Initially, sterling and certain foreign coins circulated, supplemented from 1723 by local paper money, colonial scrip. Although these notes were denominated in £sd, they were worth less than sterling, with 1 Pennsylvanian shilling equalling 9d sterling.
At the outset, both sterling and foreign currencies were used alongside local currency, which began to be printed as colonial scrip in 1723. These notes had a distinct valuation system, with one Pennsylvania shilling being equivalent to nine pence sterling.