DAVIS. — MASSACHUSETTS CURRENCY. 193 



the date of this Act will be accepted as that at which the value of 

 ninepence sterling was recognized as the true value of the New England 

 shilling. It seems much more probable, however, that the Act was the 

 result of two circumstances : first, that, the piece of eight having a 

 recognized value, people could and did avail themselves of it as a medium 

 of trade without paying seigniorage at the mint for its conversion into 

 New England money ; and second, that the General Court was desirous 

 of protecting the public against the light weight pieces, if possible. So 

 far as this latter reason may have had influence in promoting this legis- 

 lation, it is evident that it produced little result; for in May, 1G82,* the 

 General Court authorized the currency of light weight pieces of eight 

 accordinor to their weight. Under the Province, it was enacted in 1692 

 that pieces of eight, Seville, Pillar, and Mexico, should pass current if 

 of full seventeen penny-weight at six shillings, and this value was again 

 assigned them in 1697.t The expression " full seventeen penny-weight," 

 is probably the equivalent of " not less than seventeen penny-weight." 

 The rate of silver per ounce to be deduced therefrom is a little over 

 seven shillings. The same year the legislation against the export of 

 bullion or money was renewed, t and shipmasters on clearing were 

 re([uired to take an oath that they did not have on board their vessels 

 over five pounds in bullion or current silver money. 



In 1704, a proclamation was issued by Queen Anne fixing the rates at 

 which certain foreign coins should pass current in her Majesty's dominions 

 in America. The weight and intrinsic value of these coins were given, 

 and also the rates at which they should pass in the Plantations, the latter 

 being fixed in terms of New England currency. It may be inferred from 

 this proclamation and the parliamentary statute passed in 1706 for en- 

 forcing it, as well as from colonial legislation, both before and after this 

 date, with regard to the value at which pieces of eight should pass, that 

 the New England coinage had been supplanted by the Spanish and Mexi- 

 can dollars and fractional parts thereof. The mint had been closed for 

 twenty years when the proclamation was issued, and thenceforth New 

 Elngland money when used to express silver values was known as " proc- 

 lamation money" or '"lawful money," equivalent expressions, found in 

 the acts of the several governments, meaning nothing more nor less than 

 the rate fixed at which coined silver should pass when measured in terms 



* Muss. Col. Rec, Vol. V. p. 351. 



t Province Laws, Vol. I. pp. 70 and 296. 



t Province Laws, Vol I. p. 306. 



VOL. XXXIII. — 13 



