After the Chinese and Swedes who created the paper currency in their respective country, we can give American colonist the celebrated third position to facilitated commerce through paper currency. This action happens in American colonies due to the shortage of specie, which was the term applied to circulate cash in the New World. In December 1690, Massachusetts General Assembly voted to issue banknotes in English pound as they were wary of the economy being hampered by barter system, few pence, Spanish doubloons and home minted pine tree shilling. As time went American colonies turn their cash shortage problem by printing. This practice ran counter to the British policy of tight money. It was meant to keep the colonies dependent upon Mother country England. British attempts to regulate and enforce colonial trade eventually became one of the principal factors.
In the above-shown image banknote created in 1775 issue of the United Colonies, is design illustrated a bloody hand impaled upon a thorn bush on the 5 dollar bill. The hand represented Britain and the bush the American colonies and Latin motto, reads, “Put up with me or leave me alone”. It was designed by Benjamin Franklin.
Soon the revolutionary of these colonies learned the way of propaganda against the mother country. When in 1775 the Second Continental Congress convened, its first agenda was to pass a law authorizing the printing of paper money. When the fever of revolution was in full swing and the standing army was created to oppose the governing mother country. The message of propaganda became more vocal and obvious; first, it started with Latin motto but now on 50 dollar Continental Currency note features a thirteen tier pyramid such as found on the US one-dollar bill today. The thirteen steps stand for the thirteen colonies in image b. The motto “PERENNIS” means EVERLASTING. This was powerful propaganda designed to bolster a fledgeling nation.
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