The pound was the currency of Pennsylvania until 1793. It was created as a response to the global economic downturn caused by the collapse of the South Sea Company. Initially, the British pound and certain foreign coins circulated, supplemented from 1723 by local paper money, called Colonial Scrip. Although these notes were denominated in pounds, shillings and pence, they were worth less than sterling, with 1 Pennsylvanian shilling equalling 9 pence sterling. The Pennsylvania Pound was first conceived by Francis Rawle, who can be rightly called The Father of the Pennsylvania Pound.