FX Week

FX fact: first American currency

MARKET NEWS

Three hundred and fifty years ago, foreign exchange was being transacted in Manhattan, much as it is today.

But in the early 17th century, the predecessors of today’s euro/dollar dealers and exotic options specialists were Puritan colonists, trading wampum beads with native Americans in exchange for furs, food and land.

Wampum, made of quahog clam shells found along the coast from Massachusetts to Long Island, were used by the native Americans for hundreds of years before the arrival of Euro