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The first act, the Currency Act 1751 (24 Geo. 2. c. 53), restricted the issue of paper money and the establishment of new public banks by the colonies of New England. [7] These colonies had issued paper fiat money known as "bills of credit" to help pay for military expenses during the French and Indian Wars.
The Currency Act states that "no person shall melt down, break up or use otherwise than as currency any coin that is legal tender in Canada." Similarly, Section 456 of The Criminal Code of Canada says: "Every one who (a) defaces a current coin, or (b) utters a current coin that has been defaced, is guilty of an offence punishable on summary ...
The prohibition of states issuing Bills of Credit came in direct response to how states managed their financial policy during the era of the Articles of Confederation. While all states in theory recognized the American Continental as their official currency, in reality, nearly every state issued its own Bills of credit, which further devalued ...
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Forgery is used by some governments and non-state actors as a tool of covert operation, disinformation and black propaganda.Letters, currency, speeches, documents, and literature are all falsified as a means to subvert a government's political, military or economic assets.
Also passed in 1964 was the Decimal Currency Act, which created the basis for a decimal currency, introduced in 1967. As of 2005 [update] , banknotes were legal tender for all payments, and $1 and $2 coins were legal tender for payments up to $100, and 10c, 20c, and 50c silver coins were legal tender for payments up to $5.
The earliest example of what came to be called wildcat banking began in New England during the 1790s. The banking establishment of Boston was opposed by a greater number of country banks throughout the region. Because the city banks refused the country banks' currency, it came to dominate the commercial activity of Boston, while the city banks ...
The act maintained greenbacks issued during the Civil War at their existing level, about $356 million, neither contracting them nor issuing more. It replaced $45 million in "temporary loan certificates," paper bearing 3% interest but which circulated as currency, with the same amount of national bank notes issued by newly chartered banks.