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| currencies of the americas | |
| modern obsolete currencies | |
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Due to over issue, the value of the Old Tenor notes fell relative to silver coins. In 1740, a second series of paper money was introduced, known as the "New Tenor" issue. These were worth 3½ times as much as the same denomination of Old Tenor notes. A further issue of 1755, known as "Lawful Money", replaced the Old and New Tenor issues at the rates of 1 Lawful Money shilling = 2.1 New Tenor shillings = 7.33 Old Tenor shillings. The State of Connecticut issued Continental Currency denominated in both £sd and Spanish dollars, with 1 Spanish dollar = 6 shillings. The Continental currency was replaced by the U.S. Dollar at the rate of 1000 Continental dollars = 1 U.S. dollar. |
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