American Numismatic Society - Before the rise of colonial paper currencies in British America, colonial governments devalued their currencies by altering the shilling value of foreign silver coins. Beginning with Massachusetts in 1642, colonial governments engaged in competitive devaluations to attract and retain silver coin, particularly the Spanish piece of eight. Jonathan Barth (Arizona State University) will explore how currency devaluation ignited intercolonial jealousies, explosive political conflicts, and constant quarreling with London authorities, culminating in a royal proclamation in 1704 and an act of parliament in 1708 designed to finally put an end to the issue.
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