See:
http://www.woodlands-junior.kent.sch.uk/customs/questions/moneyold.htm

The above URL will give an explanation of British currency.

In 1971, the currency became decimalized.  Therefore Colonial  equivalence
should be figured using the old method. And we need to keep in mind that the
nominal value of currency is not the purchasing power of currency.
Considering the value of the dollar today could cause researchers in the
future to think that everyone was affluent. But with devaluation during
recessions and depressions the face value of the Colonial pound and the
current dollar is misleading when figuring the cash wealth or cash costs of
the citizenry.

Also we need to keep in mind which commodities were in a state of flux on
any day. Pork bellies vs wheat, oil vs gold, soybeans vs beef. [As an
elder-person with fragile joints who forgoes rides on Roller Coasters, I get
my heart a-racing and thrills watching the stock market. ;-) ]

Prior to 1971, it was so awfully confusing. Tourists used to have a big
problem traveling in England and had pockets full of coins to hand out to
merchants and relied upon their honesty to take the correct amount. And
making a comparison of costs was a nightmare.

Poldi




On Sun, Nov 9, 2008 at 1:16 PM, William Milam <[log in to unmask]> wrote:

> In Spotsylvania and Orange Counties during the 1730s and 1740s, Court
> Orders
> repeatedly use the phrase:  "500 lbs tobacco  & cask or 50
>
> Shillings" for their fines. Of course, one Shillings was worth one
> twentieth
> of an English pound (like our Nickel is worth one twentieth of a
>
> Dollar). One Pence was worth one hundredth of an English Pound (like our
> Cent is worth one hundredth of a Dollar). Therefore, 500 lbs of tobacco was
> worth 2 ½ English Pounds. One pound of tobacco was worth one English Pence,
> an easy way to remember the relationship.
>
>
>
> Annually, the  county Justices (of the Peace) set certain fees. For
> example,
> a court record for Orange County dated March 16, 1735/36 set the fee for a
> Gallon of Rum at 8 Shillings and a Hot Diet at an Ordinary (Inn) at 1
> Shilling. During these decades, most court fines were stated in pounds of
> tobacco since it appeared to be the common currency. Indeed, the county
> budgets were made and calculated in pounds of tobacco.  The Orange County
> Justices at court on October 19, 1736 set the Poll Tax per Tithable at 17
> pounds of tobacco for the year or 17 Pence.
>
>
>
> William Milam
>
>
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