The pound was the currency of New York until 1793. Initially, the British pound and some foreign currencies circulated, supplemented by local paper money from 1709. Although these were denominated in pounds, shillings and pence, they were worth less than sterling, with 1 New York shilling = 8 pence sterling (2 pence more).
The state of New York issued Continental currency denominated in £sd and Spanish dollars, with 1 dollar = 8 shillings. This valuation of the Spanish dollar was known as the York rating. The continental currency was replaced by the U.S. dollar at a rate of 1000 continental dollars = 1 U.S. dollar.