ANNAPOLIS MARYLAND SIX DOLLARS COLONIAL 1774 MD
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ANNAPOLIS MARYLAND SIX DOLLARS COLONIAL 1774 MD ANNAPOLIS MARYLAND SIX DOLLARS COLONIAL 1774 MD The Final Colonial Issue of April 10, 1774 The Assembly session of 16 November, 1773 authorized a further issue of $480,000 in indented bills to be dated 10 April, 1774. As it turned out this was to be the last of the British colonial issues, as the revolution broke out the following year, at which time the First Continental Congress authorized the former colonies to issue new “Continental” notes. These notes were payable at 4 shillings 6 pence per dollar. Of this amount, most of it was to be applied to public expenses, the remainder to be used to retire earlier issues. Six years later, the Maryland Assembly passed an act win all outstanding notes dated 1775 and earlier were reevaluated. They were to be exchanged on a ratio of 40:1. This measure was a direct result of the economic downturn and defeats on the battlefield which had been sustained up until that time. When Maryland joined the other colonies in declaring its independence from Great Britain, the collateral in the Bank of England was no longer available to redeem prerevolution paper money, making the colonial money worthless by 1780. Money then in circulation has by and large survived down through the years, making it possible for numismatists to own a real piece of the American
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