jan 1, 1764 - Currency Act of 1764
Description:
Allowed Parliament legal authority over the colonial currency system. Parliament then enforced the pound, which used “hard currency” rather than paper bills.
Causes: The colonies had very little specie so they resorted to paper money. However, there were no regulations on the paper money and the economy was constantly fluctuating, so the value was never constant. This caused British creditors great concern who eventually voiced their concerns to the British government overseas.
Historical Impact: Colonist fiercely protested against the Act, which of course increased tensions and led to more future conflicts.
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APUSH
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