Album: 18th Century Currency

Valley Forge National Historical Park

Before the American Revolution, paper money was looked down on by the English Parliament. They passed multiple acts to suspend and eliminate the circulation of paper money throughout the colonies. These attempts were thwarted as the hostilities broke out on April 19, 1775. Once the colonies cut their legal ties to Great Britain, they began to print their own paper money. On May 10, 1775, Congress passed a resolution to print a uniform currency that would be used to pay war debts and was distributed between the colonies. During the American Revolution $241,552,780 in Continental Currency was printed. At the time, most currency was printed on thick, coarse, handmade rag paper. This paper was strong enough to withstand constant circulation and easily produced. To help combat counterfeiting some of the bills contained watermarks or details in the printed design. As soon as it began to circulate the British began printing counterfeit Continentals in an attempt of inflation and economic warfare. By 1780 the value depreciated to 1/40th of its face value. In an attempt the stop the inflation $111,143,503 was turned in and destroyed. In 1785, the Congress of the Confederation of the United States adopted the dollar as the national currency. This paved the way for the Congress to emplace a National Bank. Today the U.S. dollar is one of the most used currencies in the world.