1773 Pennsylvania 50s Fifty-Shillings Colonial Currency Note - October 1st, 1773 (PCGS 40)

Graded PCGS Extremely Fine 40. 1773 Pennsylvania 50s Fifty-Shillings Colonial Currency Note. Issued on October 1st, 1773 in Pennsylvania. Printed by Hall and Sellers.

Early American currency went through several stages of development in colonial and post-Revolutionary history of the United States. Because few coins were minted in the thirteen colonies that became the United States in 1776, foreign coins like the Spanish dollar were widely circulated. Colonial governments sometimes issued paper money to facilitate economic activity. During the American Revolution, the colonies became independent states; freed from British monetary regulations, they issued paper money to pay for military expenses. The Continental Congress also issued paper money during the Revolution, known as Continental currency, to fund the war effort. One by one, colonies began to issue their own paper money to serve as a convenient medium of exchange. In 1690, the Province of Massachusetts Bay created "the first authorized paper money issued by any government in the Western World." This paper money was issued to pay for a military expedition during King William's War. Other colonies followed the example of Massachusetts Bay by issuing their own paper currency in subsequent military conflicts.

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