After the North American colonies declared independence from the British crown, how many different currencies did they use and what were their exchange rates?

by beaghking45
RTarcher

I can't give you the exchange rates after independence was declared, but I can give you the exchange rates a year earlier - 1775. Luckily, John McCusker has combed through thousands of references and transactions to find out what the various currencies in use in colonial America were valued at. The best resource, for your question, is his 1992 book Money and Exchange in Europe and America, 1600-1775: A Handbook.

There were at least 17 different currencies in circulation in the British Colonies in 1775 - Massachusetts, New York, New Jersey, Pennsylvania, Maryland, Virginia, North Carolina, South Carolina, Georgia, Barbados, Jamaica, Antigua, St. Christopher, Nevis, Grenada, Bermuda, and Nova Scotia (Halifax). After declaring independence there would be the Continental currency as well. Connecticut, Rhode Island, and New Hampshire also had their own currencies, but the values were largely the same as the Massachusetts currency.

Below is a table showing the value of each currency compared to £100 sterling on the London exchange.

Colony Value (£)
London 100.00
Massachusetts 117.45
New York 171.55
New Jersey 169.50
Pennsylvania 161.12
Maryland (1) 156.68
Virginia 120.00
North Carolina 175.00
South Carolina 758.67
Georgia 108.00
Barbados 140.00
Jamaica 140.00
Antigua 176.25
St. Christopher (2) 165.00
Nevis 175.03
Grenada (3) 160.00
Bermuda (4) 147.50

(1) Maryland conversion for hard currency. Paper currency exchange was 133.33

(2) Value for 1770

(3) Value for 1772

(4) Value for 1770

(5) Not enough data for Nova Scotia