The Lore and Legends of Wall Street
IN THIS SUMMARY
When the colonists arrived, the currency in place was wampum (or wampumpeage, meaning "white string") manufactured by the Iroquois Indians. Since the colonists traded with the Indians, they also adopted this system. The value of wampum was stable and since it's production did not exceed the production of goods and services; it served as a stable currency for over two centuries.