But counterfeits sprung up, and the currency in course of time became debased. The Indian money was even imported from Europe, where imitations were made of porcelain, but this base article could not impose on the natives, and the counterfeit failed as a speculation. The " good splendid sewant of Manhattans " was the genuine article and passed in all the Indian country roundabout, for this island and the neighboring sections were the great mint of the Indians. Up the North River, in Westchester and

1 " KeminiBcences of the City of New York and Vicinity." -- Henry B. Dawson, New York, 18dj.

elsewhere, sewant had its legal tender value well defined until so many broken, unstrung and badly made pieces came into circulation that the Dutch government-- coin still being scarce -- was obliged to find a new currency. Beaver-skins supplied the deficiency and became the next fiat money of the day. This was an article less subject to fluctuations and was divided into " whole beavers " and " half beavers," the former being rated at about three dollars. What little of the Dutch currency was in circulation was known as " Hollands. ' In contracts for sale and purchase of real estate and personal property, the distinctive sorts of payment were usually expressed ; and if not stated, it was understood that sewant was the consideration. There were certain sorts of contracts, however, such as ocean freights, in which, by the customs of merchants, it was implied that payment was to be made in beavers. On account of the debasement of the sewant currency, the Council ordered in May, 1650, that six white or three black sewants should pass for one stuyver (half a cent), and the base strung sewant, eight white or four black for one stuyver.