A Presentation by Frank Sorrentino
Foreign Coins and Money Substitutes in Colonial America
in conjunction with The Customs House, The Eastville Historic Society & The Sag Harbor Historical Society.
October 6, 2012 at 4:00 PM
Foreign coins from the Netherlands, France, Portugal, Britain and Spanish America circulated in the American Colonies up until the first time that US coins were minted in 1793, and until they were demonetized in 1857. The law allowed until the year 1859 to complete this transition. It took over sixty years for the United States mints to produce enough coins to have Congress legislate the elimination of foreign coins from circulation.
The subjects covered in this presentation explains how Dutch, French, British and Spanish coins influenced US coinage, as well as influence local and international trade. The discussion will include the many types of money substitutes used to conduct trade, how merchants used ledgers to keep track of customer accounts, and will examine the use of everyday commodities as money.
Coins that circulated during the colonial period as well as colonial paper money will be exhibited.
No reservations required, donations welcome.