In 1775, the United States and the individual states began issuing "Continental Currency" denominated in Spanish dollars and (for the issues of the states) the £sd currencies of the states. The dollar was valued relative to the states' currencies at the following rates:
|State||Value of Dollar |
in State Currency
|Connecticut, Massachusetts, New Hampshire, Rhode Island, Virginia||6 Shillings|
|Delaware, Maryland, New Jersey, Pennsylvania||7½ Shillings|
|New York, North Carolina||8 Shillings|
|South Carolina||32½ Shillings|
The continental currency suffered from printing press inflation and was replaced by the silver dollar at the rate of 1 silver dollar = 1000 continental dollars.