasn't the U.S. dollar! In the early days of America, the colony and later the state of New York had its own type of money called the pound. This system was used until the year 1793.

What Was the New York Pound?

When New York was a British colony, people used British coins called "sterling." They also used money from other countries. Over time, New York started printing its own paper money. This local money began circulating in 1709.

How Was It Different from British Money?

Even though New York's money was called "pounds," "shillings," and "pence" (often written as £sd), it wasn't worth exactly the same as British sterling. One New York shilling was worth less than a British shilling. It was only worth about eight pence of British sterling. This meant that New York's money was worth about one-third less than the money used in Britain.

Money During the American Revolution

During the American Revolution, the State of New York printed special money called Continental currency. This money was also measured in pounds, shillings, and pence. It was also linked to the Spanish dollar. People often said that one Spanish dollar was worth eight shillings of this new currency. This way of valuing the Spanish dollar was known as the "York rating."

The End of the New York Pound

After the American Revolution, the new United States created its own currency: the U.S. dollar. The old Continental currency, including New York's pounds, was replaced. It took 1,000 Continental dollars to equal just one U.S. dollar. This change helped create a single, strong money system for the new country.