The Federal Reserve Bank of San Francisco


Colonial Currency, Massachusetts, 12 Pence, 1776

  Continental Currency, one-third dollar, 1776
Colonial Currency, Massachusetts, 12 Pence, 1776
Paul Revere engraved this note from the Massachusetts Bay Colony. An image of a codfish, which symbolized prosperity for the Massachusetts fisheries, is depicted on the front side of the note.
  Continental Currency, one-third dollar, 1776
Benjamin Franklin printed this note, which was issued to finance the American Revolution. Backed solely by the promise of tax revenues upon victory, "Continentals" were quickly devalued, leading to the popular expression, "not worth a Continental."

Colonial Currency, Georgia, $4, 1776
 
Colonial Currency, Pennsylvania, 4 pounds, 1777

Colonial Currency, Pennsylvania, 4 pounds, 1777

"To Counterfeit is Death" is inscribed on the back of this Colonial note. Counterfeiting and inflation were considered to be the "ills of paper money."
Colonial Currency, Georgia, $4, 1776
The Spanish milled dollar was the most common denomination used in Colonial currency. More plentiful than British pounds, Spanish milled dollars became the unofficial denomination in the Colonies.
 


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