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A 8s Pennsylvania note issued in 1777. The pound was the currency of Pennsylvania until 1793. It was created as a response to the global economic downturn caused by the collapse of the South Sea Company. [1] Initially, sterling and certain foreign coins circulated, supplemented from 1723 by local paper money, colonial scrip.
The British parliament passed several currency acts to regulate the paper money issued by the colonies. The Currency Act 1751 restricted the issue 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). [10]
The paper money was called Colonial Scrip. The Colony issued bills of credit, which were as good as gold or silver coins because of their legal tender status. Since they were issued by the government and not a banking institution, they were interest-free, largely defraying the expense of the government and therefore taxation of the people.
Collectors love bills with low serial numbers, such as those below 1,000 or 100 (e.g., 00000100). On eBay, these kinds of bills can sell for anywhere from $10 to $300.
The requirements to fill out a money order vary by institution, whether its Western Union or the U.S. Postal Service (USPS). Each institution’s money order may differ slightly in appearance as well.
Congress had also authorized paper money (e.g. Continentals) even before the Constitution was adopted. The Continental was issued by both the individual states and the Continental Congress under the Articles of Confederation. Those Articles specifically allowed the issuance of legal tender paper money, at the time called "bills of credit". [12]
The first was commodity money, using the staple of a given region as a means of exchange. The second was specie, or gold or silver money. Lastly, paper money (or fiat money), issued in the form of a bill of exchange or a banknote, mortgaged on the value of the land that an individual owned. [4]
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