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Monday, April 18, 2011

Dollar Continental Currency

Continental One Third Dollar Bill (obverse)

In 1775, the United States and the individual states began issuing "Continental Currency" denominated in Spanish dollars and (for the issues of the states) the £sd currencies of the states. The dollar was valued relative to the states' currencies at the following rates:

State Value of Dollar
in State Currency
Georgia 5 Shillings
Connecticut, Massachusetts, New Hampshire, Rhode Island, Virginia 6 Shillings
Delaware, Maryland, New Jersey, Pennsylvania 7½ Shillings
New York, North Carolina 8 Shillings
South Carolina 32½ Shillings

The continental currency suffered from printing press inflation and was replaced by the silver dollar at the rate of 1 silver dollar = 1000 continental dollars.

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