In 1764 Parliament passed the Currency Act, which effectively ended the growing colonial practice of printing money. Known as ‘new tenor,” the paper notes were not backed completely by bullion. Silver and gold coins had been the only source of accepted currency for use within British trade and financial policies; the colonies had been forbidden to mint their own coins since 1684. Although British coins formed the basis of accepted colonial currency practices, foreign equivalencies were allowed, based on Queen Anne’s so-called scale of 1704 called “proclamation money.” This added to the complexity of exchange and finance, promoting the barter system in rural settlements.
New World Bullion Changes European Currency Values
Anthropology professor Jack Weatherford, quoting from a thesis written by Walter P. Webb, writes that, “At the time of the discovery of America, Europe had only about $200 million worth of gold and silver, approximately $2 per person. By 1600 the supply of precious metals had increased approximately eightfold.” The Spanish milled dollar, produced in Spain with silver coming from Potosi in South America, was the most trusted foreign coin. It was alternately known as the real or rial and contained 77 oz of silver. 8 reals equaled a Spanish peso, also known as a piece of eight.
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