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The 'Continental' was the name of a paper currency issued by several American Colonies, as well as by the Continental Congress, after the Revolutionary War began in 1775. With no solid backing and being easily counterfeited, the continentals quickly lost their value, giving voice to the phrase "not worth a continental".
The second Congress met in Philadelphia on May 10, 1775, and on that day, in secret session, the measure was agreed upon, but the resolution was not formed and adopted until June 22, the day on which news of the battle on Breed's Hill was received by the Congress. Then it was resolved
:"that a sum not exceeding 2,000,000 Spanish milled dollars be emitted by the Congress in bills of credit for the defence of the America,"
and that
:"the twelve ] colonies ''['', as well as the whole interest, should be paid annually. It made no loans but on land security or plate deposited in the loan office, and obliged borrowers to pay 5 % for the sums they took up. The scheme worked so well that, in the latter end of the year, the government emitted bills to the amount of $150,000 on the same terms. In 1729 there was a new emission of $150,000 to be reduced one-sixteenth a year. Pennsylvania was one of the last – if not the very last – provinces that emitted a paper currency.
In the course of the French and Indian War, the French officers in Canada, civil and military, had been guilty of immense speculations. At the close of hostilities there was outstanding, in unpaid bills on France and in card or paper money, more than $20,000,000, a large portion of which, the French government declared, had been fraudulently issued. The holders of this currency, payment of which had been suspended immediately after the fall of Quebec (1759), received but a small indemnity for it.
Very little money had been in circulation in the Massachusetts colony during its earlier years, for what coin the settlers brought with them soon went back to England to pay for imported articles. Taxes were paid in grain and cattle, at rates fixed by the General Court. Every new set of emigrants brought some money with them, and the lively demand for corn and cattle on the part of the new-comers raised the prices to a high pitch. When the political changes in England stopped emigration, prices fell, and a corresponding difficulty was felt in paying debts. In 1640 the legislature of Massachusetts enacted that grain, at different prices for different sorts, should be a legal tender for the payment of all debts. To prevent sacrifices of property in cases of inability to pay, corn, cattle, and other personal goods, or, in default of such goods, the home and lands of the debtor, when taken in execution, were to be delivered to the creditor in full satisfaction, at such value as they might be appraised at by "three intelligent and indifferent men" — one to be chosen by the creditor, another by the debtor, and a third by the marshal. Beaver skins were also paid and received as money, and held a place next to coin in the public estimation. At one time musket-balls, at one farthing each, were made legal tender. A more available currency was found in Wampum, the money of the Indians.
In 1645 the legislature of Virginia prohibited dealing by barter, and abolished tobacco as currency. They established the Spanish dollar, or "piece of eight," at six shillings, as the standard of currency for that colony. In 1655 the "piece of eight" was changed from six shillings to five shillings sterling as the standard of currency.
★ Connecticut pound
★ Delaware pound
★ Georgia pound
★ Maryland pound
★ New Hampshire pound
★ New Jersey pound
★ New York pound
★ North Carolina pound
★ Rhode Island pound
★ ''"Currency, Continental"'' in Vol. II of ''Harper's Encyclopedia of United States History'', Harper & Brothers, 1905.
Continental One Third Dollar Note (obverse)
| Contents |
| Second Continental Congress |
| Printing the bills |
| South Carolina Currency |
| Pennsylvania Currency |
| French Currency |
| Massachusetts Currency |
| Virginia Currency |
| See also |
| References |
Second Continental Congress
The second Congress met in Philadelphia on May 10, 1775, and on that day, in secret session, the measure was agreed upon, but the resolution was not formed and adopted until June 22, the day on which news of the battle on Breed's Hill was received by the Congress. Then it was resolved
:"that a sum not exceeding 2,000,000 Spanish milled dollars be emitted by the Congress in bills of credit for the defence of the America,"
and that
:"the twelve ] colonies ''['', as well as the whole interest, should be paid annually. It made no loans but on land security or plate deposited in the loan office, and obliged borrowers to pay 5 % for the sums they took up. The scheme worked so well that, in the latter end of the year, the government emitted bills to the amount of $150,000 on the same terms. In 1729 there was a new emission of $150,000 to be reduced one-sixteenth a year. Pennsylvania was one of the last – if not the very last – provinces that emitted a paper currency.
French Currency
In the course of the French and Indian War, the French officers in Canada, civil and military, had been guilty of immense speculations. At the close of hostilities there was outstanding, in unpaid bills on France and in card or paper money, more than $20,000,000, a large portion of which, the French government declared, had been fraudulently issued. The holders of this currency, payment of which had been suspended immediately after the fall of Quebec (1759), received but a small indemnity for it.
Massachusetts Currency
Massachusetts One Shilling Note (obverse)
Very little money had been in circulation in the Massachusetts colony during its earlier years, for what coin the settlers brought with them soon went back to England to pay for imported articles. Taxes were paid in grain and cattle, at rates fixed by the General Court. Every new set of emigrants brought some money with them, and the lively demand for corn and cattle on the part of the new-comers raised the prices to a high pitch. When the political changes in England stopped emigration, prices fell, and a corresponding difficulty was felt in paying debts. In 1640 the legislature of Massachusetts enacted that grain, at different prices for different sorts, should be a legal tender for the payment of all debts. To prevent sacrifices of property in cases of inability to pay, corn, cattle, and other personal goods, or, in default of such goods, the home and lands of the debtor, when taken in execution, were to be delivered to the creditor in full satisfaction, at such value as they might be appraised at by "three intelligent and indifferent men" — one to be chosen by the creditor, another by the debtor, and a third by the marshal. Beaver skins were also paid and received as money, and held a place next to coin in the public estimation. At one time musket-balls, at one farthing each, were made legal tender. A more available currency was found in Wampum, the money of the Indians.
Virginia Currency
Virginia Four Dollar Note (obverse)
In 1645 the legislature of Virginia prohibited dealing by barter, and abolished tobacco as currency. They established the Spanish dollar, or "piece of eight," at six shillings, as the standard of currency for that colony. In 1655 the "piece of eight" was changed from six shillings to five shillings sterling as the standard of currency.
See also
★ Connecticut pound
★ Delaware pound
★ Georgia pound
★ Maryland pound
★ New Hampshire pound
★ New Jersey pound
★ New York pound
★ North Carolina pound
★ Rhode Island pound
References
★ ''"Currency, Continental"'' in Vol. II of ''Harper's Encyclopedia of United States History'', Harper & Brothers, 1905.
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