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After the American Revolutionary War began in 1775, the Continental Congress began issuing paper money known as Continental currency, or Continentals. Continental currency was denominated in dollars from $ 1 ⁄ 6 to $80 , including many odd denominations in between.
This collection contains paper bills printed by the Continental Congress to finance the army, provisions, governmental actions, and all other aspects of national protection and security during the Revolutionary war.
Learn About the Six Versions of the 1776 Continental Dollar. Like several other American colonial coins, the Continental Dollar is an important but mysterious coin. They are often called “Dollars” or more commonly “Currency” but the true denomination is unknown. Most experts peg it at “One Dollar’.
Continental Currency. The United Colonies, 6 dollars, 1776 ; Recto. When the Second Continental Congress met in Philadelphia in 1775, it authorized the issue of bills of credit to the value of two million Spanish milled dollars as a way of funding the Revolutionary War.
When the Revolution began, Massachusetts issued interest-bearing bonds and asked the Second Continental Congress to recognize them as currency. New York objected to provincial currency reciprocity and urged Congress to establish its own currency instead. Debates were secret, but the actions of...
While the value of Continental currency varied considerably from place to place, by the end of 1777 in Philadelphia, it took nearly four dollars in paper money to buy one dollar in specie.
An emission totaling $4,000,000 payable in Spanish milled dollars, or the equivalent in gold or silver, was authorized by the Continental Congress resolution of February 10, 1776. Of this $1,000,000 was reserved for the first national fractional currency.
paper money—the Continental dollar. From 1775 through 1779, new emissions totaled $200 million in face value and accounted for 77 percent of congressional spending.
Continental Currency November 2, 1776 An emission totaling $5,000,000 payable in Spanish milled dollars, or the equivalent in gold or silver, was authorized by the Continental Congress resolutions of November 2nd and December 28th, 1776.
On February 17 and 21, 1776, Congress authorized another four million, and included for the first time bills for four fractions of a dollar, ranging from one-sixth to two-thirds.