In 1787, Congress authorized the production of copper “Fugio” cents, with an obverse depicting a sundial and a memorable motto: “MIND YOUR BUSINESS.” When the states ratified the Constitution in 1788, debate continued over the future of coinage in the young republic. Such an arrangement, in addition to the foreign coins still in circulation, did little to promote efficient commerce among the states. ![]() Even tobacco was used as money in colonial Virginia, as were grain, fish, and furs in colonial New England.Īfter the Revolutionary War, the fledgling United States was loosely held together by the Articles of Confederation, which allowed states to manufacture their own coins and establish values for them. Livestock and produce also helped facilitate commercial activity. Due to an insufficient supply of coins in smaller denominations, people would occasionally cut this coin into smaller pieces. Spanish milled dollars were popular thanks to the consistency in the amount of silver in their composition. For example, British pounds and German thalers changed hands, along with some coins the colonies produced themselves. ![]() In the years before independence, several different kinds of coins circulated in the colonies. Coins in the Colonies and the Early Republic (and Beyond)
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