North Carolina pound

The North Carolina pound (symbol: £), commonly known as the pound, was the currency of North Carolina until 1793. Initially, the British pound circulated, supplemented from 1709 by local paper money and the introduction of Colonial currency and the Pound denominations in 1712.[1] Although these notes were denominated in pounds, shillings and pence, they were worth less than sterling, with 1 North Carolina shilling = 9 pence sterling. The first issue of paper money was known as "Old Tenor" money. In 1748, "New Tenor" paper money was introduced, worth 7½ times the Old Tenor notes.[2]

North Carolina pound
US-Colonial (NC-33)-North Carolina-27 Nov 1729 OBV.jpg US-Colonial (NC-33)-North Carolina-27 Nov 1729 REV.jpg
North Carolina £3 banknote (obverse)North Carolina £3 banknote (reverse)
Denominations
Pluralpounds
Symbol£
Banknotes
 Freq. used£1, £2, £5
 Rarely used£3
CoinsNone
Demographics
User(s)North Carolina
Issuance
Central bankNorth Carolina Treasury
Valuation
Pegged withpound sterling at par

The State of North Carolina issued Continental currency denominated in £sd and Spanish dollars, with 1 dollar = 8 shillings (the York rating). The continental currency was replaced by the U.S. dollar at a rate of 1000 continental dollars = 1 U.S. dollar.[citation needed]

NotesEdit

  1. ^ Newman, 2008, p. 313.
  2. ^ Newman, 2008, p. 316.

ReferencesEdit

  • Newman, Eric P. The Early Paper Money of America. 5th edition. Iola, Wisconsin: Krause Publications, 2008. ISBN 0-89689-326-X.
  • Cory Cutsail, Farley Grubb. 2018. The Paper Money of Colonial North Carolina, 1712-74: Reconstructing the Evidence. NBER paper.