Virginia pound facts for kids
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The pound was the main type of money used in Virginia until 1793. At first, people used British money (called sterling coin) and money from other countries. Later, starting in 1755, Virginia also began printing its own paper money. Even though this paper money looked like British pounds, shillings, and pence (written as £sd), it was worth a bit less. For example, one Virginia shilling was worth about nine pence of British money.
Early Money Rules
In 1645, the government of the Colony of Virginia made an important rule. They stopped people from trading goods directly (called barter). Instead, everyone had to use money. They decided that the Spanish dollar, also known as a "piece of eight," was worth six shillings.
A few years later, in 1655, the government changed its mind. They officially lowered the value of the Spanish dollar. From then on, it was worth five shillings instead of six.
Virginia's Own Coins
The first "official" coins made in British North America were for the Colony of Virginia. These coins were made in 1775, but they had the year 1773 stamped on them. This was because the Virginia House of Burgesses (which was like Virginia's parliament) had been asking for these coins for many years. Finally, King George III agreed in 1773.
About five tons of these new coins were sent to Virginia. They traveled on a fast sailing ship called the Virginia. Most of the coins were given out just before the start of the American Revolution in April 1775. Today, these coins are seen as some of the most affordable early American coins for collectors.
Money During the Revolution
During the American Revolution, the State of Virginia printed its own money. This money was called Continental currency. It was also valued in pounds, shillings, and pence, and in Spanish dollars. One Spanish dollar was worth six shillings of this new money.
Later, the Continental currency was replaced by the U.S. dollar. The old Continental dollars were worth much less. You would need 1,000 Continental dollars to equal just one U.S. dollar.
