The Value of Money in Colonial America
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Description: Essay: British policy was guided by the supposition that its colonies would contribute revenue, and stimulate industrial growth, by providing both raw materials and markets for British mercantile expansion.
The Value of Money in Colonial America The Comparative Value of Money between Britain and the Colonies When the English colonists arrived in America they naturally continued to use the monetary units of Britain, namely the pound, shilling and pence for which £1 equalled 20s and 1s equalled 12d. This appeared to be a simple transplantation of economic units, but due to British colonial policy the situation became quite complex. Basically, British policy was guided by the supposition that its colonies would contribute revenue and stimulate industrial growth by providing both raw materials and markets for British mercantile expansion. In return the colonies would be protected by British arms and civilized by British rule. Toward this end parliament enacted laws prohibiting the export of British silver coinage as it was felt the colonies should be providing Britain with precious metals rather than draining them away. The result of this policy was that British silver coins were quite scarce in the North American colonies.
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