 | ||
The pound was the currency of New Jersey until 1793. Initially, the British pound and some foreign currencies circulated, supplemented from 1709 by local paper money. However, although the notes were denominated in pounds, shillings and pence, they were worth less than sterling, with 1 New Jersey shilling = 9 pence sterling. In 1746, the New Jersey currency was pegged to silver at a rate of £1 pound = 2 troy oz 18 dwt 8 gr (1,400 grains / 90.7 grams) of silver.
The State of New Jersey issued Continental currency denominated in £sd and Spanish dollars, with $1 = 7/6. Copper coins were also issued in the mid-1780s, bearing the Latin name of the state, Nova Cæsarea. The continental currency was later replaced by the U.S. dollar at the rate of $1,000 continental = US$1.