1 Doubloon = 2 Escudos = 1 Pistole - "NOT"
You think Bitcoin is crazy?
When this area was British, Virginia used Doubloons and Pistoles. And even afterwards we used them.
Gregory Peck. N'wait !!! I mean Captain Ahab. He is holding one of them. He's going to nail it to the main mast. The first man who spots Moby Dick gets this Gold Doubloon.
I know this is well past the French and Indian War, but those doubloons lasted in the American currency for a long, long time.
Somewhere in the ground in Winchester will be Doubloons and Pistoles.
Doubloons are Pistoles. Pistoles are Doubloons.
Both are 2 escudos. A Doubloon = 2 escudos. So does Pistole.
A Pistole or Doubloon meant 4 dollars, 2 escudos.
But it gets worse.
English nomenclature was confusing, though, since the $8 "double pistole" was the doubloon in English usage, while the $16 "quadruple pistole" was the doubloon in American colonial usage. This was disambiguated in references by calling the $4 the common doubloon or simply doubloon, the $8 the doubloon of four (escudos), and the $16 the doubloon of eight.[5]Spanish America did the same as per es:doblón. - Wikipedia
What????!!! ???
Just go with it.
Chill. :)
Kind of like don't question why you jump diagonally in checkers.
Just memorize it.
Give it time, It will all make Cents later. We got our Cents from Centavos, meaning there were a hundred to a Spanish Dollar.
And of course one dollar went for one Buck Skin.
And now throw in Promissory Notes.
That was the real money. Btw, "real" comes from the Spanish word Real, meaning Royal.
Those Promissory Notes?
Just a fancy word for promise to pay. Like an I.O.U.
And they traded them instead of paying them.
Like Money.
And now you know Money is simply a promise to pay. And instead of paying them you trade them.
Money is just debt traded around. Money is just debt exchanged for other debt, which is like a Promissory Note, which is like Money.
You didn't know it was that crazy. Or maybe you did.
But it works if you don't think about it.
We're stopping here.
Because this is just way too much. We just plant this as a seed.
You'll come back to it.
For those who haven't had enough abuse,
we got three more points to make.
1. One point is how big the Spanish World affected the American Colonies, especially in money.
2. The other is the Virginia Pistole Controversy.
3. The final point is Ben Franklin championing the cause for Paper Money. They reacted to that idea as if it had no value like Bitcoin.
This is just a hop, skip and a jump for Alexander Hamilton to propose buying all the debt of the colonies and selling that debt. Debt instruments contain a revenue stream. Brilliant idea.
There's more about those 3 points below. Skip around at your leisure.
That's our lead story.
Compiled and Authored by Jim Moyer 4/1/2022, updated 4/18/2022, 4/19/2022
Skip around at your leisure.
The World of Spain in our Money holding hands.
We show you this picture of how involved Spain was in the French and Indian War.
After the 1763 Paris Peace Treaty ending the war, that area called Louisiana was switched over to Spain.
Daniel Boone moved into that territory, He sure worked with doubloons and dollars, when he was hired as a Spanish Syndic, a Spanish judge and jury in one person.
And we show you how big Spain was during the Rev War too.
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We show you this picture because a lot of Spanish coin was used in the American Colonies and it was used well into the 1850s. Just look at the Moby Dick story based on the Essex of 1820 destroyed by a Sperm Whale.
That's why we show you how big Spain was during the Rev War too.
And Virginia has a Pistoles Controversy in the 1750s. Look at that story further below.
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Pistole Fee Controversy
Dinwiddie finding that the regulations governing the patenting of lands were but little regarded, and that a practice had long prevailed of securing the possession and use of lands by warrants of survey, without the entering of patents,' by which more than a million of acres were unpatented, and the royal revenue from the Quit-rents seriously defrauded — with the advice of the Council, in an endeavor to correct the abuse, and by the exaction of a fee of a pistole on every patent issued, incurred yet greater animosity.
The House of Burgesses unavailingly remonstrated against this exercise of the royal prerogative, and, in 1754, sent Peyton Randolph, then Attorney- General of the colony,) to England, as its agent, with a salary of ;^2,5og, with a petition to the King for relief from the fee. The decision of the Board of Trade was virtually in favor of Governor Dinwiddie, though their instructions were at first singularly indefinite.
Page X of Introduction to Dinwiddie Papers published by the Virginial Historical Society
The Privy Council upheld the fee and Dinwiddie’s right to establish it, but imposed certain restrictions on the fee to conciliate the House of Burgesses—a compromise that was accepted by the opposing parties but did not address the constitutional issue of whether colonial legislatures had the right to defeat local taxes proposed by the British government.
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Ben Franklin is for that Crazy Worthless Paper Money Idea.
Was it?
Was it crazy to make Paper Money?
Think about those Promissory Notes everyone was trading and exchanging around?
Not a far stretch is it?
Ben Franklin champions this idea in 1729, three years before George Washington was born.
Ben Franklin publishes his advocacy of Paper Money:
The Nature and Necessity of a Paper-Currency
A Modest Enquiry into the Nature and Necessity of a Paper-Currency. Philadelphia: Printed and Sold at the New Printing-Office, near the Market. 1729. (Historical Society of Pennsylvania)
Ben Franklin did not invent this idea.
Founders Online gives you a little taste of this idea.
Pennsylvania’s first experience with paper currency came in 1723 with the passage of two acts which provided for issues of bills of credit totaling £45,000. Except for £7,500 allocated to governmental agencies for public expenditure, the new currency was to be loaned to private individuals at 5 per cent interest for specified terms of years on the security of real-estate mortgages. The borrowers were to repay the principal in equal annual installments and the bills of credit received in payment were to be canceled and destroyed. The last of the loans would be repaid and the last bills of credit “sunk” in 1736. But in 1726, when almost £5,000 of the paper money had been retired, complaint about the shrinking currency induced the Assembly to halt the further destruction of the bills and to authorize instead their reissue on new mortgage loans.
During the next few years paper currency became a major issue. Many believed the acts of 1723 and 1726 had greatly promoted the prosperity of Pennsylvania; others, including the more conservative inhabitants, the proprietors in England, and officials of the British government, feared inflation and serious depreciation of the paper money such as had already taken place in New England and South Carolina.
Go ahead and peek at this treasure trove:
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Afterword.
A response to the meme below:
There's always Promissory Notes.
Banks cannot control the trading of those. Our Founding Fathers lived on Promissory Notes . . .
And if bitcoin remains de-centralized, despite its ledger, you can own its keys on a piece of paper and only upload those keys when you want to make a quickie transaction, far faster than a wire.
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Some Research Notes and Links
Rare document of George Washington to go up for auction in York
by: Lauren Rude Posted: Jun 24, 2021 / 06:31 PM EDT Updated: Jun 24, 2021 / 06:32 PM EDT
YORK, Pa. (WHTM) — A rare document of former President George Washington’s will go up for auction for the first time ever in York.
Hakes Auction House has a promissory note from 1767 signed by Washington for the purchase of four slaves. One of those slaves, William Lee, eventually became Washington’s personal valet.
The story foes that they became so close, Washington came to detest slavery.
ADVERTISING
“I think you can appreciate this piece because William Lee had such an impact on building the Republic as we know it now. Slave or not,” Scott Mussel, Americana specialist at Hakes Auction said.
There is no reserve or estimated value to the document. The auction begins Tuesday, June 29, and includes thousands of historical, political and pop culture items.
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