British West African pound
The British West African Pound was the currency of British West Africa, a group of British colonies and mandate territories. It was equal to the pound sterling and was subdivided into 20 shillings, each of 12 pence. In the 19th century, the pound sterling became the currency of the British West African territories and standard issue United Kingdom coinage circulated; the West African territories in question were the Gold Coast, Sierra Leone and The Gambia. In 1912, the authorities in London set up the West African Currency Board and issued a distinctive set of sterling coinage for use in British West Africa; the circumstance prompting this move was a tendency for existing UK coins used in the West African territories to leave the region and return to the UK, hence causing a local dearth of coinage. A unique British West African variety of the sterling coinage would not be accepted in the shops of Britain and so would remain in circulation locally. There was a precedent for this move: in 1910, Australia had commenced issuing its own distinctive varieties of sterling coinage, but the reasons for doing so were quite different from those relating to British West Africa.
Australian authorities issued local coinage as a step towards full nationhood. With the exception of Jamaica where special low denomination coins were issued in place of the United Kingdom copper coins, due to local superstitions surrounding the use of copper coinage for church collections, authorities in London did not replace any UK sterling coins with local issues for any other British colony; the British West African pound was adopted by Liberia in 1907, replacing the Liberian dollar, although it was not served by the West African Currency Board. Liberia changed to the U. S. dollar in 1943. Togo and Cameroon adopted the West African currency in 1914 and 1916 when British and French troops took over those colonies from Germany as part of World War I. Beginning in 1958, the British West African pound was replaced by local currencies in the individual territories; the replacements were: In 1907, aluminium 1⁄10 penny and cupro-nickel 1 penny coins were introduced. Both coins were holed. In 1908, cupro-nickel replaced aluminium in the 1⁄10 penny and, in 1911, cupro-nickel ½ penny coins were introduced.
In 1913, silver 3 and 6 pence, 1 and 2 shillings were introduced. In 1920, brass replaced silver in these denominations. In 1938, cupro-nickel 3 pence coins were introduced, with nickel-brass replacing brass in the higher denominations. In 1952, bronze replaced cupro-nickel in the 1/2 and 1 penny coins; the last coins of British West Africa were struck in 1958. In 1916, the West African Currency Board introduced notes for 2, 10 and 20 shillings, followed by 1 shilling notes in 1918. Only the 10 and 20 shillings notes were issued after 1918, until 100 shillings notes were introduced in 1953; the last notes were produced in 1962. Biafran pound Gambian pound Ghanaian pound Gold Coast ackey Nigerian pound West African Monetary Zone Economic Community of West African States References Sources Coins from British West Africa
A currency, in the most specific sense is money in any form when in use or circulation as a medium of exchange circulating banknotes and coins. A more general definition is that a currency is a system of money in common use for people in a nation. Under this definition, US dollars, pounds sterling, Australian dollars, European euros, Russian rubles and Indian Rupees are examples of currency; these various currencies are recognized as stores of value and are traded between nations in foreign exchange markets, which determine the relative values of the different currencies. Currencies in this sense are defined by governments, each type has limited boundaries of acceptance. Other definitions of the term "currency" are discussed in their respective synonymous articles banknote and money; the latter definition, pertaining to the currency systems of nations, is the topic of this article. Currencies can be classified into two monetary systems: fiat money and commodity money, depending on what guarantees the currency's value.
Some currencies are legal tender in certain political jurisdictions. Others are traded for their economic value. Digital currency has arisen with the popularity of the Internet. Money was a form of receipt, representing grain stored in temple granaries in Sumer in ancient Mesopotamia and in Ancient Egypt. In this first stage of currency, metals were used as symbols to represent value stored in the form of commodities; this formed the basis of trade in the Fertile Crescent for over 1500 years. However, the collapse of the Near Eastern trading system pointed to a flaw: in an era where there was no place, safe to store value, the value of a circulating medium could only be as sound as the forces that defended that store. A trade could only reach as far as the credibility of that military. By the late Bronze Age, however, a series of treaties had established safe passage for merchants around the Eastern Mediterranean, spreading from Minoan Crete and Mycenae in the northwest to Elam and Bahrain in the southeast.
It is not known what was used as a currency for these exchanges, but it is thought that ox-hide shaped ingots of copper, produced in Cyprus, may have functioned as a currency. It is thought that the increase in piracy and raiding associated with the Bronze Age collapse produced by the Peoples of the Sea, brought the trading system of oxhide ingots to an end, it was only the recovery of Phoenician trade in the 10th and 9th centuries BC that led to a return to prosperity, the appearance of real coinage first in Anatolia with Croesus of Lydia and subsequently with the Greeks and Persians. In Africa, many forms of value store have been used, including beads, ivory, various forms of weapons, the manilla currency, ochre and other earth oxides; the manilla rings of West Africa were one of the currencies used from the 15th century onwards to sell slaves. African currency is still notable for its variety, in many places, various forms of barter still apply; these factors led to the metal itself being the store of value: first silver both silver and gold, at one point bronze.
Now we have other non-precious metals as coins. Metals were mined and stamped into coins; this was to assure the individual accepting the coin that he was getting a certain known weight of precious metal. Coins could be counterfeited, but the existence of standard coins created a new unit of account, which helped lead to banking. Archimedes' principle provided the next link: coins could now be tested for their fine weight of metal, thus the value of a coin could be determined if it had been shaved, debased or otherwise tampered with. Most major economies using coinage had several tiers of coins of different values, made of copper and gold. Gold coins were the most valuable and were used for large purchases, payment of the military and backing of state activities. Units of account were defined as the value of a particular type of gold coin. Silver coins were used for midsized transactions, sometimes defined a unit of account, while coins of copper or silver, or some mixture of them, might be used for everyday transactions.
This system had been used in ancient India since the time of the Mahajanapadas. The exact ratios between the values of the three metals varied between different eras and places. However, the rarity of gold made it more valuable than silver, silver was worth more than copper. In premodern China, the need for credit and for a medium of exchange, less physically cumbersome than large numbers of copper coins led to the introduction of paper money, i.e. banknotes. Their introduction was a gradual process which lasted from the late Tang dynasty into the Song dynasty, it began as a means for merchants to exchange heavy coinage for receipts of deposit issued as promissory notes by wholesalers' shops. These notes were valid for temporary use in a small regional territory. In the 10th century, the Song dynasty government began to circulate these notes amongst the traders in its monopolized salt industry; the Song government granted several shops the right to issue banknotes, in the early 12th century the government took over these shops to produce state-issued currency.
Yet the banknotes issued w
The Lebanese pound is the currency of Lebanon. It used to be divided into 100 piastres but high inflation in the Lebanese Civil War has eliminated the subdivisions; the plural form of lira, as used on the currency, is either lirat or the same, whilst there were four forms for qirsh: the dual qirshan, the plural qirush used with numbers 3–10, the accusative singular qirsha used with 11–99, or the genitive singular qirshi used with multiples of 100. In both cases, the number determines. Before the Second World War, the Arabic spelling of the subdivision was غرش. All of Lebanon's coins and banknotes are bilingual in French. Before World War I, the Ottoman lira was used. In 1918, after the fall of the Ottoman Empire, the currency became the Egyptian pound. Upon gaining control of Syria and Lebanon, the French replaced the Egyptian pound with a new currency for Syria and Lebanon, the Syrian pound, linked to the French franc at a value of 1 pound = 20 francs. Lebanon issued its own coins from 1924 and banknotes from 1925.
In 1939, the Lebanese currency was separated from that of Syria, though it was still linked to the French franc and remained interchangeable with Syrian money. In 1941, following France's defeat by Nazi Germany, the currency was linked instead to the British pound sterling at a rate of 8.83 Lebanese pounds = 1 pound sterling. A link to the French franc was restored after the war but was abandoned in 1949. Before the Lebanese Civil War, 1 U. S. dollar was worth 3 pounds. During the civil war the value decreased until 1992, when one dollar was worth over 2500 pounds. Subsequently the value increased again, since December 1997 the rate of the pound has been fixed at 1507.5 pounds per US$. Lebanon's first coins were issued in 1924 in denominations of 2 and 5 girush with the French denominations given in "piastres syriennes". Issues did not include the word "syriennes" and were in denominations of 1⁄2, 1, 2, 2 1⁄2, 5, 10, 25 and 50 girsha. During World War II, rather crude 1⁄2, 1 and 2 1⁄2 girsh coins were issued.
After the war, the Arabic spelling was changed from girsh to qirsh. Coins were issued in the period 1952 to 1986 in denominations of 1, 2 1⁄2, 5, 10, 25 and 50 qirsh and 1 lira. No coins were issued between 1994, when the current series of coins was introduced. Coins in current use are: Lebanon's first banknotes were issued by the Banque du Syrie et Grand-Liban in 1925. Denominations ran from 25 girsha through to 100 pounds. In 1939, the bank's name was changed to the Bank of Lebanon; the first 250-pound notes appeared that year. Between 1942 and 1950, the government issued "small change" paper money in denominations of 5, 10, 25 and 50 girsh or qirsh. After 1945, the Bank of Syria and Lebanon continued to issue paper money for Lebanon but the notes were denominated in "Lebanese pounds" to distinguish them from Syrian notes. Notes for 1, 5, 10, 25, 50 and 100 pounds were issued; the Banque du Liban was established by the Code of Money and Credit on 1 April 1964. On 1 August 1963 decree No. 13.513 of the “Law of References: Banque Du Liban 23 Money and Credit” granted the Bank of Lebanon the sole right to issue notes in denominations of 1, 5, 10, 25, 50, 100, 250 pounds, expressed in Arabic on the front, French on the back.
Higher denominations were issued in the 1980s and 1990s as inflation drastically reduced the currency's value. Banknotes in the current use are: All current notes feature an Arabic side with the value in Arabic script numerals of large size; the other side is in French with the serial number in both Arabic and Latin script and in bar code below the latter one. Economy of Lebanon Banque du Liban Historical and current banknotes of Lebanon
The Australian pound was the currency of Australia from 1910 until 14 February 1966, when it was replaced by the Australian dollar. As with other £ sd currencies, it was subdivided into each of 12 pence; the first European settlement of Australia took place on 26 January 1788 at Port Jackson. The colony of New South Wales survived its first years and was neglected for much of the following quarter-century while the British government was preoccupied until 1815 with the Napoleonic Wars. One important British oversight during this period was the provision of adequate coinage for the new colony and, because of the shortage of any sort of money, the real means of exchange during the first 25 years of settlement was rum, the access to, controlled by the officers of the New South Wales Corps, who benefited most from access to land and imported goods. Though it did not solve the problem arising from the lack of coins, but in an attempt to put some order into the economy, in 1800, Governor Philip Gidley King issued a proclamation setting the value of a variety of foreign coins in the colony.
During this period, to protect the lucrative access to the imported rum, as well as other grievances, the officers, who came to be known as the "Rum Corps", deposed the governor in a standoff in 1808, referred to as the "Rum Rebellion". The New South Wales Corps was recalled soon after. Otherwise, the shortage of coinage persisted; the first coinage issued by the colony took place in 1813, was effected by punching the middle out of Spanish dollars. This process created two parts: a small coin, called the dump, a ring, called a holey dollar. One holey dollar was worth five shillings, one dump was worth one shilling and three pence; this was done in order to keep the coins in New South Wales. From 1817, when the first bank, the Bank of New South Wales, was established, private banks issued paper money denominated in pounds. Acceptance of private bank notes was not made compulsory by legal tender laws but they were used and accepted. In 1825, an Imperial order-in-council was issued with the purpose of introducing sterling coinage to all the British colonies.
This was due to the introduction of the gold standard in the UK in 1816, a decline in the supply of Spanish dollars, due to the revolutions taking place in Spanish South American colonies. Most of the dollars used had been minted in Lima, Mexico City, Potosí, which had become part of new Latin American republics, independent from Spain. In 1852, the Government Assay Office in Adelaide issued gold pound coins; these weighed more than sovereigns. From 1855, the Sydney mint issued half sovereigns and sovereigns, with the Melbourne mint beginning production in 1872. Many of the sovereigns minted in Australia were for use in India as part of a plan that the gold sovereign should become the imperial coin; as it turned out, India was too entrenched in the Rupee system, the gold sovereigns obtained by the treasury in India never left the vaults. Thus, in the lead-up to Federation, the currency used in the Australian colonies consisted of British silver and copper coins, Australian minted gold sovereigns and half sovereigns, locally minted copper trade tokens and private bank notes.
In addition, the Queensland government issued treasury notes and banknotes which were legal tender in Queensland. After Federation in 1901, the Australian government assumed power over currency matters and began overprinting the private issues that were in circulation, in preparation for the issue of a domestic currency. In 1910 the federal government passed the "Australian Notes Act" which prohibited the circulation of State notes and gave control over the issue of Australian notes to the Commonwealth Treasury. Passed in that year was the "Bank Notes Tax Act" which imposed a tax of 10% per annum on "all bank notes issued or re-issued by any bank in the Commonwealth after the commencement of this Act, not redeemed". In September 1910, the Labor Government of Prime Minister Andrew Fisher introduced a national currency, the Australian pound, with the passing of the Australian Notes Act 1910; the Act gave control over the issue of Australian notes to the Commonwealth Treasury and prohibited the circulation of state notes and withdrew their status as legal tender.
For the next three years, some of the earlier private banknotes were overprinted by the Treasury as a temporary measure and circulated as Australian banknotes until new designs were ready for Australia's first federal government-issued banknotes, which commenced in 1913. Blank note forms of 16 banks were supplied to the Australian Government in 1911 to be overprinted as redeemable in gold and issued as the first Commonwealth notes; the Commonwealth Bank Act 1920 gave note issuing authority to the Commonwealth Bank. In 1960, responsibility for note printing passed to the Reserve Bank of Australia; the new national currency was called the Australian pound, consisting of 20 shillings, each consisting of 12 pence. Monetary policy ensured; as such Australia was on the gold standard so long as Britain was. In 1914, the pound sterling was removed from the gold standard; when it was returned to the gold standard in 1925, the sudden increase in its value unleashed crushing deflationary pressures. Both the initial 1914 inflation and the subsequent 1926 deflation had far-reaching economic effect
Pennsylvania the Commonwealth of Pennsylvania, is a state located in the northeastern and Mid-Atlantic regions of the United States. The Appalachian Mountains run through its middle; the Commonwealth is bordered by Delaware to the southeast, Maryland to the south, West Virginia to the southwest, Ohio to the west, Lake Erie and the Canadian province of Ontario to the northwest, New York to the north, New Jersey to the east. Pennsylvania is the 33rd-largest state by area, the 6th-most populous state according to the most recent official U. S. Census count in 2010, it is the 9th-most densely populated of the 50 states. Pennsylvania's two most populous cities are Philadelphia, Pittsburgh; the state capital and its 10th largest city is Harrisburg. Pennsylvania has 140 miles of waterfront along the Delaware Estuary; the state is one of the 13 original founding states of the United States. Part of Pennsylvania, together with the present State of Delaware, had earlier been organized as the Colony of New Sweden.
It was the second state to ratify the United States Constitution, on December 12, 1787. Independence Hall, where the United States Declaration of Independence and United States Constitution were drafted, is located in the state's largest city of Philadelphia. During the American Civil War, the Battle of Gettysburg was fought in the south central region of the state. Valley Forge near Philadelphia was General Washington's headquarters during the bitter winter of 1777–78. Pennsylvania is 170 miles north to south and 283 miles east to west. Of a total 46,055 square miles, 44,817 square miles are land, 490 square miles are inland waters, 749 square miles are waters in Lake Erie, it is the 33rd-largest state in the United States. Pennsylvania has 51 miles of coastline along Lake Erie and 57 miles of shoreline along the Delaware Estuary. Of the original Thirteen Colonies, Pennsylvania is the only state that does not border the Atlantic Ocean; the boundaries of the state are the Mason–Dixon line to the south, the Twelve-Mile Circle on the Pennsylvania-Delaware border, the Delaware River to the east, 80° 31' W to the west and the 42° N to the north, with the exception of a short segment on the western end, where a triangle extends north to Lake Erie.
Cities include Philadelphia, Reading and Lancaster in the southeast, Pittsburgh in the southwest, the tri-cities of Allentown and Easton in the central east. The northeast includes the former anthracite coal mining cities of Scranton, Wilkes-Barre and Hazleton. Erie is located in the northwest. State College serves the central region while Williamsport serves the commonwealth's north-central region as does Chambersburg the south-central region, with York and the state capital Harrisburg on the Susquehanna River in the east-central region of the Commonwealth and Altoona and Johnstown in the west-central region; the state has five geographical regions, namely the Allegheny Plateau and Valley, Atlantic Coastal Plain and the Erie Plain. New York Ontario Maryland Delaware West Virginia New Jersey Ohio Pennsylvania's diverse topography produces a variety of climates, though the entire state experiences cold winters and humid summers. Straddling two major zones, the majority of the state, with the exception of the southeastern corner, has a humid continental climate.
The southern portion of the state has a humid subtropical climate. The largest city, has some characteristics of the humid subtropical climate that covers much of Delaware and Maryland to the south. Summers are hot and humid. Moving toward the mountainous interior of the state, the winter climate becomes colder, the number of cloudy days increases, snowfall amounts are greater. Western areas of the state locations near Lake Erie, can receive over 100 inches of snowfall annually, the entire state receives plentiful precipitation throughout the year; the state may be subject to severe weather from spring through summer into fall. Tornadoes occur annually in the state, sometimes in large numbers, such as 30 recorded tornadoes in 2011; as of 1600, the tribes living in Pennsylvania were the Algonquian Lenape, the Iroquoian Susquehannock & Petun and the Siouan Monongahela Culture, who may have been the same as a little known tribe called the Calicua, or Cali. Other tribes who entered the region during the colonial era were the Trockwae, Saponi, Nanticoke, Conoy Piscataway, Iroquois Confederacy—possibly among others.
Other tribes, like the Erie, may have once held some land in Pennsylvania, but no longer did so by the year 1600. Both the Dutch and the English claimed both sides of the Delaware River as part of their colonial lands in America; the Dutch were the first to take possession. By June 3, 1631, the Dutch had begun settling the Delmarva Peninsula by establishing the Zwaanendael Colony on the site of present-day Lewes, Delaware. In 1638, Sweden established the New Sweden Colony, in the region of Fort Christina, on the site of present-day Wilmington, Delaware. New Sweden claimed and, for the most part, controlled the lower Delaware River region (parts of present-day Delaware, New Jersey, Pe
The Turkish lira is the currency of Turkey and the self-declared Turkish Republic of Northern Cyprus. The lira, along with the related currencies of Europe and the Middle East, has its roots in the ancient Roman unit of weight known as the libra which referred to the Troy pound of silver; the Roman libra adoption of the currency spread it throughout Europe and the Near East, where it continued to be used into medieval times. The Turkish lira, the French livre, the Italian lira, the British pound are the modern descendants of the ancient currency; the Ottoman lira was introduced as the main unit of currency in 1844, with the former currency, kuruş, remaining as a 1⁄100 subdivision. The Ottoman lira remained in circulation until the end of 1927. Historical banknotes from the second and fourth issues have portraits of İsmet İnönü on the obverse side; this change was done according to the 12 January 1926 issue of the official gazette and canceled by the Democrat Party after World War II. After periods of the lira pegged to the British pound and the French franc, a peg of 2.8 Turkish lira = 1 U.
S. dollar was adopted in 1946 and maintained until 1960, when the currency was devalued to 9 Turkish lira = 1 dollar. From 1970, a series of hard soft pegs to the dollar operated as the value of the Turkish lira began to fall. 1966 – 1 U. S. dollar = 9 Turkish lira 1980 – 1 U. S. dollar = 90 Turkish lira 1988 – 1 U. S. dollar = 1,300 Turkish lira 1995 – 1 U. S. dollar = 45,000 Turkish lira 2001 – 1 U. S. dollar = 1,650,000 Turkish liraThe Guinness Book of Records ranked the Turkish lira as the world's least valuable currency in 1995 and 1996, again from 1999 to 2004. The Turkish lira had slid in value so far that one original gold lira coin could be sold for 154,400,000 Turkish lira before the 2005 revaluation. In December 2003, the Grand National Assembly of Turkey passed a law that allowed for redenomination by the removal of six zeros from the Turkish lira, the creation of a new currency, it was introduced on 1 January 2005, replacing the previous Turkish lira at a rate of 1 second Turkish lira = 1,000,000 first Turkish lira.
With the revaluation of the Turkish lira, the Romanian leu became the world's least valued currency unit. At the same time, the Government introduced two new banknotes with the denominations of 50 and 100. In the transition period between January 2005 and December 2008, the second Turkish lira was called Yeni Türk lirası, it was abbreviated "YTL" and subdivided into 100 new kuruş. Starting in January 2009, the "new" marking was removed from the second Turkish lira, its official name becoming just "Turkish lira" again, abbreviated "TL". All obverse sides of current banknotes have portraits of Mustafa Kemal Atatürk; until 2016, the same held for the reverse sides of all current coins, but in 2016 one-lira coins were issued to commemorate the "martyrs and veterans" of the 2016 Turkish coup d'état attempt, the reverse sides of some of which depict hands holding up a Turkish flag while others show in stylized form a collection of five-pointed stars topped by a Turkish flag. From 1 January 2009, the phrase "new" was removed from the second Turkish lira, its official name in Turkey becoming just "Turkish lira" again.
The center and ring alloys of the 50 kuruş and 1 Turkish lira coins were reversed. A new series of banknotes, the "E-9 Emission Group" entered circulation on 1 January 2009, with the E-8 group ceasing to be valid after 31 December 2009; the E-9 banknotes refer to the currency as "Turkish lira" rather than "new Turkish lira" and include a new 200-Turkish-lira denomination. The new banknotes have different sizes to prevent forgery; the main specificity of this new series is that each denomination depicts a famous Turkish personality, rather than geographical sites and architectural features of Turkey. The dominant color of the 5-Turkish-lira banknote has been determined as "purple" on the second series of the current banknotes. In 2018, the lira's exchange rate accelerated deterioration, reaching a level of 4.5 USD/TRY by mid-May and of 4.9 a week later. Among economists, the accelerating loss of value was attributed to Recep Tayyip Erdoğan preventing the Central Bank of the Republic of Turkey from making the necessary interest rate adjustments.
Erdoğan, who claimed interest rates beyond his control to be "the mother and father of all evil", said that "the central bank can't take this independence and set aside the signals given by the president." Despite Erdogan's apparent opposition, Turkey's Central Bank raised interest rates sharply. In the campaign for the 2018 general election in Turkey, a widespread conspiracy theory claimed that the Turkish lira's decline were the work of a shadowy group, made up of Americans, Dutch and "some Jewish families" who would want to deprive incumbent President Erdogan of support in the elections. According to a poll from April 2018, 42 percent of Turks, 59 percent of governing AK Party voters, saw the decline in the lira as a plot by foreign powers. According to Turkish foreign minister Mevlüt Çavuşoğlu and analysis, Trumps wish to let the Turkish-USA current tensions to long up to the November 2018 US elections so to appeal to his christian base and gain some points for his party; the current currency
Early American currency
Early American currency went through several stages of development during the colonial and post-Revolutionary history of the United States. Because few coins were minted in the thirteen colonies that became the United States, foreign coins like the Spanish dollar were circulated. Colonial governments sometimes issued paper money to facilitate economic activities; the British Parliament passed Currency Acts in 1751, 1764, 1773 that regulated colonial paper money. During the American Revolution, the colonies became independent states. Freed from British monetary regulations, they issued paper money to pay for military expenses; the Continental Congress issued paper money during the Revolution, known as Continental currency, to fund the war effort. Both state and Continental currency depreciated becoming worthless by the end of the war; this depreciation was caused by the government printing large amounts of currency in order to meet the demands of war. There were three general types of money in the colonies of British America: specie, paper money and commodity money.
Commodity money was used. Commodities such as tobacco, beaver skins, wampum served as money at various times and places. Cash in the colonies was denominated in pounds and pence; the value varied from colony to colony. All colonial pounds were of less value than the British pound sterling; the coins in circulation in the colonies were most of Spanish and Portuguese origin. The prevalence of the Spanish dollar in the colonies led to the money of the United States being denominated in dollars rather than pounds. One by one, colonies began to issue their own paper money to serve as a convenient medium of exchange. In 1690, the Province of Massachusetts Bay created "the first authorized paper money issued by any government in the Western World." This paper money was issued to pay for a military expedition during King William's War. Other colonies followed the example of Massachusetts Bay by issuing their own paper currency in subsequent military conflicts; the paper bills issued by the colonies were known as "bills of credit."
Bills of credit were fiat money: they could not be exchanged for a fixed amount of gold or silver coins upon demand. Bills of credit were issued by colonial governments to pay debts; the governments would 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 in New England and the southern colonies, unlike the Middle Colonies, were at war. Pennsylvania, was responsible in not issuing too much currency and it remains a prime example in history as a successful government-managed monetary system. Pennsylvania's paper currency, secured by land, was said to have maintained its value against gold from 1723 until the Revolution broke out in 1775; this depreciation of colonial currency was harmful to creditors in Great Britain when colonists paid their debts with money that had lost value. The British Parliament passed several Currency Acts to regulate the paper money issued by the colonies.
The Act of 1751 restricted the issue of paper money in New England. It allowed the existing bills to be used as legal tender for public debts, but disallowed their use for private debts. In 1776, British economist Adam Smith criticized colonial bills of credit in his most famous work, The Wealth of Nations. Another Currency Act, in 1764, extended the restrictions to the colonies south of New England. Unlike the earlier act, this act did not prohibit the colonies in question from issuing paper money but it forbade them to designate their currency as legal tender for public or private debts; that prohibition created tension between the colonies and the mother country and has sometimes been seen as a contributing factor in the coming of the American Revolution. After much lobbying, Parliament amended the act in 1773, permitting the colonies to issue paper currency as legal tender for public debts. Shortly thereafter, some colonies once again began issuing paper money; when the American Revolutionary War began in 1775, all of the rebel colonies, soon to be independent states, issued paper money to pay for military expenses.
The Thirteen Colony set of colonial currency below is from the National Numismatic Collection at the Smithsonian Institution. Examples were selected based on the notability of the signers, followed by issue condition; the initial selection criteria for notability was drawn from a list of currency signers who were known to have signed the United States Declaration of Independence, Articles of Confederation, the United States Constitution, or attended the Stamp Act Congress. 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. During the Revolution, Congress issued $241,552,780 in Continental currency. Continental currency depreciated badly during the war, giving rise to the famous phrase "not worth a continental". A primary problem was that monetary policy was not coordinated between Congress and the states, which continued to issue bills of credit.
"Some think that the rebel bills depreciated because people lost confidence in them or because they were not backed by tangible assets," writes financial historian Robert E. Wright. "Not so. There were too many of them." Congress and the states lacked the will or the means to retire the bills from c