Colonial Paper Money

"Let us expel every species of luxury and extravagance, the parents of poverty and ruin, and banish the great cause of both - PAPER MONEY" - Letter to the editor - Boston Evening Post - January 8, 1750

Early American currency went through several stages of development in colonial and post-Revolutionary history of the United States. Because few coins were minted in the thirteen colonies which became the United States in 1776, foreign coins like the Spanish dollar were widely circulated. 

Colonial governments sometimes issued paper money to facilitate economic activity. During the American Revolution, the colonies became independent states; freed from British monetary regulations, they issued paper money to pay for military expenses. The Continental Congress also issued paper money during the Revolution, known as Continental currency, to fund the war effort. One by one, colonies began to issue their own paper money to serve as a convenient medium of exchange. 

In 1690, the Province of Massachusetts Bay created "the first authorized paper money issued by any government in the Western World." This paper money was issued to pay for a military expedition during King William's War. Other colonies followed the example of Massachusetts Bay by issuing their own paper currency in subsequent military conflicts. Here are a few examples of colonial-era paper money from my personal collection. 

1776 Pennsylvania 10 Shilling Paper Note Plate B

Printer   

Hall & Sellers (Philadelphia, PA). David Hall (1714 – December 24, 1772) was an American printer and a business partner with Benjamin Franklin in Philadelphia. He took over Franklin's printing business and that of publishing the Pennsylvania Gazette newspaper that Franklin had started. Hall formed his own printing firm in 1766 and did publishing for the government and printing of paper money.

He became a professional in the eighteenth-century printing business which Franklin developed throughout Colonial America. Hall became very involved as a major participant in the printing business when he started working for Franklin in 1744. He became the foreman of Franklin's shop in 1746 and did all the editing and publishing of the Pennsylvania Gazette newspaper that Franklin started.[2] Franklin considered semiretirement in 1747, since Hall was an active partner. He made Hall an official partner on an eighteen-year contract in 1748 and went on to other interests for his full retirement. The printing business became known as the Franklin and Hall firm. 

Franklin completed the sale of his share of the printing business to Hall in February 1766. William Sellers became a journeyman printer for Hall and was a skillful printer. In May 1766 Hall made Sellers a partner in his business. The new firm of Hall and Sellers printed all of the official documents for the government of the Province of Pennsylvania, including its paper money. Hall also had a book store connected to the printing shop that sold books and stationary that he produced. 

Signatures

William Kenly 

William Crispin

Benjamin Betterton

1776 New Jersey One Shilling Paper Note

Printer 

Isaac Collins (Burlington, NJ). Isaac Collins was a printer, publisher, bookseller and merchant of the early American period. He published the New Jersey Gazette and New Jersey Almanac. He is noted for his 1791 bible, the first family bible published in America.

Signatures

Jonathan Deare

Robert Smith

John Smyth

1770 Maryland (Annapolis) 8 Dollars (36 Shillings) Paper Note

Printer 

Anne Catharine Green (Annapolis, MD). Anne Catharine Green (ca. 1720-1775), colonial Maryland businesswoman, printer, and publisher of the Maryland Gazette. Green was the official printer for the colonial government of Maryland. Under her able administration, the Gazette published considerable dissent against British rule in Maryland. For the 1770 paper money issue, Anne was assisted in the printing by her son William (1746-1770). Anne Catharine Green’s daughter, Rebecca, was married to John Clapham, one of this note’s signers.

This specimen is unique in that it was purposefully torn apart, then sewn back together. This was a common practice when banks were transferring money. In order to reduce loss from theft, banks would tear the notes in half, then utilize two couriers to deliver the notes. In the event one courier was robbed, the thieves would be disappointed upon discovering a worthless bag full of half notes. 

Signatures

William Couden

John Clapham

1771 Connecticut (New Haven) 2 Shillings & 6 Pence Paper Note

Printer 

Timothy Green (New London, CT). Timothy Green, the Revolutionary War Printer, received a lucrative gift when he took over printing duties in New London, CT. Here is another example of government printing work Mr. Green carried out for the state legislature. 

Signatures

Elisha Williams

Above biographical information is from Wikipedia. Research on paper notes is from Early Paper Money of America by Eric P. Newman, a fantastic resource for colonial-era paper money.