As Memorial Day approaches and July Fourth is right around the corner, our thoughts return to the origins of
this great nation and the Colonial Notes - Colonial Currency that
helped our nation grow and prosper. Our Treasuredstocks.com President Jeff Smith is a proud Veteran of the US Navy.
helped our nation grow and prosper. Our Treasuredstocks.com President Jeff Smith is a proud Veteran of the US Navy.
For some exciting information about Colonial
Notes, read on...
Shortly
after landing in the New World, colonists became increasingly dissatisfied with
the barter system of trade between them, this new nation, and England. The colonists wanted and
needed economic independence from Britain and sought to establish their own
economic stability by printing paper money.
Though in 1690 the Massachusetts
Colony was the first to print paper money, each Colony eventually printed its
own colonial notes to enhance a convenient exchange and pay off debt.
While Spanish
Dollars were popular as colonial coins (the origin of our “dollar” denotation
for US money) currency was noted in British pounds, shillings and pence. Importantly, Britain disallowed Colonial
Currency as legal tender in 1764 which contributed to great discontent with
Britain, among colonists.
In addition to
individual colony issued Colonial Notes, as the Revolutionary War began in 1775,
the Continental Congress circulated paper currency to help finance the war.
This process was
backed by a hoped-for future tax income rather than real gold or silver. Unfortunately, these
Continental notes depreciated rapidly, partly due to expert British counterfeit
operations designed to sabotage US war efforts.
Following the war, states and
private banks continued to issue their own currency. But, because of the
problems with depreciation, inflation, value variances, and counterfeit, the US
Constitution later denied individual states the right to make their own money.
Colonial
notes are rare and extremely valuable. They were a significant part of our
heritage as an independent and free nation. To hold one of these is to hold a
vital part of our social, economic and political independence from Britain.
For more information about these and other collectable coins and currency, please visit our web site at http://www.treasuredstocks.com/or email jeff@treasuredstocks.com
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