An old engraving of a 1775 American twenty-dollar bill. It is from a Victorian history book of From June 1775 to 1779 Congress ordered 11 editions of ‘Continental Currency’ to the amount of 226 million Spanish milled Dollars. These bills constituted 82% of the federal government’s income during this period. At first the currency circulated at a par with the Spanish milled dollar (or the equivalent in gold or silver).
An old engraving of a 1775 American twenty-dollar bill. It is from a Victorian history book of From June 1775 to 1779 Congress ordered 11 editions of ‘Continental Currency’ to the amount of 226 million Spanish milled Dollars. These bills constituted 82% of the federal government’s income during this period. At first the currency circulated at a par with the Spanish milled dollar (or the equivalent in gold or silver). However, since the states were simultaneously emitting their own bills of credit and debt certificates to cover their war expenses, the glut of bills issued soon led to depreciation of all forms of paper money. By 1781 it took $100 in Continentals to obtain $1 in hard money. It put an end to circulation of the paper bills by 1779, when Congress resolved to stop issuing them altogether.
Size: 5511px × 3324px
Location: USA
Photo credit: © M&N / Alamy / Afripics
License: Licensed
Model Released: No
Keywords: 1700s, 20, 1775, america, american, anti, bank, banknote, bill, black, century, certificate, congress, continental, continentals, credit, currency, dollar, dollars, early, engraving, finance, government, historical, history, hundreds, illustration, independance, independence, monetary, money, nineteenth, note, paper, price, revolution, revolutionary, spanish, states, trade, trading, twenty, usa, war, white
