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There were three general types of money in the colonies of British America: the specie (coins), printed paper money and trade-based commodity money. [2] Commodity money was used when cash (coins and paper money) were scarce. Commodities such as tobacco, beaver skins, and wampum, served as money at various times in many locations. [3]
The currency of the American colonies, 1700–1764: a study in colonial finance and imperial relations. Dissertations in American economic history. New York: Arno Press, 1975. ISBN 0-405-07257-0. Ernst, Joseph Albert. Money and politics in America, 1755–1775; a study in the Currency act of 1764 and the political economy of revolution. Chapel ...
The domestic economy of the British American colonies enjoyed a great deal of freedom, although some of their freedom was due to lack of enforcement of British regulations on commerce and industry. Adam Smith used the colonies as an example of the benefits of free enterprise. [5]: 13 Colonists paid minimal taxes.
The credit crisis of 1772 greatly deteriorated debtor-creditor relations between the thirteen American colonies and Britain, especially in the South. The southern colonies, which produced tobacco, rice, and indigo and exported them to Britain, were granted higher credit than the northern colonies, where competitive commodities were produced.
War breaks out with Kingdom of France, beginning the Nine Years' War in Europe; beginning of King William's War in the colonies. George Keith controversy divides Pennsylvania Quakers. 1690 – Schenectady, New York devastated by French and Native American troops. Massachusetts Bay Colony becomes first colony to issue paper money.
Spain's revenue loss was similar to Britain's since she lost a lot of income from her American colonies due to the war. To make up for the shortfall, Spanish governors introduced higher tax rates in the South American colonies, with little success. [citation needed] Spain's next move was to issue royal bonds to her colonies, also with limited ...
Trump's inauguration day is here. Therefore, taking the necessary financial steps as the president-elect steps into the White House can put you in a better spot with your money. Learn More: 5 ...
Demand Notes are considered the first paper money issued by the United States whose main purpose was to circulate. They were made because of a coin shortage as people hoarded their coins during the American Civil War and were issued in denominations of $5, $10 and $20. They were redeemable in coin. They were replaced by United States Notes in 1862.
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