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. A couple hundred years ago, they started putting ridges on the rims of coins to keep rogues from shaving off the edges of coins, and selling the precious metal.
Just thought you’d like to know.
http://www.kipar.org/piratical-resources/pirate-money.html
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