A Description of New Netherlands
Adriaen van der Donck - 1649
OF THE MANNERS AND PECULIAR CUSTOMS OF, THE NATIVES OF THE NEW-NETHERLANDS
Of their Money or Circulating Medium.
That there should be no miserly desire for the costly metals among the natives, few will believe; still it is true, the use of gold and silver or any metallic coin is unknown among them. The currency which they use in their places to which they resort is called wampum, the making and preparing of which is free to all persons. The species are black and white, but the black is worth more by one half than the white. The black wampum is made from conck shells, which are to be taken from the sea, or which are cast ashore from the sea, twice a year. They strike off the thin parts of those shells and preserve the pillars or standards, which they grind smooth and even and reduce the same according to their thickness, and drill a hole through every piece and string the same on strings, and afterwards sell their strings of wampum in that manner.
This is the only article of moneyed medium among the natives, with which
any traffic can be driven; and it is also common with us in purchasing necessaries
and carrying on our trade; many thousand strings are exchanged every year for
peltries near the sea shores where the wampum is only made, and where the peltries
are brought for sale. Among the Netherlanders gold and silver begin to increase
and are current, but still the amount differs much from that of the Netherlands.