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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.