Providence Of North Carolina Five Pounds Colonial Currency Dec 1771 Rare Hw1616
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Providence Of North Carolina Five Pounds Colonial Currency Dec 1771 Rare Hw1616:
Normal edge wear. This note is much better than is normally found - An excellent bit of American history that you can add to your collection!HISTORY OF COLONIAL & REVOLUTIONARY CURRENCY
The first settlers in Colonial America used wampum beads, beaver skins, and Tobacco as means of exchange. The shortage of "hard money" (coins) severely hindered the conduct of business. Few British coins reached the colonies, but ship masters did bring in foreign money The most common coin in circulation was the Spanish milled dollar; its value varied from colony to colony. To overcome this handicap to business, the colonies began to issue paper currency. Many of the Colonial notes were issued in terms of shillings, because even though most transactions were in Spanish dollars, the official account of exchange was British units - pounds, shillings, and pence. Odd denominations of the currency were often printed because of the lack of small change. To lower costs, many bills were not printed on the reverse side. Each bill was usually numbered and signed individually by hand to discourage counterfeiting.
The Revolutionary War brought new money difficulties. The Continental Congress, powerless to impose taxes, was forced to print massive amounts of currency to finance the war. This flood of paper money caused the Continental currency to rapidly depreciate; by 1781, the paper was exchangeable for coin at a ratio of 225 to 1! ($225 in paper for a $1 coin).
Mint = With original gum
Unused =Stamp without any gum or regummed
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Inventory ID: WML-016157
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