To add a little more, prior to 1787 or so there was no national currency and
American financial accounts were kept in terms of state pounds (plus their
shillings and pence), the value of which varied amongst the 13 states (in
grains of silver), using only the name of the English sterling 'pound.'
So...to pay off a debt with Spanish milled coins meant paying different
amounts depending on the state where the account was kept. At one point,
for example, a person in Pennsylvania would pay one Spanish milled dollar to
pay off a debt of 7 shillings and 6 pence, while in Virginia a 'dollar'
(Spanish milled) was required to pay off a debt of only 6 shillings.
Amongst all foreign coins in circulation at the time, the 'eighth' and
'sixteenth' of the Spanish milled dollar were the most common, the names of
which varied amongst the states due to their varying value. In states where
8s = one dollar (Spanish) the 'eighth' was called a 'shilling' (12 pence),
while being called a 'levy' in states where 11 pence = one dollar, and so
on. Likewise, the 'sixteenth' was called 'six-pence' in some states,
'five-penney bit' or 'fip' in others, and 'four-pence' in Virginia and a few
others.
This per Boyd Crumrine's introductory and editing of the minute books of
Virginia courts held in its counties now located in present Southwestern
Pennsylvania, published within "Annals of the Carnegie Museum," Vol. III,
1905-1906, pp. 209-210. Crumrine also references McMaster's "History of the
People of the U.S.," Vol. I.
Remaining questions: While I know Tom Apple is correct in stating that the
Spanish milled dollar was cut into eight 'bits' to make small change, I'm
wondering how this cutting was performed regarding accuracy and to minimize
loss of silver, and whether 'sixteenths' were cut as well (that's getting
kinda slim and very pointed, subject to damage.) Also, Crumrine speaks of
debts being paid in Spanish milled dollars and their halves, quarters,
eighths and sixteenths each being represented by a silver coin. What
Americans called Spanish milled dollars or 'Pieces of Eight' were minted in
Mexico as 'Spanish 8 Reales,' where subsidiary coins of 4 reales, 2 reales,
1 reales and 1/2 real (a sixteenth) were also minted -- also a 1/4 real I
believe. Which was more common in the American colonies and states, I
wonder, the cut 'bits' or actual coins for the eighths and sixteenths?
Thanks for any input.
Neil McDonald
PS - most were gunna pay with skins, furs, tobacco or labor so why worry
'bout it, huh...
> Jim Greve wrote:
>
> >Heads or tails.
> >
> Just to add a little bit, this in in reference to the markings on a
> Spanish milled coins minted from 1732-1772, called "pillar" coins. One
> side of the coin has the globe with two pillars or "piles" on either
> side, and the reverse has a coat of arms with a cross in the middle
> separating the four quadrants of the arms. The piles which are wrapped
> in an "S" shaped ribbon are supposedly the origin of the dollar sign.$
> The Spanish milled dollar, often cut into eight "bits" to make small
> change, was a common coin in the American colonies.
>
> Regards,
>
> Tom Apple
>
> >
> >
> >In a court case from Orange Co, VA, 1750, came the following jury
> >verdict: We of the Jury find that the Tobacco . . . was won by the Plt
> >of the Deft at a game between them called cross and pile . . ." What
> >was "cross and pile"?
> >
>
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