Boston for the Massachusetts Bay Colony was initially worth 9d sterling. However, the value of this first issue of notes declined relative to silver coins and, in 1704, the "Old Tenor" notes were introduced, again at a value of 1 Massachusetts shilling = 9d sterling. The value of these notes also declined and they were followed, in 1737, by the "Middle Tenor" issue, worth 3 times the Old Tenor notes, and, in 1741, by the "New Tenor" issue, worth 4 times the Old Tenor notes. In 1759, all previous issues were replaced by the "Colonial" issue, worth 10 times the Old Tenor notes. References Historical currencies of the United States 1793 disestablishments in Massachusetts Pre-statehood history of Massachusetts Economy of Massachusetts 1652 establishments in Massachusetts