The Boston Mint and the First Colonial Coins

By Tyler Rossi  – Updated and reformatted by CoinWeek, March 2026

Why the Massachusetts Bay Colony Began Striking Its Own Coins in 1652

How did the Massachusetts Bay Colony, a trade-based outpost of England’s vast maritime empire, become the first authority to strike hard currency in North America?

The answer lies in politics, economics, religion, and necessity.

Moreover, it reveals how money itself shaped early American state-building.

Coinage and Power in the Atlantic World

Throughout history, the right to strike coinage has signaled sovereignty. In England, “uttering false coinage” constituted high treason. Authorities associated the crime with lèse-majesté.

Therefore, when Boston officials opened a mint in 1652, they took a bold step. They challenged royal authority. At the same time, they responded to urgent local needs.

Unlike Virginia or Barbados, Massachusetts did not export a staple crop like tobacco or sugar. Instead, Boston built ships. The colony facilitated trade.

However, shipping created savings, not visible export profits. English merchant Sir Francis Brewster even called New England “that unprofitable Plantation, which now brings nothing to this Nation.”

Consequently, Massachusetts struggled with chronic shortages of hard specie.

A Mixed Economy Without Silver

Even decades after the mint opened, residents relied on improvised money. In 1704, teacher and businesswoman Sarah Kemble Knight described a complex barter economy.

She recorded the use of musket balls, wampum, corn, livestock, and transferable and non-transferable debt instruments as currency.

This shortage persisted despite the output of the Boston Mint under Captain John Hull. Records show Hull struck up to £25,000 in silver coin. Since 20 shillings equaled one pound, he produced approximately 500,000 shillings before his death in 1683.

Yet silver remained scarce.

Crisis in England Created Opportunity

By 1652, England had just emerged from civil war. The Interregnum period weakened centralized oversight.

As a result, New England’s leaders advanced their agenda as an autonomous political entity. They acted while England focused inward.

At the same time, events thousands of miles away reshaped the Atlantic economy.

The Great Potosí Mint Fraud

In 1649, officials at the Spanish Royal Mint in Potosí debased their silver coinage. This scandal, now known as the Great Potosí Mint Fraud, reduced silver content by as much as 25%.

The debasement spread widely. Spanish cob coins dominated Atlantic trade.

However, Massachusetts authorities distrusted the coins. They carried the image of a Catholic monarch. Moreover, their silver content proved unreliable.

Confidence collapsed.

Therefore, Boston officials sought an alternative.

The Problem of Small Change

Even when silver circulated, another problem remained. Most coins carried large denominations.

This issue plagued pre-modern economies. For example, in 16th-century Florence, the smallest silver coin, the grosso, could purchase five liters of wine, a kilogram of olive oil, or a month’s rent for a laborer.

In daily trade, such large coins proved impractical.

Although merchants sometimes cut Spanish eight reales into pieces of eight, the fragments rarely weighed precisely.

Private fractional currency could not support a growing economy.

Boston needed reliable small change.

The Boston Mint and the NE Coinage

The colonial government approached John Hull and Robert Sanderson, the colony’s only trained silversmiths.

Initially, the General Court asked them to weigh, assay, and stamp foreign silver. That plan failed.

Instead, on May 27, 1652, the Court authorized a mint in Boston. The mint would purchase silver plate and reclaim foreign coins. It would refine the metal and strike new coins matching English denominations.

The authorized denominations included:

• 12 pence (one shilling)
• Sixpence
• Threepence

Each reverse displayed Roman numerals: XII, VI, or III.

The Mint Act ordered coins to appear “flatt & square.” Bristol had previously struck square tokens under Crown approval in 1577. However, Boston struck full silver specie. Soon, the mint adopted a round format.

The Rare NE Coins

The first coins featured a simple design. The obverse displayed “NE” for New England. The reverse showed the Roman numeral denomination.

The dies misaligned intentionally to preserve them.

Production lasted only a few months and ended before October 1652. Today, experts estimate that only about 40 examples survive.

Because the design lacked ornamentation, clipping quickly reduced coin weight. Authorities replaced the type.

The Willow Tree Coinage

On October 19, 1652, the General Court mandated a new design.

The obverse now displayed a willow tree with the legend MASATHVSETS IN. The reverse showed the date 1652 and the denomination, encircled by NEW ENGLAND AN. DOM.

“AN. DOM.” stands for Anno Domini, meaning “Year of our Lord.”

Although legislation passed in 1652, the first Willow Tree coins did not appear until 1654 due to technical challenges.

The Oak Tree and Pine Tree Series

In 1660 or 1662, scholars debate the exact year, the mint replaced the Willow Tree design with the Oak Tree type.

John Hull likely adopted a rocker arm press. This device bridged hammer striking and later milled coinage. It used curved dies mounted in a press to strike planchets more efficiently.

Design differences focused mainly on the tree image.

Gradually, the Pine Tree series emerged. The “spiny branches” Oak Tree variety closely resembles early Pine Tree coins. In addition, some Pine Tree sixpence coins share reverse dies with Oak Tree varieties.

The Pine Tree type became the most common. The mint continued striking these coins until it closed in 1682.

Why Are Most Coins Dated 1652?

Nearly all Tree coinage bears the date 1652.

Some suggest the date commemorates the mint’s founding.

However, historians favor a more strategic explanation. Colonial officials likely froze the date to claim they struck coins only during the English Interregnum.

If challenged, they could argue they did not violate royal authority.

Thus, the date provided political cover.

How Were the Coins Made?

Current scholarship suggests the mint struck designs onto silver strips. Workers then cut individual blanks and weighed them.

If a coin weighed too little, workers melted and restruck it.

This process ensured consistency.

Market Values Today

All Massachusetts silver remains rare. Auction prices reflect strong demand.

• NE Shillings: $45,000 to $80,000 in low grades; over $250,000 in high grades.
• Willow Tree Shillings: $35,000 to $50,000 in low grades; $150,000 to $300,000 in high grades.
• Oak Tree Shillings: $1,000 to $3,000 in low grades; $50,000 to $100,000 in high grades.
• Pine Tree Shillings: $1,000 to $3,000 in low grades; $30,000 to $50,000 in high grades.

Collectors prize these coins as America’s first silver currency.

A Defining Moment in American Numismatic History

The Boston Mint did more than produce silver. It asserted economic independence. It stabilized commerce. Moreover, it laid groundwork for American monetary identity.

Therefore, the 1652 Massachusetts coinage stands as a landmark in colonial history—and a cornerstone of American numismatics.

Happy Collecting!

Sources

• History of Massachusetts – Massachusetts Bay Colony Charter Revoked
• Thomas J. Sargent and François R. Veld, The Big Problem of Small Change
• Mark Peterson, The City-State of Boston
• University of Notre Dame Colonial Coinage Resources (Willow, Oak, Pine Tree Introductions)
• Newman Numismatic Portal
• Texas State University Digital Library
• EH.net Review: John Hull, the Mint, and the Economics of Massachusetts Coinage
• CoinSite: 1652 Massachusetts Pine Tree Shilling