Beginning in 1690 Massachusetts, however, and spreading through different colonies throughout the early 18th century, paper currency was introduced, often in large numbers, and upset these values even further. Meanwhile, an ordinance in New York from 1675 gave these coins the much higher value of 6 shillings and 6 pence, while in the Mid-Atlantic states, they were valued at 5 shillings.
In the Motherland, a Spanish dollar was evaluated at the rate of 4 shillings 6 pence, its true value in terms of weight and fineness when compared to the coinage of the pound sterling. For a number of reasons that largely revolved around scarcity and a desire to keep what coins entered the colonies from leaving the colonies, these coins were often given higher values than in England. Because it was British leaders and subjects who governed the colonies, these coins were valued into British monetary terms of shillings and pence. Through trade and immigration, Spanish-American coinage began to enter the British colonies of North America in the early seventeenth century (Fig.
One here, they underwent a name change to successfully trade from hand to hand. Eight-real coin from Mexico City, 1655, typical of those unofficially imported into North America via trade and immigration.