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8

I would say all those possibilities you listed are correct. Trade could be paid in paper money, which could then be redeemed for metal and shipped home. But even in the early 1800s, trade could be conducted on credit. Of course, under normal trading conditions, credit earned from exports was credit that could then be used to pay for imports of other goods ...


6

The £ symbol is just a shorthand for pounds sterling, and it was in use in all of the colonies. Almost all of the "official" documents such as treasury notes, government transcripts, title transfer documents, etc. spell out the word "pound" as a matter of convention or formality. Take a look at a current U.S. bill, and you will see that the same convention ...


5

Economic history's great attempt to produce a great price/wage series for Southern England's monasteries, agricultural labourers, and modern workers failed. It leaves us with the series used by Measuring Worth, but the series is untrustworthy: 1) Wage labour was not generalised until the 19th century, this makes "wages" and "prices" meaningless. 2) Series ...


5

At that time the trade of the United States was primarily with Britain or the Spanish main. The English trade was conducted in pounds sterling and the Spanish trade in the Spanish milled dollar. Ultimately the dollar was selected as the U.S. standard of value. The merchants themselves would have dealt primarily in bank notes, but the banks eventually would ...


4

Understanding historical prices is a difficult problem, and even historians of economics use methods that I would consider inadequate. Many published estimates of ancient prices and value are often wildly wrong. Regular historians (not economists) are even worse at value estimation and rarely suggest modern equivalents with any meaningful accuracy. There is ...


1

To declare I don't have a definite answer, but with my answer I might get you somewhat closer to the ultimate method. To estimate a value back in time is especially hard because of the following factors: There were various monetary systems (not just currencies) over time. For example the silver/gold backed 1 Krone in Austro-Hungarian empire worth 0,3 ...



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