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Saturday, April 5, 2014

Pounds Sterling

Trade among the colonists was made with pounds of tobacco or pounds sterling, pictured here with a 1645 coin.  The term is frequently found in 17th and 18th century deed records. Throughout history, the English coin has compared itself to American coins.  For many years now, it has been more valuable than the dollar.  The colonists who shipped or traded abroad established trade with factoring companies, mostly in London. The factor received shipments and managed the funds
in a planter's account. The tobacco crops of Virginia became a lucrative means of trade, while the Carolinas and Georgia produced coastal rice and cotton.  Local economies dealt more in trade or barter than actual money.  While New England States preferred manufacturing, the real breadbasket of the country was the South.

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