Existing comment:
Twenty shilling brass and copper plate, 1776
1776: Not Worth a Continental
Without gold or silver reserves to support its currency, the Continental Congress and individual states -- including Virginia -- printed paper money to pay debts and maintain armies in the field. The currency became worthless, giving rise to the phrase "not worth a Continental." Debt threatened the new republic until a National Bank -- fiercely resisted by opponents of increased federal power -- stabilized the nation's credit. |