Father Abraham's Almanack Include Value of Gold Coins- 1759

“Spanish gold circulated throughout the English colonies, especially after 1704 when the West Indies adopted a gold standard. In 1759 Abraham Weatherwise of Philadelphia printed Father Abraham's Almanack, which included a chart with the current value of gold coins in both Philadelphia and New York City. In Philadelphia the two escudo pistole was worth £1 7s, while the eight escudo doubloon was valued at £5 8s and the silver eight reales Spanish pillar dollar was 7s6d. In New York City the value of these coins was £1 9s, £5 16s, and 8s respectively. Spanish gold was regularly accepted in the early United Sates and continued to be minted in the New World until 1821.”

Counterfeiting of Coins Continues-1756

From the day that the first coins were introduced into circulation, counterfeiting followed. As the number of counterfeits grew, merchants sought ways to solve the problem. Advertisements were published offering rewards for the apprehension of counterfeiters; this was soon followed by a general refusal of merchants to accept the coppers. Apparently the effort was successful and the circulation of counterfeits stopped. But in 1756, the counterfeits returned, and they were better than ever. Whereas they were before cast in sand; they are now made in a stamp or press.

Usually a counterfeiter would sell a quantity of coins to a wholesaler for about half their face value. The wholesalers would take the coppers throughout the country and sell them at about two-thirds face value to interested parties such as merchants, small companies and individuals called smashers. These people would then pass the coins off in commerce at face value; merchants would hand them out as change, companies would use them to pay employees their wages and smashers would simply make purchases with the counterfeits.