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File:US-Colonial (MA-87.15)-Massachusetts-1 May 1741 OBV.jpg to appear as POTD soonEdit
Hello! This is a note to let the editors of this article know that File:US-Colonial (MA-87.15)-Massachusetts-1 May 1741 OBV.jpg will be appearing as picture of the day on April 22, 2016. You can view and edit the POTD blurb at Template:POTD/2016-04-22. If this article needs any attention or maintenance, it would be preferable if that could be done before its appearance on the Main Page. — Chris Woodrich (talk) 00:00, 5 April 2016 (UTC)
-Massachusetts-1_May_1741_OBV.jpg)
A banknote for two Massachusetts shillings, or 1/10 of a Massachusetts pound, dated 1 May 1741. Massachusetts was the first of the Thirteen Colonies to have its own currency, authorizing the issuance of paper money in 1690; South Carolina would follow with its own pound in 1703. The pound saw heavy inflation and, in 1749, Massachusetts withdrew its paper money from circulation and returned to specie.Banknote: Province of Massachusetts Bay; image courtesy of the National Numismatic Collection at the Smithsonian Institution
This article contradicts itselfEdit
The introduction implies that Massachusetts did not use paper money between 1749 and 1775. However according to the "Paper money" section Massachusetts produced a "Colonial" issue in 1759. 108.49.90.89 (talk) 16:50, 15 December 2017 (UTC)
Value in USD todayEdit
What is the conversion rate when redeeming a Massachusetts pound in today's USD? mdkarazim (talk) 19:00, 17 November 2019 (UTC)
- In 1770, the market exchange rate between £ Sterling and Mass. £ was 1.25, i.e. one pound sterling was worth 1.25 pound Massachusetts Lawful Money. (McCusker, John J. (1978). Money and Exchange in Europe and America, 1600-1775. The Macmillan Press).
- Hence, one pound Massachusetts was the same as 16 shillings Sterling according to the the market exchange rate.
- If you want to compare the value of a 16 shilling sterling income or wealth in 1770 there are three choices (Measuring Worth). In 2019 the relative:
- real wage or real wealth value of that income or wealth was £111.70
- labour earnings of that income or wealth was £1,432.00
- income value of that income or wealth was £1,747.00
- If you want to compare the value of a 16 shilling sterling income or wealth in 1770 there are three choices (Measuring Worth). In 2019 the relative:
- The average exchange rate of British pounds to US dollar for 2019 was 1.28 (Pound Dollar Exchange Rate (GBP USD) - Historical Chart).
- Hence in 1770:
- 100 pound Massachusetts Lawful Money could buy as much stuff as USD 14,297.60 in 2019 (as long as you buy stuff that was available in 1770).
- the relative income of a person paid 100 pound Massachusetts Lawful Money per year can be compared to the relative income of a person paid USD 183,296.00 per year in 2019.
- the economic status of a person earning 100 pounds Massachusetts Lawful Money per year can be compared to the economic status of a person earning USD 223,616.00 per year in 2019.
- Hence in 1770:
- Creuzbourg (talk) 19:01, 28 September 2020 (UTC)