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The Probert Encyclopaedia of Money

TWO-PENNY ACT

The Two-Penny Act was an act passed by the Virginia Assembly in 1755, to endure ten months, permitting that all debts now payable in tobacco should, at the debtor's option, be payable in money, at the rate of sixteen shillings and eight pence for every hundred-weight of tobacco. This equals two-pence a pound; hence the name.
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