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Act of General Court regarding value of bills of public credit article in The Independent Ledger & Amerian Advertiser newspaper

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This table sets the value of Massachusetts paper currency against the value of gold and silver for the year 1780. Throughout the colonies, paper currency was losing value against hard cash at an astonishing rate. The standard hard currency at the time was the Spanish milled dollar. From April 1st through the 20th, 1780, one Spanish milled dollar was worth forty Massachusetts dollars. By February 27, 1781, the value would be one Spanish milled dollar to seventy-five Massachusetts dollars, or about half the value Massachusetts currency started with in April, 1780. The de-valuation of money created many problems. Everyone lost buying power and money you received in April had little worth several months later.


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