Pre-Federal Coinage: Before the US Mint

Money in Colonial America

Before the United States Mint opened its doors in Philadelphia in 1792, money in America was a chaotic mixture of foreign coins, colonial issues, private tokens, commodity money, and paper currency. Understanding this monetary landscape is essential context for appreciating why the Constitution's framers made establishing a national coinage one of their earliest priorities — and why the coins produced before federal coinage are among the most historically fascinating objects in American numismatics.

For over 170 years, from the first permanent English settlement at Jamestown (1607) through the ratification of the Constitution (1788), Americans used whatever money was available. The result was a monetary system that was messy, confusing, and frequently inadequate — but that produced a remarkable variety of coins and money-substitutes that collectors pursue with passion today.

Foreign Coins in Colonial America

The dominant circulating coins in colonial America were foreign issues, primarily:

Spanish silver: The Spanish milled dollar (8 reales) was the de facto standard currency throughout the colonies. Its widespread acceptance and consistent silver content made it the most trusted coin in the Americas. The US dollar was originally defined in terms of the Spanish dollar, and Spanish coins remained legal tender in the United States until 1857. Our Spanish colonial coins guide covers these important coins in detail.

British coins: Pounds, shillings, and pence circulated in the colonies, but Britain deliberately restricted the export of coins to America, creating persistent shortages. This restriction was a constant source of colonial frustration and contributed to the development of alternative money forms.

Portuguese, Dutch, and French coins: International trade brought coins from these nations into colonial circulation, adding to the monetary jumble.

Commodity Money

When coins were scarce — which was most of the time — colonists used commodity money:

• Wampum: Strings and belts of shell beads, used as money primarily in New England and the middle colonies. Massachusetts declared wampum legal tender in 1637.
• Tobacco: In Virginia and Maryland, tobacco served as the primary medium of exchange for much of the colonial period. Prices, debts, and even taxes were denominated in pounds of tobacco.
• Beaver pelts: In the fur-trading regions, beaver skins served as a unit of account and medium of exchange.
• Musket balls and nails: In frontier areas, practical commodities sometimes substituted for money.

Colonial Coin Issues

Several colonies authorized their own coinages, creating some of America's most historically important numismatic items:

Massachusetts silver (1652-1682): The Pine Tree shilling, Oak Tree shilling, and Willow Tree coins were the first coins produced in English colonial America. All bear the date 1652 (regardless of actual striking date) to circumvent royal authority. Pine Tree shillings are among the most iconic early American coins and are available from $500-$5,000 depending on variety and condition.

Maryland coinage (1659): Lord Baltimore's silver shillings, sixpences, and groats — rare and expensive colonial coins with distinctive designs.

State coppers (1785-1788): After independence but before the Constitution, several states authorized copper coinages. Connecticut, Massachusetts, New Jersey, New York, and Vermont all produced distinctive copper coins. Covered in our colonial coppers guide.

Colonial Paper Money

Massachusetts became the first government in the Western world to issue paper money in 1690, producing bills of credit to pay soldiers returning from an unsuccessful expedition against Quebec. Other colonies followed, and by the mid-1700s, paper money was common throughout colonial America — though its value fluctuated wildly based on the issuing colony's fiscal responsibility.

Continental Currency (1775-1779), issued by the Continental Congress to finance the Revolution, is covered in our Continental Currency guide.

Collecting Pre-Federal Coinage

Pre-federal American coins range from affordable to museum-quality expensive:

• State coppers: Common varieties start at $50-$200, making them the most accessible pre-federal coins
• Spanish colonial coins: 8 reales from $75-$500 depending on type and condition
• Pine Tree shillings: $500-$5,000+ depending on variety
• Fugio cents (1787): $200-$2,000 — covered in our Fugio cent guide
• Rare colonial issues: Maryland, Sommer Islands (Bermuda), NE shillings — $1,000-$100,000+

The standard reference is Whitman's "Guide Book of United States Coins" (Red Book) for the major pre-federal series, supplemented by specialized references for specific areas. Visit major coin shows where dealers specializing in early American coins bring these fascinating pieces of monetary history to market.