The most famous private printer of currency in the colonies was Benjamin Franklin. He was a strong supporter of the use and circulation of paper money and convinced the English Board of Trade that the colonies could not prosper if they were limited to use coinage and not a readily accepted form of currency. However, Parliament passed the Currency Act in 1764, which prohibited any further production of colonial paper money.
The first uniform currency was issued by authorization of the Continental Congress on May 10, 1775 and was appropriately called “Continentals.” Three million dollars were issued payable in Spanish milled dollars. Each colony would also issue their own individual notes and bills which were used to finance and pay for the Revolutionary War.
There were many problems that plagued these issues. Counterfeiting was rampant as sophisticated technology and security devices were not available.
Increasing quantities of paper money flowed into commerce, causing inflation and a tremendous increase in prices. George Washington once said, “A wagonload of Continentals will hardly purchase a wagonload of provisions.”
LEFT:
Delaware—Founded in 1638 by Peter Minuit and New Sweden
Company
Ten shillings issued January, 1776
Signed by John McKinly, Thomas Collins, and Boaz Manlove
RIGHT:
Printed
by Southwick and Barber
96% of the issue was burned by the State between 1793-1803
Note
the "To Counterfeit is Death" warning on the currency on the
right
A colonial family portrait of Dean Berkeley and his entourage - Painted
about 1730 by John Smibert
Yale University Art Gallery
New
Jersey—Founded in 1664 by Lord Berkeley and Sir George Carteret
Thirty shillings dated March, 1776
North
Carolina—Founded in 1653 by the Virginians
One pound dated December, 1771
Design features a bear representing the
constellation Ursa Minor
It is the oldest public university in the United States; the cornerstone was laid October 12, 1793.