wampum

wampum (wom-p[schwa]m), n. Hist. Indian money consisting of shells, beads, or animal pelts. • In 1637, it became the first medium of exchange for the New England colonies by order of the General Court of Massa-chusetts, because England had not provided the colonies with a standard of exchange. The Court ordered that “wampampege should passe at 6 a penny for any sum under 12d.” Wampum was used as the medium of exchange, esp. for small transactions, until 1652, when the General Court ordered the first metallic currency.
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