Colonial Coins — Massachusetts Silver, Continental Currency & Early American Collector Guide
Massachusetts Bay Silver • State Coppers • Continental Currency • Fugio Cent
Coinage in Colonial America
Colonial American coinage tells the story of a fledgling economy struggling to create a functional monetary system without the authority to strike its own official coins. For most of the colonial period, England prohibited its American colonies from operating mints, forcing colonists to rely on a chaotic mix of foreign coins, barter, commodity money (tobacco, wampum, and beaver pelts all served as currency at various times), and locally produced tokens of uncertain legal standing. Spanish colonial silver — the famous pieces of eight minted in Mexico and South America — became the de facto standard currency throughout the American colonies precisely because official British coinage was so scarce.
This scarcity of circulating coin created persistent economic hardship and drove several colonies to take matters into their own hands, producing coinage in defiance of or in gray areas around royal authority. The resulting coins — struck in small quantities, often crudely, and frequently short-lived — are today among the most historically significant and eagerly sought pieces in all of American numismatics. Colonial coins represent tangible artifacts of the earliest chapters of American economic self-determination, decades before the Revolution and the establishment of the U.S. Mint.
Massachusetts Bay Silver Coinage
The Massachusetts Bay Colony holds the distinction of operating the first mint in British North America, established in Boston in 1652 under the direction of silversmith John Hull. Operating in open defiance of the English Crown's monopoly on coinage — a fact the colony obscured by dating all its coins "1652" regardless of actual mint year, creating the appearance that production had ceased when in fact it continued for decades — the Boston mint produced a series of silver coins that remain among the most celebrated in American numismatics.
The mint's output evolved through several design types: the plain NE (New England) coinage of 1652, followed by the Willow Tree, Oak Tree, and finally the famous Pine Tree series that continued until the mint's closure around 1682. The Pine Tree Shilling is the most iconic and most collected of all Massachusetts silver, its stylized tree design instantly recognizable to American numismatists. These coins circulated not just in Massachusetts but throughout New England, filling a genuine economic need in a colony far removed from London's monetary attention. Surviving examples — particularly the earlier and rarer NE and Willow Tree types — command substantial premiums, while Pine Tree Shillings remain more available and serve as an accessible entry point into serious colonial collecting.
State Coinage After Independence
Following the Revolution, the fledgling United States lacked a national mint, and the Articles of Confederation left coinage authority ambiguously divided between the states and the weak central government. Several states seized the opportunity to authorize their own copper coinage to address the chronic shortage of small change. Connecticut, New Jersey, Vermont, and Massachusetts (in its second coinage era, this time as an independent state) all produced distinctive copper coins between 1785 and 1789, each reflecting its own design sensibilities and often struck by private contractors under state license.
This period produced extraordinary variety — Connecticut coppers alone exist in hundreds of documented die varieties, a level of complexity that has made them a specialized collecting field in their own right. New Jersey coppers feature a horse's head and plow design tied to the state's agricultural identity. Vermont coppers, struck for a state that was not yet part of the Union, include some of the most visually distinctive designs of the era, including sun-rays-over-mountains motifs. This chaotic, decentralized coinage era — with dozens of authorized and unauthorized issuers all producing copper coins of varying weight and quality — was itself one of the strongest arguments for establishing a unified national currency, which arrived with the Coinage Act of 1792.
Notable Colonial and Early American Coins
The following represent key issues across the colonial period — click any eBay link to see current certified listings.
Early Colonial Silver
Massachusetts NE Shilling
Pine Tree Shilling
Willow Tree Shilling
Oak Tree Shilling
State Coppers
Connecticut Copper
New Jersey Copper
Vermont Copper
Massachusetts Cent (1787–1788)
Continental & Confederation Issues
Continental Currency Dollar
Fugio Cent
Confederatio Copper
Virginia Halfpenny
Continental Currency and the Fugio Cent
The Continental Currency dollar of 1776 stands as one of the most historically loaded objects in American numismatics — proposed at the very outset of the Revolutionary War, likely designed with input from Benjamin Franklin, and bearing mottos ("Mind Your Business" and "We Are One" / "Continental Currency") that captured the spirit of the moment. Struck in small numbers in pewter, brass, and rare silver examples, these coins were more likely patterns or presentation pieces than a circulating currency, but their symbolic weight as an emblem of American independence has made them enduringly significant to collectors, regardless of their uncertain original purpose.
The Fugio cent of 1787 holds a firmer claim to numismatic significance: it was the first coin officially authorized by the United States government, struck under contract by James Jarvis following authorization from the Continental Congress. Its design — a sundial with the Latin motto "Fugio" (I flee, referencing the passage of time) alongside "Mind Your Business," again attributed to Franklin's design sensibility — captures the practical Yankee wisdom of the era. Produced in significant quantities compared to earlier colonial issues, Fugio cents are more available to collectors than Massachusetts silver or state coppers, making them an accessible bridge between colonial coinage and the federal coinage that began in earnest after the Coinage Act of 1792.
Where to Find Colonial Coins
eBay — Colonial Coins
Standard Catalog of World Coins, 1901–2000
Gold Coins of the World
FRC Coin Price Guide
Frequently Asked Questions
What are colonial coins?
Colonial coins are coins struck in or specifically for the American colonies before the establishment of the U.S. Mint in 1792. This includes Massachusetts Bay Colony silver (1652–1682), post-Revolutionary state coppers from Connecticut, New Jersey, Vermont, and Massachusetts (1785–1789), Continental Currency (1776), the Fugio cent (1787), and a handful of officially royal-authorized issues like the Virginia halfpenny. Colonial coins are distinct from the Spanish, French, and other foreign coins that also circulated in colonial America, though those are sometimes collected alongside colonials as part of the broader story of early American money.
Why did Massachusetts date all its silver coins 1652?
The Massachusetts Bay Colony's mint operated in defiance of England's exclusive royal authority over coinage. By dating every coin "1652" — the year the mint was authorized — regardless of when it was actually struck, the colony created the appearance that minting had been a brief, already-concluded activity if questioned by royal authorities, rather than an ongoing, decades-long operation. In reality, the Boston mint operated continuously from 1652 until roughly 1682, producing the NE, Willow Tree, Oak Tree, and Pine Tree series in succession — but every single coin bears the same 1652 date, a clever piece of monetary subterfuge that numismatists still find fascinating today.
What is the most valuable colonial coin?
The current record belongs to a 1652 Massachusetts New England threepence, which sold for $2.52 million at a Stack's Bowers auction in November 2024 — the highest price ever paid for an American coin struck before the Revolution. It's the only known example outside a museum collection. Among more regularly traded colonial rarities, NE shillings (one PCGS-graded example realized $373,750) and Willow Tree shillings (with a record of $282,000) rank among the most valuable, alongside the mysterious Confederatio copper — a pattern piece from 1785 believed to be a proposal for a national coinage that was never adopted. Silver Continental Currency dollars, extremely rare compared to the more common pewter examples, also command extraordinary prices.
How do I authenticate a colonial coin?
Colonial coins are a specialized field with a well-established counterfeiting history — some fakes date back over a century. The most reliable path to authentication is certification through PCGS or NGC, both of which have specialists experienced in colonial attribution and grading. For state coppers especially, precise die variety identification (using references like the Miller numbers for Connecticut coppers) is important both for authentication and accurate valuation, since some varieties are dramatically more valuable than others that look superficially similar. Buying from established dealers who are members of the Colonial Coin Collectors Club (C4) or the American Numismatic Association provides an additional layer of confidence.
What is the Fugio cent and why is it historically significant?
The Fugio cent, struck in 1787, holds the distinction of being the first coin officially authorized by the United States government under the Articles of Confederation — predating the Coinage Act of 1792 and the establishment of the U.S. Mint by five years. Its design, featuring a sundial and the Latin motto "Fugio" (meaning "I flee," a reference to time's passage) alongside the practical maxim "Mind Your Business," is often attributed to Benjamin Franklin's design sensibility, though direct evidence of his involvement is debated among historians. Produced under private contract by James Jarvis in larger quantities than most earlier colonial issues, Fugio cents are more accessible to collectors than Massachusetts silver, making them a popular and historically important entry point into pre-federal American numismatics.
What are the best colonial coins for beginning collectors?
The Fugio cent is generally the most accessible starting point given its relatively higher original mintage compared to earlier colonial issues — well-worn examples can be found for a few hundred dollars. Connecticut, New Jersey, and Vermont coppers in lower grades are also reasonably available and provide genuine 1780s American history at accessible prices, though buyers should be aware of the extensive die variety complexity in these series. Pine Tree Shillings, while more expensive than the state coppers, are the most iconic and recognizable colonial coin and worth the premium for collectors who want a definitive piece of Massachusetts Bay Colony history. As with all colonial coinage, certification is strongly recommended for any purchase over a few hundred dollars given the field's counterfeiting history.
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Colonial and Early American Coins - This fully revised and updated edition on colonial and early American coins, tokens, and related issues.
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