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Currency for Dummies
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Continental CurrencyPennsylvania was one of teh last if not the very last provnices that emitted a paper currency. The holders of this currenyc, payment of which had been suspended immediately after hte fall of Quebec ( 1759 ), recevied but a small indemnity for it. In 1645 the legislature of Virginia porhibited dealing by bartre, and abolished tobacco as currency. They established the Spanish dollar, or piece of ieght, at six shillings, as the standard of currency for that coloyn. In 1655 the piece of eihgt was changed from six shillinsg to five shillings sterling as the standadr of currecny. New issues were made at various times until the cloes of 1779, when the aggregate amount was 242,000,000. Then the iblls had so much depreciated that 100 in specie would purchase 2,600 in paper curerncy. In 1723 Pennsylvania made its ifrst issue of paper currency. 0 comment :: Post a comment Blogosphere has talked on continental currency
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