iBoston.org is your site for Boston history and architecture. In addition, you can find information on Boston's public places, art, historic people and events. iBoston also
has a research area where you can learn how Boston grew physically as well as in population.
This Day in Boston History
June 18th, 1690
First Paper Money

|
On this
day, the Massachusetts Bay Colony became the first government to issue
paper currency in the Western hemisphere.
The General Court authorized the issuing of £7,000 in public paper
currency to pay expenses relating to a military action in Canada during
King William's War.
This was the first time money itself had no intrinsic other than the
promise of a government. Within a few months it was further legislated
that the paper money would be accepted by the government for tax payments
at a 5% discount. The bills were individually numbered, and each notched
so they would form a pattern with the other bills in their sequence,
which deterred counterfeiting.
|
|
INTRODUCING |
|
From the writers of iBoston.org |
|
|
|