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The
pound was the currency of
Rhode IslandThe state of Rhode Island and Providence Plantations, more commonly referred to as Rhode Island , is a state in the New England region of the United States. It is the smallest U.S. state by area...
until 1793. Initially, the British pound and foreign coins circulated, supplemented by local paper money from 1710. Although these notes were denominated in pounds,
shillingThe shilling is a unit of currency used in some current and former British Commonwealth countries. The word shilling comes from scilling, an accounting term that dates back to Anglo-Saxon times where it was deemed to be the value of a cow in Kent or a sheep elsewhere. The word is thought to derive...
s and
penceA penny is a coin or a type of currency used in several English-speaking countries. It is often the smallest denomination within a currency system.-Etymology:...
, they were worth less than sterling, with 1 Rhode Island shilling = 9 pence sterling. The first issue of notes was known as the "Old Tenor" issue. This fell in value and "New Tenor" notes were introduced in 1740, worth 4 times the Old Tenor notes. Both Old and New Tenor notes were replaced in 1763 by "Lawful money" at a rate of 1 Lawful shilling = 6⅔ New Tenor shillings = 26⅔ old Tenor shills.
The State of Rhode Island issued Continental currency denominated in £sd and
Spanish dollarThe Spanish dollar is a silver coin, of approximately 38 mm diameter, worth eight reales, that was minted in the Spanish Empire after a Spanish currency reform in 1497. Its purpose was to correspond to the German thaler...
s, with 1 dollar = 6 shillings. The continental currency was replaced by the U.S. dollar at a rate of 1000 continental dollars = 1 U. S dollar.