Year

1690

2 sourced events from this year.

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1690

Economics 17th Century North America

Massachusetts Issues First Paper Money

Colonial Massachusetts struggled with specie shortages during King William's War against French and Native forces in the late 17th century. The General Court authorized the printing of bills of credit to pay soldiers after a failed expedition to Quebec. On February 3, 1690, the colony issued the first paper currency in the Western Hemisphere, with notes redeemable for coin at a future date. These bills circulated locally despite initial skepticism and risks of counterfeiting. Other colonies soon followed the precedent amid similar fiscal pressures. The innovation addressed immediate wartime needs while establishing a new form of colonial finance.

Event Detail

1690

Economics 17th Century North America

Massachusetts Bay Colony Issues Paper Currency

In the late seventeenth century, colonial Massachusetts faced severe financial strain from military expeditions, including a failed 1690 attempt to capture Quebec from French forces. The expedition's collapse left the colony deeply in debt to soldiers and suppliers, nearly sparking mutiny among unpaid troops. On December 10, 1690, the Massachusetts Bay Colony authorized the issuance of paper bills of credit, the first such currency in the Western Hemisphere. These notes promised payment in coin or goods at a future date and circulated as legal tender within the colony. The measure stabilized immediate payments and established a precedent for paper money systems in other colonies.

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