Before the Rev War
In the 1500s 1600s, coins still meant almost nothing to the Native and settlers would use wampum (beads) to trade with, particularly in the New England area. Other items often used for trade were animal skins and tobacco. Of course all of these commodities values were based off of supply and demand and their values would fluctuate widely.
There are four main examples of Pre-Rev American coins:
-First in Massachusetts, where from 1652-82 the Crown allowed silver coins to be minted, the Massachusetts Pine Schilling. In 1652 due to Britain not wanting to have coins go to America, gave the rights to two Boston smiths to mint coins. They made Schillings, Sixpence and threepence almost all that are dated, 1652. This coin was the only coin for the next 150+ years that had a "good run" circulating well throughout the entirety of New England. Although dated 1652 they were produced to twenty years after.
-Next to follow was Maryland; Cecil Calvert also known as Lord Baltimore, made three silver coins. The schilling, 6 pence and 4 pence, dateless but all made in 1659. Nothing exciting came from this.
-A bit later, in 1722, ‘23 and ‘24 Irishman William Wood produced some coins inscribed “Rosa Americana”. Wood made copper pennies and most famously halfpennies. These coins were not happily accepted and in many places refused because they were not intrinsically worth anything, made of a ‘bath metal’. They came in three denominations penny, halfpenny and twopence.
-Lastly, the Higley coppers, also known as Granby tokens, made from 1737-39. The name comes from the minter, John Higley of Granby Connecticut. They were accepted in places as copper two and six pence. Side note, Mr. Higley would like to go to the tavern and pay with these, even though the are not legal tender. The coins also read “Value me as you please”.
Concurrently, during the early colonial era there were five main types of colonial coins used, French, Irish, British, Spanish and the Colonial American coins/tokens. Any and all coins were rare even well into the 1800s. The foreign coins circulated freely and were the preferred method of trade. Coins used:
In the Louisiana Territory (French) settlers brought their French coins with them, often silver and copper. Later the French government would issued coins specifically for their colonies. The sols were minted for the New World holdings. Struck in 1670, the sols in denomination of double (copper), and 5 and 15 which were both silver. Alas these coins were not what they said on them, they were underweight, and so they were unpopular. Also circulating for a few years in the 1720s was the 9-denier
British although preferring straight trades often found their copper coins and tokens, counterfeit or real, in America. Famously the 'London Elephant' tokens, of the late 1600s that circulated primarily around the Carolinas
In Virginia, excuse me, for Virginia, the king authorized coins to be made. Around 1770 mints in England they featured George III on the obverse (front) and the coat of arms on the reverse.
Tokens
• London Elephant Tokens of the 1690s circulated in the Carolinas. Although it is not known if they were intended to circulate or not.
• 1766 Pitt Token/Halfpenny, same size as the half penny, it circulated widely up and the down the east coast. Made of silver but mostly bronze they were a well received.
• Rhode Island Ship medals not even tokens, so clearly not intended to be used as currency. Produced by the English was made in the Netherlands for distribution in their Caribbean holdings.
However there was also paper money issued by each colony.
Paper Currency was not successful almost anywhere, though that did not stop colonies from printing them.
The paper notes were meant to replace British, Spanish and other foreign currency but until Independence it was just not a feasible to be the sole currency. It did happen that a note from a place such as New York would cross the border, but it would be rare and not accepted at full value. Pennsylvania had Colonial Scrip which is technically, although used as paper money, not paper money was actually much more of a loan. To halt inflation colonies always tried to keep their money tied to the Spanish Dollar, with one exception. Pennsylvania actually tried to keep theirs tied to the English pence sterling.
Quick rundown of paper currency production
• Connecticut issued paper currency five separate times first in 1724, 1733, 1770-71, 1773 and 1775-1777.
• Delaware also four times issued paper money, 1746, 1756, 1758-60, and 1776-1777.
• Georgia, three times 1766-67, 1773 and 1776-77.
• Louisiana just once throughout the year of 1720.
• Maryland three times 1733, 1770, 1774-76
• Massachusetts in 1710, 1737 and 1775-76.
• New Hampshire three times in 1742, 1744-45 and 1775-1776
• New Jersey three times 1756, 1758-64, and 1776
• New York four times, the first time in 1709, 1755-56, 1758-60, 1771 and 1774-1776.
• North Carolina six times 1748, 1754, 1757, 1760-61, 1768, 1771 and 1776
• Pennsylvania six times in 1756, 1758-60, 1764, 1769, 1771-73 and 1775
• Rhode Island once 1775-77
• South Carolina once 1775-79
• Virginia twice 1773, 1775-81
During the Rev The Continental Dollar was not a game changer and did not leave much of an impact. It was ineffective as was the coins even when the U.S. Mint started making them in 1792, demand was just too much. Although adopted as the new coin it was not ‘doing it job’, if you somehow managed to get one and then spent it, you probably would not see it again.
How has it changed?
In many ways denominations and composition wise especially. Also very many designs have come and gone.
Defunct Denominations (first coin actually made in 1792)
Half Cent from 1792 to 1857
Two Cent from 1864 to 1857
Three Cent from 1851 to 1889 (in silver and CuNi compostions)
Twenty Cent from 1875 to 1878
$2.50 Quarter Eagle (eagle being the design on the $10 coin, and stated on the coin itself, and the official congress-given name) 1792-1929
Three Dollar 1854 to 1889
$5 Half Eagle 1792 to 1929
$10 Eagle 1792 to 1929
$20 Double Eagle 1792 to 1930 and 2009
The original penny minted in 1792 is known as a large cent, in 1857 the modern sized cent began production.
This question was unbelievably vague and I definitely left some stuff out, any further questions I will do my best to answer.
Sources:
Walter Breen's Complete Encyclopedia of U.S. and Colonial Coins
Guide Book of United States Coin by R.S. Yeoman
A History of Money and Banking in the United States Murray Rothbard
History of the United States Mint and Its Coinage David Lange
