Description: Specifically, continentals, which is what the newly minted colonial paper currency was called, were issued from 1775 to 1779 to finance the cost of the war. The currency quickly lost value, partly because it was not backed by a physical asset like gold or silver, but also due to the fact that too many bills were printed. These two factors contributed to the coining of the disparaging term "not worth a continental."Revolutionaries in the New World colonies floated continentals, due to not having the funding to carry out a prolonged battle against the British crown. In 1775, the Continental Congress issued $2 million in paper bills of credit. The paper notes represented the colonies' first significant currency distribution and bore the images of Revolutionary soldiers.Continentals were not backed by any tangible asset; they were supposed to hold their value on the Continental Congress's expectation of future tax revenues, which, given that they were in the midst of a war, created more uncertainty than the new currency could withstand.
Price: 250 USD
Location: Gloucester, Massachusetts
End Time: 2025-02-10T19:14:55.000Z
Shipping Cost: N/A USD
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Item Specifics
Restocking Fee: No
Return shipping will be paid by: Buyer
All returns accepted: Returns Accepted
Item must be returned within: 30 Days
Refund will be given as: Money Back
Circulated/Uncirculated: Circulated
Denomination: $30
Type: Banknotes
Country/Region of Manufacture: United States