sep 1, 1764 - Currency Act Passed

Description:

The Currency Act of 1764, passed by George Grenville, completely prohibited the use of paper money as legal tender in the American colonies. Colonists used local money which was worth much less than the British pound. Using British currency made sure that British merchants would profit and that British wealth would increase. This completely undermined the already-established American economies, leaving many colonists scrambling to pay off their debts. To them, it was just another way that the Crown was interfering in their independence and livelihoods. The colonists later added the economic instability to the list of reasons why they wanted relief and freedom from the British Empire, which they successfully achieved in 1776.

Added to timeline:

Date: