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Early American currency went through several stages of development during the colonial and post-Revolutionary history of the United States. John Hull was authorized by the Massachusetts legislature to make the earliest coinage of the colony (the willow, the oak, and the pine tree shilling ) in 1652.
The circular simply stated that as of August 15, 1836, banks and others who received public money were required to accept only gold and silver coins in payment for public lands. [3] Instead of the intended results, the circular spelled the end of a time of economic prosperity. The circular set into motion a panic, and the public began hoarding ...
The history of money is the development over time of systems for the exchange of goods and services. Money is a means of fulfilling these functions indirectly and in general rather than directly, as with barter. Money may take a physical form as in coins and notes, or may exist as a written or electronic account.
In the early years of the Colony of New South Wales, the term "currency" was used to refer to any money other than pound sterling, which was the only legal tender.Owing to a shortage of sterling, "currency" circulated freely, but was not always accepted – the term carried implications of illegality, inferior quality, and subordination. [3]
Before the Civil War, the United States used gold and silver coins as its official currency. Paper currency in the form of banknotes was issued by privately owned banks, the notes being redeemable for specie at the bank's office. Such notes had value only if the bank could be counted on to redeem them; if a bank failed, its notes became worthless.
Demand Notes are considered the first paper money issued by the United States whose main purpose was to circulate. They were made because of a coin shortage as people hoarded their coins during the American Civil War and were issued in denominations of $5, $10 and $20. They were redeemable in coin. They were replaced by United States Notes in 1862.
Over the past 167 years or so, when the U.S. Mint struck its first smaller-sized penny, there have been numerous varieties, errors, grades, mis-strikes, mint marks and more that have affected ...
Shaw, W.A. (1967) [1896], The history of currency 1251 to 1894: being an account of the gold and silver moneys and monetary standards of Europe and America, together with an examination of the effects of currency and exchange phenomena on commercial and national progress and well-being, New York: G.P. Putnam's Sons, reprinted by Augustus M ...