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Us CurrencyLast update: Wednesday 23rd of May 2012
2) Current State of the Economy: The New England colonies (Connecticut, Massachusetts Bay, New Hampshire and Rhode Island) accepted each other's paper money as legal tender in their territories. Token coins were also cross-boundary legal tender as were banknotes (1900) recognized by the banks of the member countries. It worked so perfectly that no one wanted to convert the currencies and exchange rates were not available from 1905 to 1924, when Sweden dismantled the Union following Norway's independence. Actually, the countries involved created (though not officially) what amounted to a unified central bank with unified reserves - which extended monetary credit lines to each of the member countries. It worked so perfectly that no one wanted to convert the currencies and exchange rates were not available from 1905 to 1924, when Sweden dismantled the Union following Norway's independence. Actually, the countries involved created (though not officially) what amounted to a unified central bank with unified reserves - which extended monetary credit lines to each of the member countries. It worked so perfectly that no one wanted to convert the currencies
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