Art. II. A History of the Bills of Credit or Paper 

 Money issued by New York from 1709 to 1786, with 

 a Catalogue of the various Issues, their Denominations, 

 Dates and Signers. By John H. Hickcox. 



L 



The representative of currency used in America during 

 the earlier period of colonization consisted of peltry and 

 wampum. 1 The former was offered in almost unlimited 

 quantities ; the latter, called also zewan by the Dutch, held 

 an arbitrary value for many years. 2 Both were repeatedly 

 recognized as currency. 3 The necessity for coin only 

 partially existed, and its circulation in New Netherland, 

 at least during the administration of the West India Com- 

 pany, was limited. Indeed a small amount was sufficient, 

 as the general dealings of the community were by trade or 

 barter. Beaver was for a long time the standard. Wam- 

 pum never had a fixed value, 4 but varied from four to 



1 Said to be derived from wampi, signifying in Massachusetts Indian 

 language — icliite. It was strung,' and sometimes formed into belts. — Eucyc. 

 Amer. 



2 Its manufacture by the natives was necessarily rude. They commonly 

 used the oyster and clam shell. The beads were bored with sharp stones, 

 and strung upon sinews. The dark bead, less than an inch in length and 

 bored longitudinally, was of the greatest value and more highly esteemed 

 than European gold and silver. The Dutch somewhat improved it and 

 made use of white and blue beads,T%ich were manufactured from the sea 

 conch and muscle. A string one fathom long was valued at four guilders, 

 or one dollar sixty-six and one half cents of our currency — Munsell's 

 Annals. 



3 2V. 7. Col. Docs., i, 87, 303; n, 594, 697, 703. Albany City Records 

 Sept. 23, 1686, etc. 

 4 Col. Docs., in, 303. 



