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28 Σεπ 2023 · Key facts and important details about the Currency Act of 1764 for kids doing research and students studying for the AP U.S. History (APUSH) exam. Colonial America suffered from a lack of hard money due to the mercantile system, under which colonies exported relatively cheap raw materials and imported relatively expensive manufactured goods.
The Currency Act or Paper Bills of Credit Act is one of several Acts of the Parliament of Great Britain that regulated paper money issued by the colonies of British America. The Acts sought to protect British merchants and creditors from being paid in depreciated colonial currency.
To protect British merchants and creditors from depreciated colonial currency, this act regulated currency, abolishing the colonies' paper currency in favor of a system based on the pound sterling.
II. And whereas the great quantities of paper bills, or bills of credit, which are now actually in circulation and currency in several colonies or plantations is America, emitted in pursuance of acts of assembly declaring such bills a legal tender, make it highly expedient that the conditions and terms, upon which such bills have been emitted ...
2 Οκτ 2020 · The Currency Act of 1764 was the second and most impactful of two laws passed by the British government during the reign of King George III that attempted to take total control of the monetary systems of all 13 colonies of British America. Passed by Parliament on September 1, 1764, the act extended the restrictions of the Currency Act of 1751 ...
On September 1, 1764, Parliament passed the Currency Act, effectively assuming control of the colonial currency system. The act prohibited the issue of any new bills and the reissue of existing currency.
In 1764, Parliament passed the Currency Act, which prohibited any further issue of American paper money. Like the Stamp Act the following year, this attempt to impose control over the colonies succeeded only in uniting them in protest.
