Numismatic History - New Jersey, One Shilling Note

Good morning and welcome to a Wonderful Wednesday! In keeping with our plan of writing about coins or currency every other day, this morning I’d like to delve into this somewhat unique piece of history – a New Jersey One Shilling Note. But before I do, let’s get a bit of background on America in the latter part of the 1700’s. The Bee Gees greet me this morning with their 1972 hit Run To Me.

So what was it like in the late 1700’s and how much could be bought with a One Shilling Note? Across the American colonies, it was clear that settlers had become increasing less British. Most Americans grew their own food. Most supplemented their grain and vegetable diets with hunting fish, squirrel, rabbit, deer (venison), and occasionally bear or hog. Schooling was normally done in a one-room school house and was in session only when the children weren’t required in fields or family businesses. Most male children were educated until they were able to read, write, and cipher and few had the luxury to master these subjects or proceed on to a higher education. The real subject being learned was survival, as the land was raw and life was harsh.

By 1770, it is estimated that American colonists enjoyed the highest standard of living in the world. Although the colonies exported huge quantities of raw materials, especially timber, tobacco, rice, and furs, they imported most of their needed finished goods. In fact, finishing goods within the colonies and thus bypassing British manufacturing was prohibited, leaving the balance of trade in England's favor. This trade deficit left the thirteen colonies with very few coins of the realm. Bartering was the most common method of buying and selling, and tabs or ledgers were used to keep up with it. When coins and currencies were needed, foreign money (French Francs and Spanish Reales) were readily accepted, or it was left up to individual colonies to create the money needed. And because paper and metals were at a premium, these "colony issued" coins or notes were rare and therefore had considerable value to most settlers.

As the colonies were under British rule, most money coined or printed in America was in pounds, shillings, and pence. If you ask if they are like our dollars, dimes, and cents today – the simple answer is they aren’t. In 1775, twelve pence equaled a shilling, and twenty shillings equaled a pound. Because we live in such a different world today, you can’t really ask “how much is that in today’s money or even try to equate salaries. So when you consider this New Jersey One Shilling Note of March 25th, 1776 shown here, the best reference I can give you is that it would cost approximately 4s (four shillings) for a New Jersey family to purchase the much needed salt used annually to cure meat and fish. That’s why bartering was so important to most settlers.

Today this particular New Jersey One Shilling Note is very rare. First, the condition of this note is exceptional. Most currency was folded, worn out, stained, and heavily used, so when a note of this age is found in this condition, it commands attention. Furthermore, this note was signed by John Hart. At the time of its signing he was a Representative of the New Jersey Assembly, but by the middle of that same summer, he found himself selected as a delegate for the Second Continental Congress and ultimately, a signer of the Declaration of Independence.

A marked man due to his status in the New Jersey Assembly and a signer of the Declaration of Independence, John Hart and family fled into the nearby Sourland Mountains until the capture of Trenton on December 26th. He died on May 11th, 1779 at the age of 66.

If you want to see or purchase this currency, visit us at David Douglas Diamonds & Jewelry in Marietta, GA.

Well, I’ll let that be it for today. We hope you enjoyed this snapshot of history. Go out there and make a difference! See ya later!

*Disclaimer: Precious Metal Musings™ is written for entertainment and news purposes only and should not be used in making purchases and/or sales of precious metals.