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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.
2 Οκτ 2020 · The Currency Act of 1764, banned the use of paper money in the American colonies and helped fan the flames of the American Revolution.
10 Απρ 2024 · In 1764, the British Parliament passed the Currency Act to regulate colonial trade and finances during the French and Indian War. This act prohibited the American colonies from printing their own paper money and required them to solely use British currency, which was scarce in the colonies.
15 Ιουλ 2019 · The Currency Act was legislation that placed restrictions on the issuing of paper money in the American colonies. It was passed by the British Parliament in April 1764 after lobbying from British merchants, who were concerned about being paid in paper money that quickly lost its value.
The Currency Act of 1764 stated that colonists could no longer use bills of credits in official trades. The British government wanted more control over their economy. Many in the colonies blamed this act for causing economic failure.
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.
