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Why might people distrusted the value of paper currency issued by the continental congress during the revolutionary war?
Paper money has no intrinsic value and is easy to counterfeit. As a result, massive amounts of paper money were printed and distributed. The market had more money than goods and services, thus resulting in higher prices for goods and services, in the process it devalued the paper money.
What else can I help you with?
Why was paying for the war hard for the Continental Congress?
The Continental Congress didn't have the power to tax; therefore, the currency it distributed had mass inflation and relied on private donations and loans from France.
Why did the continental congress have difficulty raising money?
The Congress negotiated with foreign nations, established a postal system, borrowed money to support the army, and printed currency known as "continentals." However, the government's poor finances led to the expression "not worth a continental." Since the Continental Congress lacked any formal constitution,
What was the main issue of debate at the second continental congress?
Economic issues were highly discussed in the Second Continental Congress as they needed a plan to fund the new country that they were anticipating. One of the key economic issues was the printing of currency that would be needed for this country.
What was the 1776 continental currency coin made of?
Some continental coins were made of pewter, others of bronze or silver. The 1776 "continental currency" (dollar) is one of the rarest US coins and many were made from pewter, consequently suffering from corrosion of the tin.
What were some of the circumstances operating against George Washington as he fought the Revolutionary War?
In addition to initially being out-manned, outgunned, and out-maneuvered by the British Army, George Washington was handicapped by a worthless currency (the Continental Dollar gave rise to the expression "not worth a Continental'), traitors like Gen Benedict Arnold, and citizens who were ambivalent to victory (New Jersey- 'a den of rascals').
What was the currency that the continental congress during the Revolutionary War that was not blacked by gold and silver?
The dollar
What type of money did the us use in the 1700s?
Depends on which part of the 18th century about which you are talking. Pre-Revolutionary War or post? Pre-Revolutionary War - Colonial governments issued paper currency; foreign coins were also used. Revolutionary War - Colonies continued to issue paper currency to cover military expenses. The Continental Congress also issued Continental currency. Both were practically worthless by the end of the war. Post-Revolutionary War - The Constitution barred states from issuing their own currency and the federal government took on currency issuance. The government began to issue currency after ratification of the Constitution.
What was the currency during the revolutionary war that was not blocked by gold and silver?
the continental
A form of currency during the revolutionary war that was not backed by gold or silver?
the continental
Was a form of currency during the Revolutionary War that was not backed by gold or silver?
the continental
What did the congress do to raise money during the revolutionary war?
Most of their funding came from foreign nations such as France and Spanish Louisiana (Spanish territory). The Continental Congress tried printing many money notes, but the currency lost its value.
When was paper currency first introduced in the US?
Paper currency was first introduced in the United States during the American Revolutionary War in 1775, when the Continental Congress issued notes to help fund the war effort. These early notes were known as "Continental Currency." However, the first federally issued paper currency was the Demand Notes, which were issued in 1861 to help finance the Civil War.
What did the newly formed states give the continental congress the power to do?
issue a national currency
What was the currency authorized by Congress to finance the Revolution and depreciated to near worthlessness?
"continental" paper money "continental" paper money
Why was paying for the war hard for the Continental Congress?
The Continental Congress didn't have the power to tax; therefore, the currency it distributed had mass inflation and relied on private donations and loans from France.
Why did the continental congress have difficulty raising money?
The Congress negotiated with foreign nations, established a postal system, borrowed money to support the army, and printed currency known as "continentals." However, the government's poor finances led to the expression "not worth a continental." Since the Continental Congress lacked any formal constitution,
Paper currency authorized by Congress to finance the Revolution depreciated to near worthlessness?
that would be the Continental, made famous by the expression, " Not worth a Continental", after it became worthless.
