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The Continental Dollar was a series of notes or currency created by the Continental Congress to support the Revolution . They were also called ''Continentals'', and rapidly became worthless. The loyalists to Great Britain waged economic warfare against the colonies by Counterfeit ing the Continental. On the June 22 , 1775 , the Continental Congress resolved to issue a sum not exceeding two million dollars, on bills of credit, "for the defence of America," prescribed the form of the bills, and appointed a committee of five to attend to their printing. The plates were crudely engraved by Paul Revere , of Boston , and printed on such thick paper, that the British called the currency "the paste-board money of the rebels." Each denomination had a separate and significant device and motto, most designed by Benjamin Franklin , who was on the committee. Twenty-eight gentlemen were appointed to sign them. The two million was issued by July of the same year, and Congress quickly concluded that more was needed. By the end of 1775, a total of $6,000,000 in Continentals had been issued. Since the total money supply in the Colonies has been estimated at $12 million before the revolution, this reflects a 60% increase in the supply of money within a single year. New issues were made at various times until the close of 1779 , when the aggregate amount was $242,000,000. It was no surprise that the bills were rapidly discounted in terms of gold or silver money. In 1775 they were accepted at nearly par value, but by the end of 1777 had dropped to 3-1, to 7-1 by the end of 1778 , and 42-1 by the end of 1779 . In January, 1781 , Captain Allan McLane paid $600 for a pair of boots, and $10 for a skein of thread. By the end of 1781 the bills had depreciated so much that one hundred dollars in specie would buy $16,800 in paper currency. The Congress never redeemed the bills, and their part of the debt was not assumed by the new United States government. This, along with the preceeduing devaluation, gave rise to the saying ''...not worth a Continental''. FURTHER READING
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