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The pound was the currency of Rhode Island until 1793. Initially, the British pound and foreign coins circulated, supplemented by local paper money from 1710. These notes were denominated in pounds, shillings, and pence, but they were worth less than sterling, with 1 Rhode Island shilling = 9 pence 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 denominated in £sd and Spanish dollars, with 1 dollar = 6 shillings. The continental currency was replaced by the U.S. dollar at a rate of 1,000 continental dollars = 1 U.S. dollar.
- Newman, 2008, p. 371.
- Newman, Eric P. The Early Paper Money of America. 5th edition. Iola, Wisconsin: Krause Publications, 2008. ISBN 0-89689-326-X.