Before the Revolutionary War, New Jersey used a mix of currencies due to a shortage of British sterling coins. Spanish silver dollars and other foreign coins were commonly used, and barter was occasionally employed. To address the shortage, New Jersey began issuing its own paper money in 1709, called “bills of credit”, to fund military needs. These notes, backed by land or taxes, were printed in New Jersey pounds and signed by prominent colonists. Additional issues followed in 1724, 1733, 1746, and 1759.
The British Currency Act of 1764 banned colonies from issuing paper money, sparking backlash in New Jersey and elsewhere. The restriction strained colonial economies and fueled resentment that helped lead to the Revolution. Today, New Jersey’s early currency is valued by collectors and historians as a symbol of early American financial independence.
Following independence in 1776, the Continental Congress and individual states, including New Jersey, issued paper money to fund the war effort and support their new governments. New Jersey issued Continental currency as well as its own state-issued notes during and immediately after the war. However, the value of this currency quickly depreciated, largely due to overprinting and a lack of hard coin backing. By the early 1780s, “not worth a Continental” had become a common phrase reflecting the public’s lack of faith in paper money.
The first settlers in New England used wampum as a means of exchange with the Indians. The wampum beads were made from mussel shells which were pierced and strung. Beaver skins and tobacco were also used as an exchange medium. Business between the early Colonists was conducted by barter.
Few British coins reached the Colonies, but colonial shipmasters brought in foreign money. Coins were minted in a limited way by some of the Colonies, and the dies were generally used until they became worn. That is the reason many of the early coins do not have clear impressions. The most common money in circulation in America was the Spanish milled dollar and its fractional parts. Its value varied from colony to colony. A piece of eight (1/8 of a Spanish milled dollar) had a value of 12½¢, and two pieces (2 bits) had the value of a quarter. This is the origin of the phrase “two bits.” The Spanish milled dollar became the standard money during the Colonial era and even after the Revolutionary War.
The shortage of coins in Colonial America severely hindered the conduct of business. To overcome this serious handicap, paper money was issued by the various colonies. South Carolina issued paper currency as early as 1703 to obtain funds for an attack on the Spaniards in Florida. Massachusetts Bay Colony was the first Colony to issue paper money 1690. The earliest paper currency in North Carolina was handwritten, because there was no printer in the colony at the time. Odd denominations were frequently printed because of the lack of small change. Many bills were not printed on the reverse side. In order to discourage counterfeiting, each bill was usually numbered and signed individually by hand.
The Articles of Confederation of 1778 gave Congress the authority to permit minting. Various States and the Federal Government were given the privilege of minting their own money, subject to regulations by Congress. Some of the States then granted minting rights to companies or individuals.
The Colonies were the first to issue publicly sponsored paper money. Prior to this Europe never issued government sponsored paper currency. Much of the cost of the Revolutionary War was met by the issuance of paper currency. Over two hundred and fifty million dollars was issued by the Continental Congress, and about two hundred million dollars by state governments. The rapid depreciation of this paper led to the well known phrase “not worth a Continental.” Original Colonial Coins and Currency are valuable now: an original Colonial coin is worth $37 to $500 and an original Colonial bill is worth $5 to $400.
New Jersey
In pre-Constitution New Jersey, coins and currency came from a mix of local efforts and outside powers. The state authorized private mints in places like Morristown and Rahway to produce copper coins through contractors such as Walter Mould and Thomas Goadsby. At the same time, paper money was printed under the authority of the colony and later the state, as well as by the Continental Congress. Most of the reliable coinage people actually preferred, however, came from abroad, especially Spanish silver dollars minted in Mexico and South America and British coins struck in London. In short, New Jersey produced some of its own copper currency, but the broader economy still depended heavily on foreign minted silver and nationally issued paper money.
New Jersey authorized private contractors to strike its own copper coinage at several locations, most notably in Morristown, Elizabethtown, and Rahway. The most productive operation was in Morristown, where Walter Mould established a mint around 1787 to produce large quantities of New Jersey coppers bearing the horse head and “E Pluribus Unum.” Earlier, smaller-scale minting took place in Elizabethtown and Rahway under Thomas Goadsby and Albion Cox, who worked under state contracts to strike similar copper coins between about 1786 and 1788. These were not formal government mints but private workshops authorized by the state, representing one of New Jersey’s earliest attempts to create a locally controlled currency before the establishment of a national system.
Walter Mould’s small mint along the road, then known as the Sussex Turnpike, roughly 2 miles west of town. Likely situated near the estate called “Solitude” and tied to local leader Silas Condict, this was not a grand government facility but a modest workshop turning out copper coins for a young state trying to stabilize its economy. Here, workers struck the now-famous New Jersey coppers, bearing the horse head and plow, symbols rooted in the state seal. Today, that early industrial effort aligns with the corridor of Sussex Avenue, a quiet stretch that once played a role in New Jersey’s first attempt to create its own circulating coinage.
Four Historical Coins and Notes from Pre‑Constitution New Jersey
Before the Constitution brought any kind of order, New Jersey’s economy ran on a patchwork of currencies drawn from multiple sources, each with its own level of trust and value. Locally issued paper money known as bills of credit came from the colony and later the state, often backed by future taxes but prone to depreciation, especially during the war. At the same time, the Continental Congress flooded the market with Continental currency, which quickly lost credibility. Because of this instability, hard money such as the Spanish silver dollar became the most reliable medium of exchange, widely accepted in everyday transactions throughout New Jersey. Even older British coins remained in circulation simply out of habit and necessity. Together, these currencies reflect a transitional economy in which practicality outweighed policy, and the lack of a unified system set the stage for reforms such as the Coinage Act of 1792, championed by Alexander Hamilton.
1787–1788 New Jersey Colonial Coppers
In 1786, New Jersey’s legislature passed an act authorizing coinage to alleviate a shortage of small change. Mould, along with partners Thomas Goadsby and Albany Bayley, was granted a contract to mint copper coins bearing the state’s coat of arms and the legend Nova Cæsarea in Morristown, New Jersey. Copper coins featuring a horse’s head and plow on one side, and a shield with E Pluribus Unum on the reverse. These were minted in various varieties, such as “Curved Plow Beam” and “Running Fox.”
More than 140 varieties exist. The majority have the horse’s head facing to the right; however, three show the head facing left. Other variations have a sprig beneath the head, branches below the shield, stars, cinquefoils, and other ornaments.
1670 St. Patrick Halfpence
A rare mid‑17th-century copper coin (½ penny) known as the St. Patrick token, one of the earliest colonial coppers found in New Jersey. Seen prices running about $1,000 on auction websites.
1781 Nine-Pence Colonial Note
A paper bill issued by the State of New Jersey during the Revolutionary War era, marking local fiscal efforts before federal currency systems were established.
1786 New Jersey Copper (Nova Caesarea)
A representative copper coin from around 1786, highlighting the early post‑war state-authorized minting before the U.S. Constitution centralized coin production
Paper Money
Many colonial New Jersey notes, including the March 25, 1776, six-pound issues, are often found on platforms like eBay for around $100 to $200. These more affordable examples are typically well-circulated, with visible wear such as folds, edge tears, staining, or faded ink. They are usually raw (uncertified) or graded by non-premium services, which keeps the price lower. Since this particular issue was printed in relatively large quantities, over 3,000 notes, surviving examples are not especially rare, making them more accessible to casual collectors.
However, the same six-pound note can fetch much higher prices when professionally graded and in better condition. Notes certified by PMG or PCGS with grades in the Very Fine to Uncirculated range can sell for $500 to over $1,000, depending on the brightness of the ink, the legibility of the signatures, and whether the note retains its original paper integrity. Collectors are especially willing to pay premiums for notes with historical significance, such as those signed by prominent figures like John Hart, a signer of the Declaration of Independence, or with intact, vivid red-and-blue border tinting.
In short, while circulated New Jersey colonial notes are relatively affordable on the open market, especially on eBay, higher-grade and certified examples can command significantly higher prices due to their condition, rarity, and historical value.
Colonial bills of credit (1709–pre-1776) were issued to supplement rare coinage, backed primarily by taxes and land. They often bore intricate engravings and signatures.
1764 New Jersey Three-Pound Note
I found a 1764 New Jersey Three-Pound Note online that will run you about $125 at auction.
1776 – New Jersey Six Pound Note
This engraving features the royal coat of arms beneath the title “THIS BILL OF SIX POUNDS…” and the date, along with signatures by officials such as John Smith. Isaac Collins printed it in Burlington. £6, 1776 note could fetch anywhere from $400 to over $5,000, depending on condition (Greysheet). Example: $489 hammered at auction for a grade-worthy note.
Issuance continued into the Revolutionary War, with printed notes dated 1776 and 1781. After 1789, the Coinage Act shifted authority over the standard currency to the federal government, and state-issued notes were gradually phased out. Private New Jersey banks continued to issue notes into the late 19th century.
Transition to Federal Currency
After the ratification of the U.S. Constitution in 1789, the authority to issue currency was centralized under the federal government. The Coinage Act of 1792 established the U.S. Mint and the national dollar as the standard unit of money. States like New Jersey ceased issuing their own official currency, although some private banks in New Jersey continued to issue banknotes well into the 19th century.
It was Alexander Hamilton who moved with urgency in the early 1790s, knowing the young nation could not survive without both a stable financial system and real economic output. In 1791, he helped launch the industrial vision at Paterson through the Society for Establishing Useful Manufactures, aiming to turn the power of the Great Falls into a manufacturing engine for the United States. At nearly the same moment, he laid the groundwork for a national currency, leading directly to the Coinage Act of 1792, which established the US dollar and brought order to a chaotic post-war economy. Together, these efforts show Hamilton was not thinking in pieces. He was building a complete system, pairing industry with finance to give the new nation a real chance to stand on its own.
Fast Forward to 1976 – Beautiful Bicentennial Coinage
The Bicentennial quarter program grew out of the broader national effort to celebrate 200 years of American independence, but the push for special coin designs came from inside the federal government and the minting system itself. In the early 1970s, members of the United States Congress authorized commemorative circulating coins, working closely with the United States Mint and the Treasury Department. The idea was to put the Bicentennial into everyday hands, not just collectors’ cases.
A national design competition was held, and the winning reverse for the quarter, featuring a colonial drummer and a victory torch encircled by 13 stars, was created by Jack L. Ahr. These quarters, dated 1776–1976, were struck starting in 1975 and became one of the most widely recognized symbols of the Bicentennial, blending public participation, government initiative, and historical commemoration into a single everyday object.
And it’s this that later led to a New Jersey quarter…..
And Then – A New Jersey Quarter
The New Jersey Bicentennial quarter was released on May 17, 1999, as the third coin in the U.S. Mint’s State Quarters Program, which honored each state in the order it entered the Union. New Jersey, one of the original 13 colonies, played a pivotal role in the founding of the United States, and its quarter commemorates one of the most iconic moments of the American Revolution.
The reverse design features General George Washington crossing the Delaware River, a scene based on Emanuel Leutze’s famous 1851 painting. This moment represents Washington’s surprise attack on the Hessians in Trenton on December 26, 1776, a turning point in the Revolutionary War. The inscription “C”ossroads of the Revolution” reflects New Jersey’s central role in the conflict, as more than 100 battles and skirmishes were fought on its soil.
Designed by engraver Alfred Maletsky, the coin features a copper-nickel clad composition and bears the standard Washington portrait on the obverse, designed by John Flanagan. With more than 662 million coins minted between the Philadelphia and Denver mints, the New Jersey quarter remains a favorite among collectors, especially those with ties to Revolutionary War history or the Garden State itself.
