Coldengham, New York
Store of Cadwallader Colden, Jr.
Groater
Charles Ruby purchased two pairs of wool cards, a pound of loaf sugar, two bushels of wheat, and a groater at the Colden Store on this day, 250 years-ago. A 'groater' or groat was an English coin made of silver that was nominally four pence. Ruby paid five pence for it. Groats were minted between the 13th century and 1856.
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| 1766 George III Fourpence (Groat). Image courtesy of coindatabase.com |
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This article is one in a series of a daily accountings of Colden Store transactions. Be sure you read the first installment for an introduction to the store. You should also read this article which appeared in the Journal of the Orange County Historical Society.
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Why would someone buy a silver coin on credit? My speculations are that 1) Ruby wanted it for the silver content. Silver coins were often melted to make silver spoons or other silver items or 2) he needed it for a separate transaction where the contract specified payment in British currency (which was not as depreciated as colonial currency).
Also see my blogs on Coppers (1/4 pence) and Bills of Credit.
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