Spanish pieces of eight minted in Mexico or Seville were the standard trade currency in the American colonies. However, every colony still used the monetary units of pounds, shillings, and pence for bookkeeping while Spanish, German, French, and Portuguese money were all standard mediums of exchange as British law prohibited the export of British silver coinage. Until the exchange rates were standardised in the late 18th century each colony legislated its own different exchange rates. In England, 1 piece of eight was worth 4s 3d while it was worth 8s in New York, 7s 6d in Pennsylvania and 6s 8d in Virginia. One 18th-century English shilling was worth around $58 in modern currency, so a piece of eight could be worth anywhere from $246 to $465. As such, the value of pirate plunder could vary considerably, depending on who recorded it and where.