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The pound was the currency of
The pound was the currency of Rhode Island
Rhode Island (, like ''road'') is a U.S. state, state in the New England region of the Northeastern United States. It is the List of U.S. states by area, smallest U.S. state by area and the List of states and territories of the United States ...
until 1793. Initially, sterling coin and foreign coins circulated, supplemented by local paper money from 1710.Newman, 2008, p. 371. These notes were denominated in £sd
£sd (occasionally written Lsd, spoken as "pounds, shillings and pence" or pronounced ) is the popular name for the pre-decimal currencies once common throughout Europe, especially in the British Isles and hence in several countries of the ...
, but they were worth less than sterling, with 1 Rhode Island shilling = 9d sterling. The first issue of notes was known as the "Old Tenor" issue. This fell in value and "New Tenor" notes were introduced in 1740, worth four times the Old Tenor notes. Both Old and New Tenor notes were replaced in 1763 by "Lawful money" at a rate of 1 Lawful shilling = 6⅔ New Tenor shillings = 26⅔ old Tenor shills.
The state of Rhode Island issued Continental currency
Early American currency went through several stages of development during the colonial and post-Revolutionary history of the United States. John Hull was authorized by the Massachusetts legislature to make the earliest coinage of the colony (th ...
denominated in £sd and Spanish dollar
The Spanish dollar, also known as the piece of eight ( es, Real de a ocho, , , or ), is a silver coin of approximately diameter worth eight Spanish reales. It was minted in the Spanish Empire following a monetary reform in 1497 with content ...
s, with 1 dollar = 6 shillings. The continental currency was replaced by the U.S. dollar
The United States dollar ( symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the official ...
at a rate of 1,000 continental dollars = 1 U.S. dollar.
References
Notes
Bibliography
*Newman, Eric P. ''The Early Paper Money of America''. 5th edition. Iola, Wisconsin: Krause Publications, 2008. . Historical currencies of the United States 1793 disestablishments in the United States Pre-statehood history of Rhode Island {{RhodeIsland-stub