You’ll find colonial coins from three primary sources: Massachusetts Bay’s mint (1652-1682), which produced NE series pieces and Pine Tree shillings without royal approval; Lord Baltimore’s proprietary Maryland coinage (1659-1662) struck at London’s Tower Mint; and circulating Spanish dollars that dominated commerce for two centuries. These coins are exceptionally rare—fewer than ten NE Sixpence exist, with specimens fetching millions at auction. Authentication requires expert analysis due to period counterfeiting and circulation wear. The complete story of their design evolution, legal controversies, and modern valuations reveals why collectors prize these monetary artifacts.
Key Takeaways
- Massachusetts Bay Colony operated the first colonial mint from 1652-1682, producing NE series, Willow Tree, Oak Tree, and Pine Tree shillings without royal approval.
- NE series coins from 1652 are extremely rare, with fewer than ten NE Sixpence surviving and only two confirmed NE threepence specimens known today.
- Maryland issued proprietary coins around 1659-1662 featuring Lord Baltimore’s portrait, with fewer than 100 sixpence specimens produced at London’s Tower Mint.
- Spanish dollars circulated as primary currency for over two centuries, weighing 26.96 grams of silver and minted in Mexico City, Potosí, and Peru.
- Colonial coins featured design flaws making them vulnerable to forgery, clipping, and wear, with surviving specimens now fetching millions at auction.
Wampum and Alternative Forms of Early Colonial Currency
When European colonists arrived in North America during the early 17th century, they encountered an immediate practical problem: the scarcity of metallic currency in the New World economy. You’ll find that wampum—white and purple beads crafted from shells—became the solution.
Dutch traders recognized its significance in Indigenous trade by 1620, though it originally served ceremonial purposes rather than monetary functions. The Dutch West India Company systematically transformed this cultural artifact into colonial currency around 1622.
Massachusetts Bay Colony formalized wampum’s legal status on October 18, 1650, establishing precise exchange rates: strings of 8, 24, 96, and 480 beads equaled one, three, and twelve pence and five shillings respectively. Purple beads commanded double the value of white ones, reflecting the superior shell craftsmanship required for their production. White beads were produced from the inner spiral of channeled whelk shells, while purple beads came from quahog clam shells. This currency arrangement lasted approximately thirty years before European coins began displacing wampum as colonial trade expanded into timber, shipbuilding, and other industries.
The Spanish Dollar: Backbone of Colonial Commerce
Throughout colonial America’s commercial landscape, the Spanish dollar—formally known as the peso or piece of eight—functioned as the de facto currency standard from the mid-16th century until well after American independence.
The Spanish dollar served as colonial America’s primary currency standard for over two centuries, bridging commerce until independence.
You’ll find these coins arrived through maritime trade with the West Indies, filling the void created by Britain’s mercantilist restrictions on colonial coinage.
Each piece contained 26.96 grams of pure silver content, establishing the benchmark that would later define the US dollar at 371.25 grains.
Minted primarily at Mexico City, Peru, and Potosí facilities, these coins featured distinctive milled edges preventing shaving—a critical anti-fraud measure you’d verify with scales and monocles.
The Mexico City mint introduced milled pillar type coins in 1732 with detailed designs featuring crowned arms and representations of both the Old and New World.
The Continental Army received payment in notes redeemable for Spanish milled dollars, underscoring their essential role in financing American independence itself.
Despite their reliability, Spanish dollars remained vulnerable to clipping and sweating, with criminals shaving metal from edges or shaking coins in bags to collect silver dust for profit.
Massachusetts Bay Colony Establishes America’s First Mint
On June 10, 1652, the Massachusetts General Court authorized the establishment of Britain’s first mint in North America. They appointed Boston silversmith John Hull as mintmaster in a bold act of monetary sovereignty that bypassed royal approval entirely.
Working alongside partner Robert Sanderson, Hull produced silver coins in threepence, sixpence, and shilling denominations—each bearing the perpetual date “1652” regardless of the actual striking year. This dating strategy cleverly obscured the mint’s continued defiance after the monarchy’s 1660 restoration.
Colonial monetary systems desperately needed these locally-struck coins to replace unreliable foreign currency and barter arrangements. Before the mint’s establishment, colonists had relied on commodity money including tobacco, musket balls, and wampum for transactions. The famous pine tree shilling, minted from 1667-1682, showcased early coin design celebrating Massachusetts’ timber economy.
You’ll find these rarities exceptionally scarce today—the Crown shuttered operations in 1682, revoking the colony’s charter by 1684. British authorities shut down the colonial mint, reducing circulation of coins throughout the colonies.
The Rare NE Series: Seven Weeks of Colonial Coinage
The NE series’ minimalist hand-punched design—featuring only the “NE” abbreviation and Roman numerals (III, VI, or XII)—made these emergency coins exceptionally vulnerable to clipping and counterfeiting, necessitating their rapid replacement after just seven weeks of production in 1652.
Today, fewer than ten NE Sixpence specimens survive, with most examples showing flat, worn surfaces from extensive circulation. These coins were produced by the Massachusetts Bay colony, which began minting operations in 1652 as part of the earliest colonial coinage efforts in British America.
You’ll find that high-grade survivors like the AU-55 NE Shilling or AU-58 NE Sixpence represent extraordinary numismatic treasures, commanding premium prices due to their status as America’s first minted coinage. The Massachusetts Silver Coins, including the later Pine Tree Shilling, continued this tradition with their highly valuable silver composition that made them prized among colonial merchants and traders.
Design Flaws Invited Counterfeiting
Why did Massachusetts’s first colonial coins circulate for merely seven weeks before officials recognized their fatal vulnerability? The NE series‘ counterfeiting vulnerabilities stemmed directly from its design simplicity—a basic “NE” monogram paired with Roman numerals III, VI, or XII.
You’ll find this minimalist approach made replication effortless for forgers who required no specialized engraving skills.
Production flaws compounded these security failures. Weak strikes, uneven planchets, and poor centering created inconsistent appearances that paradoxically made counterfeits harder to detect. When authentic coins displayed such manufacturing defects, distinguishing genuine pieces from forgeries became nearly impossible. The central softness of strike often exposed pre-strike planchet marks that further complicated authentication efforts.
Massachusetts responded swiftly, replacing the vulnerable NE design with intricate tree motifs—willow, oak, and pine varieties—that demanded greater technical proficiency to reproduce. The colonial authorities also introduced milled edges on coins, adapting techniques developed in England to deter clipping practices that had plagued European monetary systems. This evolution demonstrates how colonial authorities balanced circulation needs against fraud prevention in America’s earliest monetary systems.
Extreme Rarity Today
Massachusetts’s hasty design replacement couldn’t prevent the NE series from becoming one of America’s most coveted numismatic treasures.
You’ll find fewer than 40 Willow Tree shillings surviving today, while only two confirmed NE threepence examples exist.
This numismatic rarity stems from colonial metallurgy limitations and the series’ brief seven-week production window between 1652-1682.
When you’re examining these specimens, you’re witnessing extreme scarcity rewarded.
A single threepence commanded $2.52 million at Stack’s Bowers Galleries—dramatically exceeding the previous $646,250 record for pre-Revolutionary coinage.
That’s 2.4 million times its $1.03 silver value.
The record-breaking threepence emerged from an Amsterdam cabinet in 2016, authenticated through extensive PCGS analysis.
Its 1.1-gram weight and nickel-sized diameter made survival across centuries extraordinarily challenging, transforming these simple “NE” marked coins into America’s rarest monetary artifacts.
Pine Tree Shillings and Their Decades of Circulation
When England’s coin supply to its American colonies proved insufficient in the mid-1600s, Massachusetts Bay Colony took unprecedented action by establishing its own mint in 1652. Boston silversmiths John Hull and Robert Sanderson mastered colonial metallurgy and minting techniques to produce America’s first coins without British authorization.
The pine tree shilling, struck from approximately 1667 to 1682, became the most recognizable colonial coin. All pieces bore the 1652 date—likely a strategic safeguard referencing England’s republican period. These silver coins featured three distinct design phases:
- NE markings (1652)
- Willow and oak tree designs (1652-1667)
- Pine tree motif (1667-1682)
You’ll find these coins circulated widely throughout the Thirteen Colonies and Caribbean, holding three-quarters the spending power of English shillings due to their 22.5% smaller size. The mint closed in 1682 under royal pressure.
Lord Baltimore’s Authorized Maryland Coinage
You’ll recognize Lord Baltimore’s Maryland coins by Cecil Calvert’s portrait on the obverse and the distinctive Roman numeral denominations (IV, VI, XII) marking the silver series struck at London’s Tower Mint around 1659-1662.
The authorization process began when Cecil Calvert ordered proprietary coinage in 1659, though the English government later deemed these coins unauthorized, severely limiting their adoption throughout the colonies.
The denarium penny stands as America’s first copper coin but remains extraordinarily rare, with only nine known specimens.
The sixpence represents the most common survivor, with fewer than 100 examples documented.
Calvert’s Royal Authorization Process
Although Cecil Calvert, the second Lord Baltimore, possessed extensive proprietary powers under Maryland’s 1632 charter, he lacked explicit royal authorization to strike colonial coins.
He interpreted Virginia’s 1606 charter provisions as precedent for colonial monetary policy, ordering production at London’s Tower Mint in 1659.
Calvert’s authorization process involved:
- Striking sample coins through Royal Mint craftsmen using Nicholas Briot’s designs
- Shipping specimens to brother Philip Calvert for Maryland Assembly approval
- Securing coinage legislation on April 17, 1661, establishing legal tender status
The Clerke of the Irons obtained Calvert’s arrest warrant, seizing tools and remaining coins.
Yet no Privy Council disciplinary action followed.
Design Features and Rarity
Cecil Calvert’s Maryland coinage comprised four distinct denominations that showcase remarkable design consistency despite their material differences. You’ll find Nicholas Briot’s coin engravings featuring Lord Baltimore’s rightward-facing bust across all pieces, encircled by the Latin legend CAECILIUS DNS TERRAE-MARIAE.
The reverse designs diverge: silver groats (IV), sixpence (VI), and shillings (XII) display Baltimore’s crowned escutcheon with Roman numeral denominations, while copper pennies bear a ducal coronet with pennons and DENARIUM TERRAE-MARIAE legend.
Metallurgical analysis confirms these silver pieces were struck lighter than British standards, functioning as subsidiary coinage below bullion value.
Today, you’re facing extreme scarcity—nine known copper pennies exist, fewer than 100 sixpence survive, and VF grades command $5,750-$10,000, making these America’s first circulated coinage exceptionally rare.
The Mixed Economy of Pre-Revolutionary Currency
Where could colonists find reliable currency when Britain’s mercantilist policies strangled their monetary independence? You’d navigate a complex monetary landscape mixing ancient bartering practices with innovative paper systems. Specie scarcity forced creative solutions—wampum, tobacco, and book credit networks substituted for forbidden coinage.
Your exchange options included:
Colonial merchants juggled Spanish silver, government paper notes, and tobacco leaves as competing currencies in a fragmented monetary system.
- Foreign coins (Spanish dollars predominant, cut into “bits”)
- Colonial bills of credit (government-issued fiat money, 1690-1710)
- Commodity currencies (tobacco in Chesapeake, wampum in trading posts)
Colonial currency regulation varied dramatically by region. Each colony established unique tender laws and rating systems, valuing local pounds below sterling.
Massachusetts’s overissuance caused severe inflation by 1750, prompting Parliament’s 1751 ban on new notes. This regulatory interference exemplified mercantilism’s constraint on your economic autonomy, forcing reliance on improvised monetary instruments.
Frequently Asked Questions
What Should I Do if I Find a Colonial Coin?
You’ve uncovered potential treasure hunting gold! Don’t clean it—preserve the patina for authentication. Document your find’s location for historical preservation, photograph both sides, then consult colonial coin experts or the C4 Club for proper identification and valuation guidance.
How Can I Tell if My Colonial Coin Is Authentic?
Verify your early coin collection’s historical coin significance through careful visual inspection, precise weight measurements, and metallic composition testing. You’ll need magnification, calipers, and professional authentication services to confidently confirm authenticity and preserve your investment’s value.
What Are Colonial Coins Worth in Today’s Market?
Colonial currency values span a treasure trove from $400 for common coppers to $200,000+ for premium specimens. Your coin’s historical value depends on rarity, grade, and provenance—authenticity verification through professional grading services guarantees accurate market positioning.
Where Are the Best Places to Search for Colonial Coins?
You’ll find colonial coins through metal detecting at 1700s farm sites for historical treasure hunting, or by visiting coin shows and reputable dealers specializing in rare coin collecting. Both methods offer authentic access to America’s earliest monetary artifacts.
Do I Need Permission to Metal Detect for Colonial Coins?
Yes, you’ll need permission. Colonial coins fall under ARPA regulations and permits on federal lands since they’re over 100 years old. You must respect private property rights by obtaining written landowner consent before detecting anywhere.
References
- https://finestknown.com/colonial-coinage/
- https://www.billykirk.com/blogs/journal/a-brief-history-of-colonial-currency-in-america
- https://www.philadelphiafed.org/education/money-in-colonial-times
- https://learn.apmex.com/coin-guide/guide-to-colonial-values/pre-1776-states-coinage/
- https://research.nd.edu/news-and-events/news/uncovering-the-history-of-currency-and-counterfeiting-in-colonial-america/
- https://www.pcgs.com/coinfacts/category/pre-1776-states-coinage-1652-1774/5900
- https://stacksbowers.com/coin-resource-center/coin-collectors-guide/colonial-coins-guide/
- https://atlantagoldandcoin.com/a-look-at-the-history-and-value-of-u-s-minted-coinage/
- https://ictnews.org/archive/from-beads-to-bounty-how-wampum-became-americas-first-currencyand-lost-its-power/
- https://saybrookhistory.org/wp-content/uploads/2022/06/17.-Wampum-Jul-22-1.pdf
