![]() On June 25, 1776, the Continental Congress authorized issuance of the $2 denominations in “bills of credit” for the defense of America. Interesting fact: The first $2 notes are Continentals and are nine days older than America. Benjamin Franklin noted that the depreciation of the currency had, in effect, acted as a tax to pay for the war. In May 1781 continentals ceased to circulate, as they had become so worthless. American IndependenceĪmerica became independent from Great Britain when the Declaration of Independence was signed by Congress on July 4th, 1776.Īt this time, continental currency was still depreciating, and by 1780 the bills were worth 1⁄40 of their face value. Interesting fact: Benjamin Franklin took on counterfeiting, using his Philadelphia printing firm to produce colonial notes with nature prints-unique raised patterns cast from actual leaves. This is the origin of the famous phrase “not worth a continental”. Continental currency depreciated badly during the war due to a lack of solid backing and the rise of counterfeiting. When the American Revolutionary War began in 1775, the Continental Congress began issuing paper money known as Continental currency. These early dollars, often referred to as “notes”, were backed by a variety of physical, tangible goods and even services – but the value varied from colony to colony. It was a convenient way of purchasing goods and trading services. As a result, an early version of paper currency came into use regionally. It was issued by the Massachusetts Bay Colony to fund military expeditions, and other colonies were quick to take up the practice of issuing paper notes as well. So where did it all begin? Colonial Americaĭuring the 1690s, paper currency in the United States was born. ![]() The dollar, composed of 100 cents, has been used as a payment method since before the United States was ever envisaged. This phrase was borrowed from the Spanish, who called their colonial money “dollar”. The first interesting point to note is that the term “dollar” is not originally American. The United States of America is the world’s largest economy, and the history of the country’s currency is fascinating. The US Dollar is the world’s most traded currency, and the world’s primary reserve currency.
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