Colonial money system , mercantilism

1. Colonial
Money
By Mr. Casey

2. AGENDA
Vocabulary
Colonial Currency

3. Currency
 A system of money used in a particular
country

4. Monetary
 Relating to money or currency

5. Mercantilism
The belief that an economy
needed a strong trade
(exports) system and that
countries should acquire as
much hard currency (gold
and silver) as possible

6. LESSON: Money Today
 There are more than 150 currencies in the
world today

7. MONEY
 In the United States we use the dollar, but
other countries have different currencies

8. Colonial Times
During colonial
times, the
colonies did not
have their own
monetary
system.

9. Colonial Money
So, the colonial monetary
system was based on the
English system of pounds,
shillings, and pence

10. Pound
The pound or £,
was originally
called the pound
because it was
worth 1 pound of
sterling silver
£ stands for Libra which
was the basic Roman unit
of weight

11. Shilling
A coin used in the
English monetary
system (20
shillings equal 1
pound)

12. Pence
A coin used in the
English monetary
system (12 pence
per shilling and 240
pence per pound)

13. Colonial Money
 There was a lack of hard currency, so
colonies printed their own currency

14. Colonial Money
 This acted as a note promising that the colony
backed up the value of the paper

15. Colonial Money
Many colonists had a hard
time getting hard currency so
they turned to the barter
system

16. Colonial Money
What do you think people
used as a form of currency
when bartering?
TOBACCO