1729 – PENNSYLVANIA PASSES A PAPER CURRENCY ACT
Pennsylvania was one of the first colonies to issue their own paper money to facilitate exchange to offset the lack of British pounds in circulation. By 1755, all 13 colonies had issued some form of colonial currency.
On colonial issued currency, Benjamin Franklin said,
"This effect of paper currency is not understood in England. And indeed the whole is a mystery to the politicians how we have been able to continue a war for four years without money and how we could pay with paper that had no previously fixed fund appropriated specifically to redeem it. This currency...is a wonderful machine. It performs its office when we issue it and when we are obliged to issue a quantity excessive, it pays itself off by depreciation."
Pennsylvania was one of the first colonies to issue their own paper money to facilitate exchange to offset the lack of British pounds in circulation. By 1755, all 13 colonies had issued some form of colonial currency.
On colonial issued currency, Benjamin Franklin said,
"This effect of paper currency is not understood in England. And indeed the whole is a mystery to the politicians how we have been able to continue a war for four years without money and how we could pay with paper that had no previously fixed fund appropriated specifically to redeem it. This currency...is a wonderful machine. It performs its office when we issue it and when we are obliged to issue a quantity excessive, it pays itself off by depreciation."
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