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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.
28 Σεπ 2023 · The Currency Act was an attempt by Parliament to assume control of the colonial currency system. The Currency Act prohibited the colonies from printing any new paper money and stated that the paper money already in circulation was to be retired according to a prescribed timetable.
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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.
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.
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