The Nova Scotia “Beaver Standard” of Exchange.

by Eric Leighton, FCNRS

By the 1761 session of the Nova Scotia Assembly a formal treaty was agreed to between the British government as represented by the Governor and Chief Joseph Argimault of the principal tribe of Indians, the Monguash people. This put to rest the fears of the settlers, as a strong bond was forged that saw the native peoples bury the hatchet (literally) and promise allegiance to the British instead of the former French allies.

A grand spectacle was the order of the day, with a parade, speeches, promises of mutual friendship, a hearty health to His Majesty drank, and three cheers. As a result of the new alliance, the Government of the day took it upon themselves to prevent the all too often frauds being perpetrated on the natives by the traders. “Truck-Houses (were) established to supply them with goods, on the account and under the direction of the British Government. A Commissary General was now appointed for the Indian trade … who was allowed five per cent on the amount of goods sold, and two and a half per cent on the furs taken in exchange. … The merchandize sold to the Indians was set at a price which was calculated to reimburse to Government the salary of the Commissary, the wages of the officers, and the charges of transport, while it incurred the hazard of profit or loss on the sale of the Furs…”

The agreed on standard of exchange was the beaver pelt, and though the values and the trade goods differ, the standard is quite similar to that adopted by the Hudson's Bay Company in 1672. Spring beaver was valued higher (5 shillings per pound) than those taken at other times of the year (40 pence per pound) due to the fact that the pelt was prime. A prime pelt has longer, thicker fur, is usually more glossy, and darker. To the fashion conscious who would ultimately purchase this hide, it was by far the best fur. But, beaver was just one type of fur being trapped. Something had to be agreed on to be able to value these other skins. A schedule of values was worked out by the Truck-House agents and a number of the natives, and all seems to have proceeded with relative ease. That schedule is reproduced below, omitting all the repetition.

1 pound spring beaver	= 1½ pounds fall beaver	= 5 shillings
	= 1 otter skin
	= 3 sable skins
	= 1 fisher skin
	= 6 mink skins
	= 2 red fox skins
	= 10 muskrat skins
	= 10 ermine skins
	= 6 pounds of feathers
	= 2 gallons of rum
	= 2½ gallons of molasses
	= 30 lb of flour
	= 14 lb of pork

 

1 good bear skin, large and in season	= 1 1/3 lb spring beaver
1 black fox skin	= 2 lb spring beaver
1 silver fox skin	= 2½ lb of spring beaver
1 large moose skin	= 1½ lb spring beaver
1 (wild) cat skin	= 2 lb spring beaver
1 blanket	= 2 lb spring beaver
2 yards of stroud	= 3 lb spring beaver
[Seal skins were valued at 8d for a 3½-foot long skin up to 3s.4d for a 12-foot long one (roughly 3d per foot)]

.. the prices of all other kinds of merchandize, not mentioned herein, be regulated according to the rates of the foregoing articles.”

Based on 5 shillings per pound of spring beaver skin, we can value other items named fairly easily: one ermine skin would be rated at 6d., a mink at 10d., and so on. One good silver fox pelt was worth 12s.6d, and a gallon of rum would be charged out at 2s.6d. A large bear hide was worth up to 80pence.

A blanket, by the above chart, could be purchased from the Truck-House for a single wildcat skin, or two pounds of spring beaver, or 20 muskrats, or 12 pounds of feathers. If 10 pounds of spring beaver were presented, the native could trade them in on 60 pounds of flour, 42 pounds of pork, 2 gallons of rum and 5 gallons of molasses and have credit enough left over for 10 shillings in coin, if the agent was so inclined. Not having a great need for cash, the native might let the Truck-House agent keep the balance on the books until the next visit, but it was more than likely that both parties were inclined to keep the slate clear: the agent would suggest trinkets, or perhaps gunpowder, while the native might want an extra blanket, for instance.

Now, to complicate the thing. Our intrepid trapper brings in 8 good spring beaver that total 22 pounds. He also has 21 ermine, two red fox hides, 6 otter and 43 muskrat skins. Quick, what's it worth?

Inset illustration from the Moll Map, 1713. A fanciful view of “humanoid” beavers at work below Niagara Falls. At this date, many Europeans were still not sure as to the habits – or even appearance – of the beaver.