Bay Shillings Public Deposited
An early silver issue for the Colony of Massachusetts, consisting of Shillings, Sixpences, and Threepences. They are all dated 1652, but probably did not come into use until 1662. Originally they were known as Boston or Bay Shil- lings or Sixpences, and the name Pine Tree was adopted about 1680 to distinguish them from the earlier Oak Tree and Willow Tree coins. See Crosby.
The prevalent erroneous conception of this coin, due probably to its rarity, is indicated by the following curious passage in a work by Richard Hayes, entitled The Negociutor's Magazine , 1740 (pp. 213- 214). The author had never seen the coin, but states that " it is made of good silver, and is about the value of a common Eng- lish shilling. This piece they first coined in Oliver Cromwell's time; and I have been told, they continue to coin the said Shilling to this very time, and do still re- tain the first date upon the same. I am told that on one side is a palm-branch and a laurel united together like a tree; and on the reverse side is St. George's cross in a shield, conjoined to another shield, within which is an Harp for Ireland. "
- Frey's Dictionary (American Journal of Numismatics, Vol. 50, 1916)