Wednesday, January 30, 2013

Legal Rates of Money

In 1680 the General Assembly were careful to prescribe the legal rates of the money sterling in circulation in Virginia. The French coin was estimated at six dollars; the piece of eight at six shillings; half-pieces of eight at three shillings, and one-quarter pieces at eighteen pence. The New England coin was held to one shilling. Presumably, we are discussing the 1644 law which had not taken effect, that is, for striking off a local metallic currency. Source: Hening's Statutes, vol. I, p. 308.

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