The English monetary system used the basic denominations of Pounds (£), Shillings (s), and Pence (d) and often journals note the prices of goods in the £/s/d format, ie. 3/4/2 is 3 Pounds, 4 Shillings, and 2 Pence. Collectively the format is known as sterling. The relationship between these denominations is:
2 Farthings = 1 Halfpenny
In 1775 the Continental Congress pegged the value of the Continental dollar to the Spanish dollar (Pieces of Eight) and in commerce with England, the Spanish dollar was valued at 4s, 6d., or 54 pence sterling. By the Fall of 1777 high inflation caused the value of the paper Continental Dollar to depreciate rapidly against English and European hard money (coins), which gave rise to the phrase "not worth a Continental". The United States did not issue coins until the 1790's but during the Revolutionary War to create "change for a dollar" it did print fractional currency with values such as $1/6, $1/3, $2/3 along with the familiar whole dollar amounts. This fractional currency was used until inflation caused its value to become less than the cost of the paper it was printed upon. So the only coins a soldier or civilian would have seen would have come from England or Europe.
Many Colonies/States also issued paper currency which used the familiar sterling denominations of Pound, Shilling, and Pence. However currency of the same denomination didn't have equal value between the states or England. In other words, an 8 New York shilling note did not equal the value of an 8 Rhode Island shilling note, or 8 shilling coins from England. The following table of exchance is valid until late 1777 when inflation, which was greater in some states than others, caused the ratios to become obsolete. After 1777 the value of the currency varied state-to-state, so money changing required a complex chart.
1776 Exchange Rate
1775 Rate of Pay
So how does this relate to 2004 wages and prices? One method to determine
this is to use the price of gold. As of this writing, gold
is approx $410 per troy ounce. One troy ounce of gold = 31.103481 grams,
and a George III gold guinea weighs 8.4 grams with 91.46% gold content
(approx 22kt). At current gold prices a guinea is worth $101, and
since there are 21 shillings to a guinea, an 18th Century English shilling
is $4.82 and £1 (one pound sterling) is $106.26
in today's money. Over 225 years of inflation has resulted in the Pound
Sterling to be worth $1.75 in 2004 US dollars.
I presently do not offer replica coins. I don't know when or if I will do so again.
|George III Guinea, 1773 - gold. $.50 each|
|George II Shilling, 1745 - silver. Marked LIMA under the King's bust to indicate that it was made from silver captured by Admiral George Anson in his 1743 round-the-world voyage. $.50 each|
|George II Shilling, 1734 - silver. $.50 each|
|George II Sixpence, 1745 - silver. Marked LIMA under the King's bust. $.50 each|
|George II Sixpence, 1734 - silver. $.50 each|
|George II Threepence, 1762 - silver. $.50 each|
|George II Threepence, 1762 - silver. Has hole above bust $.50 each|
|Anne Threepence, 1706 - silver. $.50 each|
|Spanish Dollar - silver. $1.00|