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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 · 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.
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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.
Updated on October 02, 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.
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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.
