During the Roman Era the island was referred to as insula Caesarea (Caesar’s Island). The use of "CÆSAREA" is based on the name given to the Island of Jersey in the English Channel during antiquity. With these newfound powers, on June 1, 1786, the “ New Jersey legislature authorized Walter Mould, Thomas Goadsby, and Albion Cox to mint three million copper coins at a weight of 150 grains each.” The obverse of the copper featured a plow beneath a horse head facing right with the legend NOVA CÆSAREA and the date. Its main purpose was to uphold States’ independence and sovereignty, under a weak central government.Īlthough the Articles did allow Congress to mint and distribute currency, the law also set forth “ any regulations concerning the coining of money – and most other legislation involving money – required a super-majority of nine states to become law.” All of which gave States the liberty to mint and produce their own currency and disempower Congress from regulation. This historical, now obsolete document served as the first framework of government for the original thirteen states. Thus, “ many private trade tokens were manufactured to fill the gap left by the absence of official small change”, according to writer Tony Clayton.ĭuring the interim of the signing of the Declaration of Independence and the ratification of the Constitution in 1787, states were allowed to mint their own currency under the Articles of Confederation and Perpetual Union. The constant shortages continued for decades in the colonies and by the 1770’s the British stopped producing halfpennies. To offset these monetary deficits colonists resorted to bartering of goods and services and the use of paper money and various tokens. The halfpenny was manufactured in Great Britain, where shortages in material led to subsequent shortages in coinage and small change in the colonies. Spanish silver called Reales and the British copper halfpenny were the widespread currency amongst the colonies. In colonial North America gold coins did not come into circulation until the late 1830’s.
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