Historical Money & Prices in the Caribbean

Historical Money and Prices

There were many different currencies in use in the Caribbean, though the currencies of the 'big four' (Britain, Spain, France and Holland) were the most common. The American dollar was not yet invented in the 17th century, but the term "dollar" was already in use in the American colonies. The Dutch (very active merchants) had a coin called a "daalder," and the word was used loosely to mean any comparable coin. The most common coin in the colonies in those days was the "piece of eight" (peso de ocho), so called because it was worth eight Reals (also called "bits") minted in New Spain. It was called the "Spanish Dollar" and became the standard coin simply because there were more of them than anything else. The modern US dollar is directly descended from the piece of eight (a quarter is still often called "two bits"). Due to inflation, the dollar is worth considerably less today: A reasonably accurate estimate is 1 PoE (Piece of Eight) is worth about $30 (modern).

There was no paper money. Gold, silver and copper coins were the currency of all nations, silver being the most common. This is not really so much of a problem as it seems, however, since all coins were made of the same metals. Merchants took coin by metal type, not by national origin. They would weigh the lot and give value based on current local rates. Thus the cliché of a pirate or highwayman weighing a purse in his hand and assessing its value is actually plausible.

Even in areas where foreign coins are scarce, weighing money is common practice. Many rogues shave some silver off each coin, gradually saving enough to melt down and sell. Weighing the coins effectively reduces the risk of getting less than one bargained for..

In the early 18th century a lot of money was heavy. 1lb weight of silver was worth approx. $1,600 (modern), or £10 (British), 53 PoE (Spanish), 160 livres (French) $67 (Dutch). Large (legal) transactions are often handled by bankers' notes, and governments might issue letters of credit. Banks in Port Royal are quite happy to issue bankers' notes and letters of credit to pirates! The following list shows the values of the four main currencies at the beginning of the 18th century:

Spain

Doblon*
(Gold) Peso**
(Silver) Real***
(Silver) Maravedi
(Copper) $ US
(Modern)

1 Doblon 1 4 32 1,088 $120

1 Peso 1 8 272 $30

1 Real 1 34 $3.75

1 Maravedi 1 $0.11

* Also called a Doubloon, or Pistole (not to be confused with the French Pistole)

** Piece of Eight.

*** Pronounced "ray-AHL," also called a bit.

France

Louis d'Or
(Gold) Ecu *
(Silver) Livre
(Silver) Pistole
(Silver) Sou
(Copper) $ US
(Modern)

1 Louis d'Or 1 3 9 12 180 $90

1 Ecu 1 3 4 60 $30

1 Livre 1 1¹/₃ 20 $10

1 Pistole 1 15 $7.50

1 Sou 1 $0.50

* Also called a crown

England

Guinea
(Gold) Pound (£)*
(Account) Crown
(Silver) Shilling (s)
(Silver) Penny (d**)
(Copper) $ US
(Modern)

1 Guinea 21 252 $168

1 Pound 1 4 20 240 $160

1 Crown 1 5 60 $40

1 Shilling 1 12 $8

1 Penny 1 $0.67

* There was no pound coin at this time, it was strictly a unit of account, a banker's convenience

** from the latin denari

Holland

Ducat
(Gold) Lion Dollar
(Silver) Florin*
(Silver) Stuiver
(Copper) $ US
(Modern)

1 Ducat 1 2½ 5 100 $60

1 Lion Dollar 1 2 40 £24

1 Florin 1 20 £12

1 Stuiver 1 $0.60

* Also called a Gulden, or Guilder

The English also had half-crowns, ha'pennies and farthings, and the Dutch had schellings, groots, pennings, ducatoons, ryder and rijksdaalder. The list above should suffice to all but masochists, who are free to do their own research into such lovely sounding things as escudos, ducatos, marks, krone, thalers, cruzados, tostaos, dobroas, ackies, taccae, reis, lira, skillings, piastres...... and many more - all of which, by the way, are likely to be found in pirates' hauls!

Income
The following shows the average annual incomes for different professions in the early 18th century. The difference in income between the upper and lower classes is quite clear.

Profession Income

£ Dubloon Modern US $

Nobleman 5,000 - 25,000 6,500 - 35,000 $800,000 - $4,000,000

Colonial Governor 1,000 - 5,000 1,300 - 6,500 $160,000 - $800,000

Gentry 1,000 - 5,000 1,300 - 6,500 $160,000 - $800,000

Officeholding Lawyer 1,000 1,200 $160,000

Army Colonel 365 480 $58,000

Navy Captain/Army Major 237 316 $38,000

Yeoman farmer/Plantation Owner 40 - 250 50 - 300 $6,400 - $40,000

Army Captain 146 195 $24,000

Physician 120 160 $19,000

Justice of the Peace 63 85 $10,000

Army Lieutenant 73 100 $12,000

Court Poet 50 - 60 65 - 80 $8,000 - $9,500

Army Sergeant 54 72 $8,600

Lower Clergy 10 - 50 12 - 60 $1,600 - $8,000

Navy Midshipman 27 38 $4,300

Skilled Craftsman 30 40 $4,800

Sculptor 20 - 100 25 -130 $3,200 - $16,000

Skilled Labourer 16 - 18 20 - 30 $2,500 - $3,000

Apothecary 10 - 15 13 - 20 $1,600 - $2,400

Army soldier 15 20 $2,400

Unskilled Labourer 12 16 $1,900

Navy Seaman 11 15 $1,750

Agricultural Worker 10 - 13 13 - 17 $1,600 - $2,000

Teacher (Male) 12 16 $1,900

Subsistence Farmer 6 8 $950

Teacher (Female) 8 10 $1,250

Woman Labourer 5 7 $800

Militiaman 4 5 $600

Servant 1 plus keep 1 plus keep $150 plus keep

Sample Prices

Item Price

£ s d US $ (modern)

Fees and Fines

Baronet title 1,000 - - $160,000

Gentry Woman's Dowry 100 - 8,000 - - $16,000 - $1,300,000

Theatre, general admission - - 1 $0.65

Theatre, gallery seat - - 2-3 $1.30 - $2

Theatre, box seat - 1 - $8

Food and Lodgings

Meat per pound - - 2 $1.30

Whole pig 1 - - $160

Whole chicken - - 1-2 $0.67-$1.30

Dozen eggs - - 6 $4

Butter per pound - - 4 $2.70

Loaf of Bread - - 1-2 $0.67-$1.30

Wine Per pint - - 1-2 $0.67-$1.30 Cheap wine, watered

Ale per quart - - 1 $0.67

Tea per pound 2 10 - $400

Bottle of Rum - 1 - $8

Bottle of wine - 2 - $16 Fair quality (European) wine

Bottle of Good wine - 10-20 - $80-$160 Wine from well known wineries and of excellent vintage.

Excellent meal - 12 - $96 A gentleman's meal with four courses (such as suckling pig in a wine and honey sauce, fresh bread, game hen marinated in lemon juice, and pepper, green peppers stuffed with devilled crab, a delicate clam soup, muffins with butter and cheese, lemon sugar crumpets, all served with a sparkling white wine, and later a glass of good scotch to greet the evening).

Good meal - 5 - $40 For example, pork or fish, fresh bread, onions, yams, fresh fruit.

Common meal - 1 - $8 For example, bread, potatoes or beans, a meat flavoured broth, with a few vegetables, and stale bread for soaking.

Poor meal - - 6-8 $4-$5.50 For example, broth and some stale bread.

Good Lodging - 5 - $40 A fine room, sheltered from the elements, with good light during the day. Meal not included.

Common Lodging - 1 - $8 A dry place to sleep for a good price, but you may itch a bit afterwards.   Meal not included.

Poor Lodging - - 2 $1.30 A common dormetry shared with up to 20 others, and no guarantee all your belongings will still be there in the morning. Meal not included.

Religeous Prison - - - - Spain's hospitality is as good as ever.   Meals are free (when they feed you), and the lodging is free for the duration of your stay! Facilities are open all year round, and there's plenty of rooms.

A Woman's favour's 2-10 $16-$80 You'll have lodging for an hour or so!

Clothing

Ladies' skirt, cotton or linen - 6 - $48 A common article for a woman of middle or lower class to wear.

Ladies' skirt, wool - 12 - $96 A finer article for ladies of some distinction.

Ladies' skirt, worsted wool 1 - - $160 Sewn of the finest wool fibers, it is no warmer than one of cotton or linen; the garment of a wealthy planters wife.

Ladies' skirt, silk 8-30 - - $1,280-$4,800 The clothing of a fine lady or noblewoman.

Ladies' corset or bodice - 10 - $80

Ladies' silk bodice 6-12 - - $960-$1,920

Ladies' overskirt, cotton or linen - 3 - $24

Ladies' overskirt, wool - 10 - $80

Ladies' overskirt, silk 6-10 - - $960-$1,600

Ladies' stockings, cotton or wool - 2 - $16

Ladies' stockings, silk 2-3 - - $320-$480 Fine, knitted silk stockings.

Ladies' chemise, linen or cotton - 10 - $80 A long, shirtlike undergarment.

Ladies' chemise, silk 8-15 - - $1,280-$2,400

Gentleman's shirt, linen or cotton - 5 - $40

Gentleman's shirt, silk 3-8 - - $480-$1,280

Gentleman's breeches, linen or cotton - 5 - $40

Gentleman's breeches, wool - 8 - $64

Gentleman's breeches, silk 5-10 - - $800-$1,600

Gentleman's stockings, cotton or wool - 2 - $16

Gentleman's stockings, silk 2-3 - - $320-$480 Fine, knitted silk stockings.

Gentleman's waistcoat, cotton or linen - 10-15 - $80-$120

Gentleman's waistcoat, wool 1-4 - - $160-$640

Gentleman's waistcoat, silk 20-100 - - $3,200-$16,000

Gentleman's Coat, wool 3-5 - - $480-800

Gentleman's coat, silk 50-150 - - $8,000-$24,000

Gentleman's cravat, cotton or linen - 2 6 $20 Lace edging drastically increases the price.

Gentleman's cravat, silk 1-2 - - $160-$320 Lace edging drastically increases the price.

Gentleman's Wig 1-12 - - $160-$1920

Plumed hat - 15 - $120

Simple hat - 8 6 $68

Straw hat - 3 - $24

Sailor's cap - 3 - $24

Leather boots 1 6 - $208

Good shoes - 12 - $96

Shoes - 8 - $64

Belt - 4 6 $36 Good, buff leather swordbelt

Sailor's jacket - 10 - $80

Sailor's shirt - 3 - $24

Sailor's breeches - 2 - $16

Grooming kit 5 - - $800 Razor, wash basin, linen, soap, cologne, comb, small sheers, small chamber pot.

Weapons

Cutlass/Hanger - 7 6 $60 Standard weapon of pirates and sailors.

Broadsword/Cavalry Sword - 10 - $80 Common weapons amongst soldiers.

Smallsword 3-5 - - $480-$800 A gentleman's sword. This is a plain version, many are jewelled and gilded.

Dagger - 2 6 $20

Boarding axe - 5 - $40

Boarding pike - 4 - $32

Belaying pin - 2 - $16

Musket, flintlock 3 - - $480

Musket, matchlock 1 - - $160 Somewhat slow and antiquated, but cheap.

Carbine, flintlock 2 10 - $400

Pistol, flintlock 5 - - $800

Blunderbuss, flintlock 2 - - $320

Musketoon, flintlock 2 - - $320

Swivelgun 2 - - £320 Per pound shot. Weight of the gun is about 50 times the weight of the shot

Cannon 4 - - $640 Per pound shot. Weight of the gun is about 200 times the weight of the shot.

Roundshot - - 2 $1.30 Per pound of shot.

Pistol/Musket shot - - 6 $4 Per pound of shot - around 15 musket balls or 25 pistol balls.

Wadding - - - - Any canvas, linen or paper will do. Worn sailcloth is commonly used.

Black Eagle (powder) - 10 - $80 Per cask.   This powder is old and has settled out of its original mix.   It has been around too long.   It is less reliable and more dangerous than other powders, but it is cheap!

French White Letter (powder) 1 - - $160 Per cask. This powder is not fresh, but it has been stored and mixed properly and gives good report when fired.

Red Letter (powder) 1 10 - $240 Per cask.   This powder is hard to get.   It is Port-Royal's best powder, and the ingredients are superior. This is new powder that stores well.

White Letter Primer 2 - - $320 Per cask.   This is a fine grain high quality powder, used to prime both handguns and cannons.   Fine grain priming powder is a neccessity. Each cannon shot used as much primer as a fully loaded musket uses common powder.

Powder horn - - 10 $6.70 Holds the coarse reloading powder for pistols and muskets. Contains around 40 shots worth of powder.

Priming horn - - 6 $4 Holds the finer priming powder.

Cartridge box - 2 6 $20 Holds between 12 and 20 paper cartriges for a musket.

Bayonet - 2 6 $20 Socket type bayonet.

Sample Cargoes/Treasures

Leather shoes (fromFlorence) 400 - - $64,000 For a crate of around 200 shoes.

Furniture (from Paris) 1,800 - - $288,000 For a crate of around 30 pieces of furniture.

Fans (from China) 3,200 - - $512,000 For a crate of 800 fans.

Rugs (from Turkey) 1,000 - - $160,000 For a crate of 50 rugs.

Books (from Europe) 1,200 - - $192,000 For a crate of 200 books.

Pewterware (from London) 600 - - $96,000 For a crate of 200 pieces.

Glassware (from Amsterdam) 800 - - $128,000 For a crate of 200 pieces.

Jewellery (from Venice) 6,000 - - $960,000 For a crate of approximately 50 pieces (for example, letter openers, crucifixes, music boxes, inkwells, etc.)

Jewellery (from Spain)