Seventeenth Century North America was the first place in the western world where governments issued paper money. This video explores how Britain’s mercantilist policies towards its American colonies, including forbidding banks from operating in America, contributed to a lack of gold and silver coin (specie) in the colonies. This lack of specie led to the proliferation of both public and private “bills of credit” that came to be used as paper money. American patriots relied heavily on paper money, loans from foreign powers (France, Spain & the Dutch Republic), and new banks (the Bank of Pennsylvania & the Bank of North America) to finance their war for independence. It was the first war in history to be funded primarily with paper money.

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[3] Music: Evan King - Guardians
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