The pound was the currency of North Carolina until 1793. Initially, the British pound circulated, supplemented from 1709 by local paper money. Although these notes were denominated in pounds, shillings and pence, they were worth less than sterling, with 1 North Carolina shilling = 9 pence sterling. The first issue of paper money was known as "Old Tenor" money. In 1748, "New Tenor" paper money was introduced, worth 7½ times the Old Tenor notes.