when was paper money first used in the us
Early American currency 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. Both state and Continental currency depreciated rapidly, becoming practically worthless by the end of the war. This depreciation was caused by the government printing large amounts of currency in order to meet the demands of war.
Bank of England £50 note Fifty pound notes were introduced by the Bank of England for the first time in 1725. The earliest notes were handwritten and were issued as needed to individuals. These notes were written on one side only and bore the name of the payee, the date, and the signature of the issuing cashier. With the exception of the Restriction Period between 1797 and 1821, when the French Revolutionary Wars and the Napoleonic Wars caused a bullion shortage, these notes could be exchanged in full, or in part, for an equivalent amount of gold when presented at the bank. If redeemed in part, the banknote would be signed to indicate the amount that had been redeemed. From 1853 printed notes replaced handwritten notes, with the declaration "I promise to pay the bearer on demand the sum of fifty pounds" replacing the name of the payee. This declaration remains on Bank of England banknotes to this day. A printed signature of one of three cashiers appeared on the printed notes, although this was replaced by the signature of the Chief Cashier from 1870 onward.[1]