9/21/2023 0 Comments Another word for paper money![]() This promoted the development of the colony by facilitating trade, but the British did not approve of this monetary system and ended the practice in 1660. From 1643 to 1660, wampum - the shells prized by local Native American tribes - were legal tender in Massachusetts. The Spanish coin known as “pieces of eight” was the most common coin in circulation throughout the colonies, but these were still too rare for the needs of the economy and were often exported as payment to England. While goods were officially valued in British pounds, in their day-to-day transactions colonists more commonly used the Spanish dollar as their unit of account. Spanish coins, from trade with the West Indies and Mexico, circulated freely in the colonies as legal tender. ![]() In order to have a functioning economy, the colonists were forced to turn to other commodities for use as money.
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