On this day in 1690
Paper Currency Comes to America
Until 1690, the North American colonies had dealt primarily in coinage. Silver and gold were rather rare, so colonists generally used unofficial coins, or "decrepit coppers". Boston-based silversmiths John Hull and Robert Sanderson did operate their own mint between 1652 and 1682, issuing silver shillings and three and sixpence pieces, but save for a few ill-fated experiments, paper money was hardly tried or used. However, on February 3, 1690, Massachusetts took what would later prove to be a crucial step in the establishment of a stable American economy and authorized the first official paper currency to be ever used in the Western Hemisphere.
Apparently, passing the buck has been common for over 300 years!
Until 1690, the North American colonies had dealt primarily in coinage. Silver and gold were rather rare, so colonists generally used unofficial coins, or "decrepit coppers". Boston-based silversmiths John Hull and Robert Sanderson did operate their own mint between 1652 and 1682, issuing silver shillings and three and sixpence pieces, but save for a few ill-fated experiments, paper money was hardly tried or used. However, on February 3, 1690, Massachusetts took what would later prove to be a crucial step in the establishment of a stable American economy and authorized the first official paper currency to be ever used in the Western Hemisphere.
Apparently, passing the buck has been common for over 300 years!
posted by JoeFriday at 7:10 AM
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