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Coinage, United States Wampum depreciated in value as currency in consequence of over-production, and a final blow was given to it as a circulating medium in New England by an order from the authorities of Massachusetts not to receive it in payment of taxes. As fast as coin came to the colony of Massachusetts by trade with the West Indies, it was sent to England to pay for goods purchased there. To stop this drain of specie Massachusetts set up a mint, and coined silver threepences, sixpences, and shillings, each bearing the figure of a pine-tree on one side, and the words New England on the other. The silver was alloyed a quarter below the English standard, with the expectation that the debasement would prevent the coin leaving the country. Thus the pound currency of New England came to be one-fourth less than the pound sterling of Great Britain; and this standard was afterwards adopted by the British Parliament for all the English American colonies. The mint-house in Bosto