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Early American Money

American Colonies Paper MoneyCreated by: PICRYL - Public Domain Media Search EngineDated: 2017
Hart, John. Paper money. One shilling. Signed
Money in the colonies was denominated in pounds, shillings, and pence. The value varied from colony to colony; a Massachusetts pound, for example, was not equivalent to a Pennsylvania pound. All colonial pounds were of less value than the British pound sterling. The prevalence of the Spanish dollar coin in the colonies led to the money of the United States being denominated in dollars rather than pounds. Due to almost no money supply from Britain to colonies, colonies had to issue their own paper money to serve as an exchange. In 1690, the Province of Massachusetts Bay created "the first authorized paper money to pay for a military expedition during King William's War. Other colonies followed the example by issuing their own paper currency in subsequent military conflicts, to pay debts.
The paper bills issued by the colonies were known as "bills of credit." Bills of credit were usually fiat money: they could not be exchanged for a fixed amount of gold or silver coins upon demand. The governments would then retire the currency by accepting the bills for payment of taxes. When colonial governments issued too many bills of credit or failed to tax them out of circulation, inflation resulted. This happened especially in New England and the southern colonies, which, unlike the Middle Colonies, were frequently at war. Pennsylvania, however, was not issuing too much currency and it remains a prime example in history as a successful government-managed monetary system. Pennsylvania's paper currency, secured by land, was said to have generally maintained its value against gold from 1723 until the Revolution broke out in 1775.
This depreciation of colonial currency was harmful to creditors in Great Britain. The British Parliament passed several Currency Acts to regulate the paper money issued by the colonies. The Currency Act of 1751 restricted the emission of paper money in New England. It allowed the existing bills to be used as legal tender for public debts (i.e. paying taxes), but disallowed their use for private debts (e.g. for paying merchants).
Currency Acts of 1751 and of 1764 created tension between the colonies and the mother country and were a contributing factor in the coming of the American Revolution. When the American Revolutionary War began in 1775, all of the rebel colonies, soon to be independent states, issued paper money to pay for military expenses.
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The president, directors co. of the Cumberland Bank of Burksville promise to pay ... or bearer on demand five dollars. Burksville 28 Decem. 1818.

The president, directors co. of the Cumberland Bank of Burksville prom...

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New Jersey bank note - Public domain dedication image

New Jersey bank note - Public domain dedication image

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Demand twelve and a half cents in commonwealth's pa- per of

Demand twelve and a half cents in commonwealth's pa- per of

Public domain scan - 18th-century print, free to use, no copyright restrictions image - Picryl description

[Photographs of six pieces of Confederate paper currency]

[Photographs of six pieces of Confederate paper currency]

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[Confederate one hundred dollar bill], Confederate States of America.

[Confederate one hundred dollar bill], Confederate States of America.

Copyright by William Lee, M.D. Plate V, no. 1. Public domain photograph related to Confederate States of America, American Civil War, 19th century, free to use, no copyright restrictions image - Picryl description

New Hampshire. Three pound bank note

New Hampshire. Three pound bank note

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Paper Money - Public domain dedication image

Paper Money - Public domain dedication image

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Paper Money - Public domain dedication image

Paper Money - Public domain dedication image

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Paper Money - Public domain dedication image

Paper Money - Public domain dedication image

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Ten Spanish milled dollars or their value in gold or silver, to be given in exchange for this bill at the treasury of Virginia, pursuant to act of assembly passed Oct. 20 1777.

Ten Spanish milled dollars or their value in gold or silver, to be giv...

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Twenty five dollars - Public domain portrait engraving

Twenty five dollars - Public domain portrait engraving

Print shows a bank note for $25 with a bust portrait of George Washington, right profile, in a medallion surrounded by text which states: "The President, Directois and Company of Washington Bank in Westerly [Rh... More

Paper Money - Public domain dedication image

Paper Money - Public domain dedication image

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Paper Money - Public domain dedication image

Paper Money - Public domain dedication image

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This indented bill of five shillings, shall entitle the bearer to receive of the provincial treasurer, the like sum of five shillings, of equal value with the same sum, of the bills of credit now by law current, according to the directions of an act of general assembly of Pensilvania, made in the 11th year of the reign of his majesty George III. Dated the 20th day of March, 1771

This indented bill of five shillings, shall entitle the bearer to rece...

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Four dollars. This bill entitles the bearer to receive four Spanish milled dollars, or the value thereof in gold or silver, according to a resolution of congress, passed at Philadelphia, July 22, 1776

Four dollars. This bill entitles the bearer to receive four Spanish mi...

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Paper Money - Public domain dedication image

Paper Money - Public domain dedication image

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Paper Money, Thomas Addis Emmet collection

Paper Money, Thomas Addis Emmet collection

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Paper Money - Public domain dedication image

Paper Money - Public domain dedication image

Twenty dollars. This bill entitles the bearer to receive twenty Spanish milled dollars or the value thereof in gold or silver, according to a resolution passed by congress at Philadelphia, Sept. 26th, 1778

Twenty dollars. This bill entitles the bearer to receive twenty Spanis...

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Correspondence. Paper Money related to American Revolution.

Correspondence. Paper Money related to American Revolution.

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New Jersey bank note - Public domain dedication image

New Jersey bank note - Public domain dedication image

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Maryland paper money. Two and two-thirds dollars

Maryland paper money. Two and two-thirds dollars

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Delaware paper money. Four shillings

Delaware paper money. Four shillings

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Paper Money - Public domain dedication image

Paper Money - Public domain dedication image

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Paper Money - Public domain dedication image

Paper Money - Public domain dedication image

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Pennsylvania. Paper money. Sixteen shillings

Pennsylvania. Paper money. Sixteen shillings

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Paper Money - Public domain dedication image

Paper Money - Public domain dedication image

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Correspondence. Paper Money related to American Revolution.

Correspondence. Paper Money related to American Revolution.

Public domain scan of manuscript related to American history, NYPL collection, free to use, no copyright restrictions image - Picryl description.

National currency / JS Conway. - Public domain dedication image

National currency / JS Conway. - Public domain dedication image

Print shows a trompe-l'oeil presentation of a U.S. $10 national currency issued by the "National Bank of Washington" pinned to a notice from the "[Treas]ury Department, National Note Bureau". C3279 U.S. Copyrig... More

[Reproductions of three Confederate five dollar bills and a Confederate two dollar bill]

[Reproductions of three Confederate five dollar bills and a Confederat...

Plate IV. Nos. 9, 10, 11, and 12. Copyright by William Lee.

Hart, John. Paper money. One shilling. Signed

Hart, John. Paper money. One shilling. Signed

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Paper Money - Public domain dedication image

Paper Money - Public domain dedication image

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New Hampshire. Three pound bank note

New Hampshire. Three pound bank note

Public domain scan of a manuscript, American revolution history, free to use, no copyright restrictions image - Picryl description.

Paper Money - Public domain dedication image

Paper Money - Public domain dedication image

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Georgia paper money. One shilling

Georgia paper money. One shilling

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One hundred Spanish milled dollars, or the value thereof in gold or silver, to be given in exchange for this bill at the treasury of Virginia, pursuant to an act of assembly passed October the 5th, 1778.

One hundred Spanish milled dollars, or the value thereof in gold or si...

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[Eight Confederate bills ranging in value from five to one hundred dollars]

[Eight Confederate bills ranging in value from five to one hundred dol...

Copyright by William Lee, M.D. Plate II. Public domain photograph related to Confederate States of America, American Civil War, 19th century, free to use, no copyright restrictions image - Picryl description

Paper Money - Public domain dedication image

Paper Money - Public domain dedication image

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Paper Money - Public domain dedication image

Paper Money - Public domain dedication image

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Paper Money - Public domain dedication image

Paper Money - Public domain dedication image

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Paper Money - Public domain dedication image

Paper Money - Public domain dedication image

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Paper Money - Public domain dedication image

Paper Money - Public domain dedication image

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Two shillings and six-pence. According to an act of general assembly of Pensilvania, passed in the twelfth year of the reign of his majesty George the Third. Dated the 3d day of April. Anno Dom. 1772. Half-a-crown.

Two shillings and six-pence. According to an act of general assembly o...

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The president & directors of the bank of the commonwealth of Kentucky promise to pay ... or bearer, twelve & a half cents, on demand at their ... branch bank. Frankfort, ... 1822.

The president & directors of the bank of the commonwealth of Kentucky ...

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South Carolina paper money. One Spanish milled dollar

South Carolina paper money. One Spanish milled dollar

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Paper Money - Public domain dedication image

Paper Money - Public domain dedication image

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Paper Money - Public domain dedication image

Paper Money - Public domain dedication image

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Five dollars. This bill entitles the bearer to receive five Spanish milled dollars or the value thereof in gold or silver, according to a resolution passed by congress at Philadelphia, May 20, 1777

Five dollars. This bill entitles the bearer to receive five Spanish mi...

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Correspondence. Paper Money related to American Revolution.

Correspondence. Paper Money related to American Revolution.

Public domain scan of manuscript related to American history, NYPL collection, free to use, no copyright restrictions image - Picryl description.

The Middletown Mercury. Two Dollars a years in advance. Largest Circulation in the County, Job Printing. ; M. S. Stivers. ; Office Orange County Press. ; J. W. Slauson.

The Middletown Mercury. Two Dollars a years in advance. Largest Circul...

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The president and directors for the Kentucky Insurance Company promise to pay ... or bearer on demand one dollar, Lexington 16 June 1816

The president and directors for the Kentucky Insurance Company promise...

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The art of making money plenty in every man's pocket by Doctor Franklin. New York Published by P. Maverick, 1817.

The art of making money plenty in every man's pocket by Doctor Frankli...

The president, directors & co. of the Bank of Henderson promise to pay ... or bearer, five dollars on demand. Henderson 18 Aug. 1818

The president, directors & co. of the Bank of Henderson promise to pay...

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United States Congress, September 1, 1781, Printed Table of Currency Scale, Paper Money to Silver

United States Congress, September 1, 1781, Printed Table of Currency S...

Printed Table of Currency Scale, Paper Money to Silver Public domain image of a banknote, paper money, free to use, no copyright restrictions image - Picryl description

Paper Money - Public domain dedication image

Paper Money - Public domain dedication image

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Paper Money - Public domain dedication image

Paper Money - Public domain dedication image

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Paper Money - Public domain dedication image

Paper Money - Public domain dedication image

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Paper Money - Public domain dedication image

Paper Money - Public domain dedication image

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Paper Money - Public domain dedication image

Paper Money - Public domain dedication image

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Paper Money, Thomas Addis Emmet collection

Paper Money, Thomas Addis Emmet collection

Public domain scan of manuscript related to American history, NYPL collection, free to use, no copyright restrictions image - Picryl description.

This bill of two hundred dollars shall be exchanged and redeemed in Spanish milled dollars, or the value thereof in gold or silver, at the rate of one for forty at the treasury of Virginia, on or before the thirtieth day of December, one thousand seven hundred and ninety-four, according to an act of assembly passed the seventh day of May, 1781.

This bill of two hundred dollars shall be exchanged and redeemed in Sp...

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Pennsylvania. Paper money. Sixteen shillings

Pennsylvania. Paper money. Sixteen shillings

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Paper Money - Public domain dedication image

Paper Money - Public domain dedication image

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Paper Money - Public domain dedication image

Paper Money - Public domain dedication image

Picryl description: Public domain image of banknote, paper money, numismatic catalog, free to use, no copyright restrictions

Paper Money - Public domain dedication image

Paper Money - Public domain dedication image

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Paper Money, Thomas Addis Emmet collection

Paper Money, Thomas Addis Emmet collection

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Paper Money - Public domain dedication image

Paper Money - Public domain dedication image

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This indented bill of five shillings, shall entitle the bearer to receive of the provincial treasurer, the like sum of five shillings, of equal value with the same sum, of the bills of credit now by law current, according to the directions of an act of general assembly of Pensilvania, made in the 11th year of the reign of his majesty George III. Dated the 20th day of March, 1771

This indented bill of five shillings, shall entitle the bearer to rece...

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The president and directors for the Kentucky Insurance Company promise to pay ... or bearer on demand two dollars, Lexington 16 Aug. 1816

The president and directors for the Kentucky Insurance Company promise...

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North Carolina paper money. Two pounds

North Carolina paper money. Two pounds

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South Carolina paper money. One Spanish milled dollar

South Carolina paper money. One Spanish milled dollar

Four dollars. This bill entitles the bearer to receive four Spanish milled dollars, or the value thereof in gold or silver, according to a resolution of congress, passed at Philadelphia, July 22, 1776

Four dollars. This bill entitles the bearer to receive four Spanish mi...

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Massachusetts Bay. Bank note. One dollar

Massachusetts Bay. Bank note. One dollar

Public domain scan of manuscript related to Massachusetts, American history, free to use, no copyright restrictions image - Picryl description.

Thirty dollars. This bill entitles the bearer t[o] receive thirty Spanish milled dollars or the value thereof in gold or silver, according to a resolution passed by congress at Philadelphia, Sept. 26th, 1778

Thirty dollars. This bill entitles the bearer t[o] receive thirty Span...

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One hundred Spanish milled dollars, or the value thereof in gold or silver, to be given in exchange for this bill at the treasury of Virginia, pursuant to an act of assembly passed May the 3d, 1779.

One hundred Spanish milled dollars, or the value thereof in gold or si...

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The dollar bill issued by the Merchant's Bank of Trenton, November 20th, 1861, is recorded in D. C. Wismer's "Obsolete Paper Money With Portrait of Lincoln.

The dollar bill issued by the Merchant's Bank of Trenton, November 20t...

Accompanying typed manuscript claims it is the earliest dated bill to be ornamented with the Lincoln lineaments. Handwritten note to bottom of manuscript indicates there is a bill earlier than that dates August 10, 1861.

The President, Directors & Co. of the Powow River Bank will pay five hundred dollars to bearer on demand. Salisbury, Massachusetts.

The President, Directors & Co. of the Powow River Bank will pay five h...

Print shows a railroad locomotive with fuel, freight, and passenger cars at top left, with buildings in the background. Circular design with large "D" and "Five Hundred Dollars" appears on lower left corner and... More

Connecticut bank note. Six shillings

Connecticut bank note. Six shillings

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Paper Money - Public domain dedication image

Paper Money - Public domain dedication image

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Three pence. This bill shall pass current for three pence according to an act of general assembly of the Common-wealth of Pennsylvania, passed the twentieth day of March ... Dated the tenth day of April, A. D. 1777

Three pence. This bill shall pass current for three pence according to...

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Twenty dollars. This bill entitles the bearer to receive twenty Spanish milled dollars or the value thereof in gold or silver, according to a resolution passed by congress at Philadelphia, Sept. 26th, 1778

Twenty dollars. This bill entitles the bearer to receive twenty Spanis...

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Five dollars. This bill entitles the bearer to receive five Spanish milled dollars or the value thereof in gold or silver, according to a resolution passed by congress at Philadelphia, May 20, 1777

Five dollars. This bill entitles the bearer to receive five Spanish mi...

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Correspondence. Paper Money related to American Revolution.

Correspondence. Paper Money related to American Revolution.

Public domain scan of manuscript related to American history, NYPL collection, free to use, no copyright restrictions image - Picryl description.

Maryland paper money. Two and two-thirds dollars

Maryland paper money. Two and two-thirds dollars

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Paper Money, Thomas Addis Emmet collection

Paper Money, Thomas Addis Emmet collection

Public domain scan of manuscript related to Massachusetts, American history, free to use, no copyright restrictions image - Picryl description.

Correspondence. Paper Money related to American Revolution.

Correspondence. Paper Money related to American Revolution.

Public domain scan of manuscript related to American history, NYPL collection, free to use, no copyright restrictions image - Picryl description.

Correspondence. Paper Money related to American Revolution.

Correspondence. Paper Money related to American Revolution.

Public domain scan of manuscript related to American history, NYPL collection, free to use, no copyright restrictions image - Picryl description.

Correspondence. Paper Money related to American Revolution.

Correspondence. Paper Money related to American Revolution.

Public domain scan of manuscript related to American history, NYPL collection, free to use, no copyright restrictions image - Picryl description.

Two shillings and six-pence. According to an act of general assembly of Pensilvania, passed in the twelfth year of the reign of his majesty George the Third. Dated the 3d day of April. Anno Dom. 1772. Half-a-crown.

Two shillings and six-pence. According to an act of general assembly o...

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Correspondence. Paper Money related to American Revolution.

Correspondence. Paper Money related to American Revolution.

Public domain scan of manuscript related to American history, NYPL collection, free to use, no copyright restrictions image - Picryl description.

Correspondence. Paper Money related to American Revolution.

Correspondence. Paper Money related to American Revolution.

Public domain scan of manuscript related to American history, NYPL collection, free to use, no copyright restrictions image - Picryl description.

Correspondence. Paper Money related to American Revolution.

Correspondence. Paper Money related to American Revolution.

Public domain scan of manuscript related to American history, NYPL collection, free to use, no copyright restrictions image - Picryl description.

In Congress, June 29, 1779. As Congress are bound by every motive of policy and of public & private justice to maintain the credit of the paper money emitted by their authority on the faith of the United States [Resolutions to borrow twenty mill

In Congress, June 29, 1779. As Congress are bound by every motive of p...

Imprint 3.; U. S. Continental Congress 1779.; Loans.; On verso: On public service to the Honorable Benjamin Bellowr Walpole. Available also through the Library of Congress web site in two forms: as facsimile p... More

Paper Money - Public domain dedication image

Paper Money - Public domain dedication image

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Letter to John Watts, agent to the contractors for supplying money for his Majesty's forces in North America, New York

Letter to John Watts, agent to the contractors for supplying money for...

Public domain scan of manuscript related to Massachusetts, American history, free to use, no copyright restrictions image - Picryl description.

Virginia paper money. 8 dollars

Virginia paper money. 8 dollars

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"Twenty dollars, this bill entitles the bearer to receive twenty spanish milled dollars ... Sept. 26, 1778"

"Twenty dollars, this bill entitles the bearer to receive twenty spani...

Twenty dollars. Book illustration from Library of Congress

Twenty dollars. Book illustration from Library of Congress

Verso of a twenty dollar bill with a picture of a leaf. Illus. in: Rare Book Division - Colonial Currency Collection. Ref. copy may be in LOT 4412. This record contains unverified, old data from caption card.

Paper Money, Thomas Addis Emmet collection

Paper Money, Thomas Addis Emmet collection

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Correspondence. Paper Money related to American Revolution.

Correspondence. Paper Money related to American Revolution.

Public domain scan of manuscript related to American history, NYPL collection, free to use, no copyright restrictions image - Picryl description.

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