Search results
Results From The WOW.Com Content Network
The first act, the Currency Act 1751 (24 Geo. 2. c. 53), restricted the issue of paper money and the establishment of new public banks by the colonies of New England. [7] These colonies had issued paper fiat money known as "bills of credit" to help pay for military expenses during the French and Indian Wars.
The Massachusetts Body of Liberties was the first legal code established in New England, compiled by Puritan minister Nathaniel Ward. The laws were established by the Massachusetts General Court in 1641. The Body of Liberties begins by establishing the exclusive right of the General Court to legislate and dictate the "Countenance of Authority".
The governments would then retire the currency by accepting the bills for payment of taxes. When colonial governments issued too many bills of credit or failed to tax them out of circulation, inflation resulted. This happened especially in New England and the southern colonies, which, unlike the Middle Colonies, were frequently at war. [8]
Demonetization is the act of stripping a currency unit of its status as legal tender. It occurs whenever there is a change of national currency: The current form or forms of money is or are pulled from circulation and retired, often to be replaced with new notes or coins. Sometimes, a country completely replaces the old currency with new currency.
The Massachusetts pound used the £sd currency system of 1 pound divided into 20 shillings, each of 12 pence. Initially, sterling coin and foreign currencies circulated in Massachusetts, supplemented by pine tree shillings produced by John Hull between 1652 and 1682 and by local paper money as of 1690.
10) known variously as the New England Trade And Fisheries Act, the New England Restraining Act, or the Trade Act 1775, limited the export and import of any goods to and from only Great Britain, Ireland, and the British West Indies; it also prohibited the New England colonies from fishing in the waters off Newfoundland and most of America's ...
A private currency is a currency issued by a private entity, be it an individual, a commercial business, a nonprofit or decentralized common enterprise. It is often contrasted with fiat currency issued by governments or central banks .
The scarcity of coin currency was a problem for the growth of the New England economy. On May 27, 1652, the Massachusetts General Court appointed John Hull, a local silversmith, to be Boston's mint master without notifying or seeking permission from the British government.