Did the 13 colonies print their own money to infuriate the British?
- Larry CLv 72 months ago
They could not coin money, with rare exceptions, but could print promissory notes. After George III refused to coin copper coins because he was mad at PARLIAMENT, several colonies issued 1/2 and 1 d. COINS
- Anonymous2 months ago
No, they did it because they were growing too fast and there was a shortage of money, and to prevent rampant counterfeiting of paper money.
- Anonymous2 months ago
Not to infuriate the British but to provide money. There was a chronic cash shortage in colonial America. A lot of day to day business was done on barter or on credit (you'd have an account at the local store and pay it off when you could) but actual physical cash money was in short supply. Probably the most common money in colonial British North America was Spanish money which made its way in from Latin America and the Caribbean. But lots of other money circulated as well, and it was never enough. So when the colonies declared independence they began printing their own money to help finance their war. Of course, the "Continental" bills rapidly depreciated in value.
- capitalgentlemanLv 72 months ago
Money in those days was issued by banks, not countries. The UK currently has different banks making money - e.g., there are 3 in Scotland alone. Banks in the colonies would have been expected to produce money; it is no big deal.
- What do you think of the answers? You can sign in to give your opinion on the answer.
- 2 months ago
Maybe until the nations monetary system couldn't work that way anymore once it became a nation.
- MarliLv 72 months ago
Interesting. The Wikipedia entry says that the Continental Congress issued paper money during the Revolution to pay for military expenses. The Continental Congress authorized issuing it in 1775, according to the Valley Forge national park online exhibition.
Prior to then (prior to 1775) each state printed its own paper money. The British government passed 3 acts to regulate colonial currency, the third was in 1773.
So the "Continental currency" was issued
1 as a gesture of US independence. An independent nation is not bound to the colonial mother's statutes and currency regulations. (That might have been a finger to the British)
2. as a common currency in all 13 states to pay military expenses.
3. (perhaps unofficially) to get the people of each state used to the notion of working and fighting as one nation.
The problem was that the "Continental currency" rapidly depreciated in value until it was almost worthless (Wikipedia)
The Wikipedia entry said the C. Congress printed and issued too much currency. Another person here answered that the money was not backed by gold. It was also not backed by victories on the battlefields. Who would back the losing side?
Apparently it was also easy for the British to counterfeit it, and depreciate its value further.Source(s): Google: "American Revolution money" and "Early American currency" currency_pub10_with_arrowhead pdf (from nps National Parks Service Valley Forge via above Google search "American Revolution money" WIKIPEDIA: "Early American Currency"
- ExpatLv 62 months ago
No. Wha5 would be the point? Money is only good with a country backing it up with gold.