4 Pence – Maryland

In 1659, Maryland's currency situation was defined by the acute scarcity of specie (coin) common across the English colonies. The colony operated within a complex system of barter and commodity money, with tobacco serving as the primary medium of exchange and unit of account. Official rates set by the colonial assembly valued tobacco in pounds, shillings, and pence, but actual transactions relied heavily on the physical quality and quantity of the leaf, leading to inherent instability and disputes. This "tobacco economy" was supplemented by the use of other commodities like corn and beaver pelts, and by the occasional circulation of foreign coins—most notably Spanish pieces of eight—which entered through trade with the Caribbean and other colonies.

The lack of a standardized currency created significant economic and administrative challenges. Debts and taxes were payable in tobacco, but its variable quality, susceptibility to weather, and fluctuating market prices made it an unreliable store of value. This environment fostered chronic indebtedness and complicated both local trade and commerce with other colonies. Furthermore, the proprietary government under Lord Baltimore struggled to collect revenues efficiently, as payments in kind were cumbersome and difficult to assess uniformly. The situation was exacerbated by ongoing political tensions between the Protestant majority and the Catholic proprietors, which often spilled over into economic policy.

In response, the Maryland Assembly attempted legislative solutions to stabilize the monetary environment. They passed laws to regulate the quality of tobacco used for payments, aiming to standardize the commodity currency. More significantly, in 1661, the assembly would take the notable step of authorizing the minting of silver coins—a direct attempt to introduce specie. However, in 1659, this solution was still on the horizon, and the colony remained mired in a cash-poor economy dependent on an agricultural staple, awaiting a more stable monetary foundation that would only be partially and temporarily achieved by the forthcoming Maryland coinage.