How Early American Money Took Shape
Imagine trying to buy bread when the seller wants coins, but you have only tobacco or a piece of paper from another colony. In early America, people faced money problems like this. Coins were scarce, and no single kind of currency was accepted everywhere. It took years for the United States to develop a more unified money system.
Many Kinds of Money
Before the United States became independent, the British colonies in North America used several forms of money. British coins circulated, but there were not enough for everyone’s needs. People also used coins from other countries. Spanish silver dollars were especially common because they were widely used in trade.
Some colonies allowed goods to be used for payments. Tobacco, for example, could serve as money in Virginia. But goods were not always convenient. They could be difficult to carry, divide, or store, and their value could change.
Colonial governments also printed paper money. Massachusetts issued paper bills in 1690, partly to pay soldiers. Paper was easier to carry than bulky goods, but people needed to trust that others would accept it. If too many bills were issued, their value could fall, meaning it took more bills to buy the same things.
Money for a War
- scarce:
- Not available in enough supply.
- currency:
- Money used to pay for goods and services.
- circulated:
- Passed from person to person through use.
- issued:
- Officially provided for people to use.
- confidence:
- Trust or belief that something can be relied on.
- coinage:
- Coins made for use as money.
- gradual:
- Happening slowly over time.
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Preview questions from this passageShowHide
- 1Why did people in the colonies use several kinds of money?
- 2How were paper bills more convenient than goods such as tobacco?
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About this explanatory article passage for Upper Elementary
“How Early American Money Took Shape” is a explanatory article reading passage about Early Currency, written for Upper Elementary. It takes about 3 minutes to read (499 words) and comes with an interactive quiz and a printable worksheet with comprehension questions and an answer key.