Each note read:
This indented Bill of [...] Shillings due from the Massachusetts Colony to the Possessor shall be in value equal to money and shall be accordingly accepted by the Treasurer and Receiver Subordinates to him in all Public payments and for any stock at any time in the Treasury - New England, February the third, 1690. By order of the General Court.
The notes proved a great success, soon entering general circulation.
The legislators spotted the potential of paper money and started issuing more notes not only during emergencies but also to cover the cost of general administration. The other New England colonies soon followed suit, issuing their own banknotes with mixed results. A shortage of gold and silver meant that the notes were rarely redeemed; yet, the authorities continued to print more notes resulting in their devaluation.
Related posts
First European banknotes: 16th July 1661
The United States Mint established: 2nd April 1792
U.S. Congress authorised Two-Cent coin: 22nd April 1864
First electronic Automatic Teller Machine installed: 27th June 1967
No comments:
Post a Comment