{"id":109521,"date":"2017-12-09T14:58:00","date_gmt":"2017-12-09T14:58:00","guid":{"rendered":""},"modified":"2023-01-08T10:53:07","modified_gmt":"2023-01-08T10:53:07","slug":"first-banknotes-issued-in-america-1690-3","status":"publish","type":"post","link":"https:\/\/cvnextjob.com\/index.php\/2017\/12\/09\/first-banknotes-issued-in-america-1690-3\/","title":{"rendered":"First banknotes issued in America, 1690"},"content":{"rendered":"<div style=\"margin-top: 0px; margin-bottom: 0px;\" class=\"sharethis-inline-share-buttons\" ><\/div><h3 class=\"post-title entry-title\"><\/h3>\n<div class=\"post-body entry-content\"><a href=\"http:\/\/2.bp.blogspot.com\/_FN98eHvI0Yg\/SYccQpmCBYI\/AAAAAAAABTc\/yhHwaCRydfs\/s1600-h\/note.png\"><img decoding=\"async\" loading=\"lazy\" width=\"151\" height=\"200\" alt=\"\" border=\"0\" id=\"BLOGGER_PHOTO_ID_5298234558993532290\" src=\"http:\/\/cvnextjob.com\/wp-content\/uploads\/2017\/12\/note.png\" class=\"wp-image-109522\" style=\"cursor: pointer; float: left; height: 171px; margin: 0pt 10px 10px 0pt; width: 129px;\" \/><\/a>On  3rd February 1690, the Massachusetts Bay Colony legislature issued  $40,000 worth of Bills of Credit. The British King authorised the  Massachusetts General Court to issue these promissory notes to pay the  army it had raised to fight against the French in Canada during King  William&#8217;s War, since it was short of official coinage at that time.  Recipients of the notes could later redeem them for coins to the value  of the issued note.<\/p>\n<p>Each note read:<\/p>\n<blockquote><p>This  indented Bill of [&#8230;] Shillings due from the Massachusetts Colony to  the Possessor shall be in value equal to money and shall be accordingly  accepted by the Treasurer and Receiver Subordinates to him in all Public  payments and for any stock at any time in the Treasury &#8211; New England,  February the third, 1690. By order of the General Court.<\/p><\/blockquote>\n<p>The notes proved a great success, soon entering general circulation.<\/p>\n<p>The  legislators spotted the potential of paper money and started issuing  more notes not only during emergencies but also to cover the cost of  general administration. The other New England colonies soon followed  suit, issuing their own banknotes with mixed results. A shortage of gold  and silver meant that the notes were rarely redeemed; yet, the  authorities continued to print more notes resulting in their  devaluation.<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>On 3rd February 1690, the Massachusetts Bay Colony legislature issued $40,000 worth of Bills of Credit. The British King authorised the Massachusetts General Court to issue these promissory notes to pay the army it had raised to fight against the French in Canada during King William&#8217;s War, since it was short of official coinage at [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":109522,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/cvnextjob.com\/index.php\/wp-json\/wp\/v2\/posts\/109521"}],"collection":[{"href":"https:\/\/cvnextjob.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cvnextjob.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cvnextjob.com\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/cvnextjob.com\/index.php\/wp-json\/wp\/v2\/comments?post=109521"}],"version-history":[{"count":0,"href":"https:\/\/cvnextjob.com\/index.php\/wp-json\/wp\/v2\/posts\/109521\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cvnextjob.com\/index.php\/wp-json\/wp\/v2\/media\/109522"}],"wp:attachment":[{"href":"https:\/\/cvnextjob.com\/index.php\/wp-json\/wp\/v2\/media?parent=109521"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cvnextjob.com\/index.php\/wp-json\/wp\/v2\/categories?post=109521"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cvnextjob.com\/index.php\/wp-json\/wp\/v2\/tags?post=109521"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}