Continental Currency (jul 10, 1775 – sep 6, 1791)

Description:

To finance the American Revolution, the Continental Congress printed the new nation’s first paper money.
Known as “Continentals,” the fiat currency notes were issued in a large quantity and that led to inflation, which,
although mild at first, rapidly accelerated as the war progressed. Eventually people lost faith in the notes, and the
phrase “Not worth a Continental” came to mean “utterly worthless.”

The U.S. Constitution (Article 1 Sections 8 & 10) states that only the federal government can coin money and
states cannot coin money, therefore, the federal government was no longer allowed to print paper currency and
could only create coins. Printing money was left to the state's banks.

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