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- Pennsylvania_pound abstract "The pound was the currency of Pennsylvania until 1793. It was created as a response to the global economic downturn caused by the collapse of the South Sea Company. Initially, the British pound and certain foreign coins circulated, supplemented from 1723 by local paper money, called Colonial Scrip. Although these notes were denominated in pounds, shillings and pence, they were worth less than sterling, with 1 Pennsylvanian shilling equalling 9 pence sterling.The Pennsylvania Pound was first conceived by Francis Rawle, who can be rightly called The Father of the Pennsylvania Pound.In March 1723, it issued Colonial Scrip, paper bills of credit to the amount of $60,000, made them a legal tender in all payments on pain of confiscating the debt or forfeiting the commodity, imposed sufficient penalties on all persons who presumed to make any bargain or sale on cheaper terms in case of being paid in gold or silver, and provided for the gradual reduction of the bills by enacting that one-eighth of the principal, as well as the whole interest, should be paid annually. Pennsylvania made no loans but on land security or plate deposited in the loan office, and obliged borrowers to pay 5% for the sums they took up. The scheme worked so well that, in the latter end of the year, the government emitted bills to the amount of $150,000 on the same terms. In 1729 there was a new emission of $150,000 to be reduced one-sixteenth a year. Pennsylvania was one of the last—if not the very last—colonies that emitted a paper currency. In 1775, the Colonial "Scrip" currency was replaced by Continental currency. The Commonwealth of Pennsylvania issued Continental currency denominated in £sd and Spanish dollars, with 1 dollar equalling 7 shillings and 6 pence. The continental currency was replaced by the United States dollar at a rate of 1000 continental dollars = 1 U.S. dollar in 1793.".
- Pennsylvania_pound thumbnail US-Colonial_(PA-115)-Pennsylvania-18_Jun_1764.jpg?width=300.
- Pennsylvania_pound wikiPageID "4513404".
- Pennsylvania_pound wikiPageLength "3102".
- Pennsylvania_pound wikiPageOutDegree "23".
- Pennsylvania_pound wikiPageRevisionID "615218868".
- Pennsylvania_pound wikiPageWikiLink British_pound.
- Pennsylvania_pound wikiPageWikiLink Category:1793_disestablishments_in_Pennsylvania.
- Pennsylvania_pound wikiPageWikiLink Category:Economy_of_Pennsylvania.
- Pennsylvania_pound wikiPageWikiLink Category:Historical_currencies_of_the_United_States.
- Pennsylvania_pound wikiPageWikiLink Category:Pre-statehood_history_of_Pennsylvania.
- Pennsylvania_pound wikiPageWikiLink Colonial_Scrip.
- Pennsylvania_pound wikiPageWikiLink Commodity.
- Pennsylvania_pound wikiPageWikiLink Continental_currency.
- Pennsylvania_pound wikiPageWikiLink Currency.
- Pennsylvania_pound wikiPageWikiLink Early_American_currency.
- Pennsylvania_pound wikiPageWikiLink File:US-Colonial_(PA-115)-Pennsylvania-18_Jun_1764.jpg.
- Pennsylvania_pound wikiPageWikiLink Gold.
- Pennsylvania_pound wikiPageWikiLink Government.
- Pennsylvania_pound wikiPageWikiLink Interest.
- Pennsylvania_pound wikiPageWikiLink Loan.
- Pennsylvania_pound wikiPageWikiLink Pennsylvania.
- Pennsylvania_pound wikiPageWikiLink Penny.
- Pennsylvania_pound wikiPageWikiLink Pound_sterling.
- Pennsylvania_pound wikiPageWikiLink Security.
- Pennsylvania_pound wikiPageWikiLink Shilling.
- Pennsylvania_pound wikiPageWikiLink Silver.
- Pennsylvania_pound wikiPageWikiLink South_Sea_Company.
- Pennsylvania_pound wikiPageWikiLink Spanish_dollar.
- Pennsylvania_pound wikiPageWikiLink United_States_dollar.
- Pennsylvania_pound wikiPageWikiLink Wikt:principal.
- Pennsylvania_pound wikiPageWikiLinkText "1723".
- Pennsylvania_pound wikiPageWikiLinkText "Pennsylvania pound".
- Pennsylvania_pound wikiPageWikiLinkText "pounds".
- Pennsylvania_pound wikiPageWikiLinkText "£".
- Pennsylvania_pound hasPhotoCollection Pennsylvania_pound.
- Pennsylvania_pound wikiPageUsesTemplate Template:Money-unit-stub.
- Pennsylvania_pound wikiPageUsesTemplate Template:Pennsylvania-stub.
- Pennsylvania_pound wikiPageUsesTemplate Template:Pound_(currency).
- Pennsylvania_pound wikiPageUsesTemplate Template:Reflist.
- Pennsylvania_pound subject Category:1793_disestablishments_in_Pennsylvania.
- Pennsylvania_pound subject Category:Economy_of_Pennsylvania.
- Pennsylvania_pound subject Category:Historical_currencies_of_the_United_States.
- Pennsylvania_pound subject Category:Pre-statehood_history_of_Pennsylvania.
- Pennsylvania_pound hypernym Currency.
- Pennsylvania_pound type Currency.
- Pennsylvania_pound type Denomination.
- Pennsylvania_pound type Disestablishment.
- Pennsylvania_pound comment "The pound was the currency of Pennsylvania until 1793. It was created as a response to the global economic downturn caused by the collapse of the South Sea Company. Initially, the British pound and certain foreign coins circulated, supplemented from 1723 by local paper money, called Colonial Scrip.".
- Pennsylvania_pound label "Pennsylvania pound".
- Pennsylvania_pound sameAs m.0c6gc3.
- Pennsylvania_pound sameAs Q7164293.
- Pennsylvania_pound sameAs Q7164293.
- Pennsylvania_pound wasDerivedFrom Pennsylvania_pound?oldid=615218868.
- Pennsylvania_pound depiction US-Colonial_(PA-115)-Pennsylvania-18_Jun_1764.jpg.
- Pennsylvania_pound isPrimaryTopicOf Pennsylvania_pound.