what was georgia's currency in 1776

Currency in Colonial Georgia: A Glimpse into 1776

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In 1776, the Province of Georgia utilized the Georgia pound as its official currency. This system mirrored the British monetary structure, comprising pounds, shillings, and pence, where one pound equaled 20 shillings, and one shilling equaled 12 pence.

Monetary Practices in 1776

During this period, Georgia supplemented the circulation of British sterling coins with locally issued paper money. In 1776, an emission of £12,572 19s in certificates of credit was authorized to replace earlier issues. These notes were denominated in various values, including 3d, 6d, 1s, 1s6d, 2s6d, 5s, 10s, and £1, and featured distinct designs and security features.

The outbreak of the American Revolutionary War in 1775 led the Continental Congress to issue paper money known as Continental currency. In Georgia, this currency was denominated in both pounds, shillings, pence, and Spanish dollars, with an exchange rate of 1 dollar equaling 5 shillings. This means £1 was equivalent to $4.

Transition to the U.S. Dollar

Following the war, the Continental currency depreciated significantly, leading to its replacement by the U.S. dollar at a rate of 1,000 continental dollars to 1 U.S. dollar. This transition marked the end of the Georgia pound and the integration of Georgia into the unified national monetary system.

FAQ

  1. What was Georgia’s currency in 1776?
    In 1776, Georgia used the Georgia pound, which was divided into shillings and pence, similar to the British monetary system.
  2. Did Georgia issue its own paper money during the American Revolution?
    Yes, Georgia issued its own paper money in various denominations to supplement the circulation of British sterling coins.
  3. How did the American Revolution affect Georgia’s currency?
    The American Revolution led to the issuance of Continental currency, which was used alongside local currencies like the Georgia pound. However, the Continental currency depreciated significantly during the war.
  4. When did Georgia adopt the U.S. dollar?
    After the depreciation of the Continental currency, Georgia transitioned to the U.S. dollar following the end of the American Revolutionary War.
  5. What denominations were Georgia’s 1776 paper money issued in?
    Georgia’s 1776 paper money was issued in denominations such as 3d, 6d, 1s, 1s6d, 2s6d, 5s, 10s, and £1.