Celebrating 30+ years!
Shop with confidence.
We are PayPal Verified Sellers.
The US mint's
1922-1934 silver dollars Peace
1 oz gold eagles coins
AUSTRIA gold coins
BARS + Ingots - GOLD
1 and 2 1/2 gram gold
Buffalo US gold Proofs
EURO gold coins
FAIRY gold coins
FRANCE Gold coins
GOAT gold coins
GRIZZLY BEAR gold
HORSES -Pony gold
LUNAR GOLD coins 1st Series:
Year of MOUSE -1996
Year of the TIGER -1998
Year of RABBIT -1999
Year of DRAGON -2000
Year of SNAKE -2001
Year of the HORSE-2002
Year of the GOAT -2003
Year of MONKEY - 2004
Year of ROOSTER - 2005
Year of the DOG - 2006
MOUSE gold coins
MOVIE STAR coins-
(The Cinema Gold coins)
OX-Bull gold coins
Peter Rabbit gold coins
RAT gold coins
South AFRICA gold
Eagles in GIFT BOXES
LUNAR silver coins 1st Series:
Year of RABBIT -1999
Year of SNAKE -2000
Year of DRAGON-2001
Year of HORSE -2002
Year of the GOAT-2003
Year of MONKEY - 2004
Year of ROOSTER- 2005
Year of the Pig-Boar -2007
Year of the MOUSE - 2008
Year of the OX - 2009
Year of the TIGER-2010
PANDA silver coins
Unicorn silver dollar
SNAKE Silver Coins
Quarters in SILVER 1999-2009
1960-1969 Proof - Mint sets
1950-1959 Proof Sets
Coin Collecting- Inventory
Hobby Information Center:
Silver coin value guide - FREE !
Bullion Vault Gold
$ 4.50 - 1st item
5.95 - 2 items
7.95 - 3 or more items.
Shipping will never exceed 7.95, no matter how many items you order.
Shipping is FREE on orders totaling $500 or more!
Note: Orders shipped to
addresses within the
USA only, please.
All orders are shipped by USPS Post Office Insured mail.
30 + Years serving
BUY WITH CONFIDENCE
10,000+ happy customers. See our
E-Bay auctions rating!
For your peace of mind - we are "verified" sellers with PAYPAL.
Netscape users Press "Control and D" to bookmark this site.
Increase your coin knowledge.
Come back often.
Shop with confidence
Serving coin collectors
for 30 years!
GREAT COLLECTIBLES at GREAT PRICES
This is page 4 of an 1963 informative multi-page article about Revolutionary war Continental currency and it's devaluation (inflation). It was written almost a century later when the United States was facing another war crises, the Civil War.
(Click here to return to first page) Page 4 of 5
The Continental Currency
The following article is from
The New York Herald newspaper
- dated January 26, 1863
It will be observed in the foregoing table that in 1778 - the third year of the war - and once or twice afterward, there was a slight reaction from the depreciation of the paper money. This improvement, on the principles to which we have just referred, is easily explained. The legitimate demand for currency was increased by the improvement of trade and the increased activity of internal exchange. Hence more was absorbed and its value rose. The reaction, though temporary, was decisive. France had recognized the young republic. Lafayette, Kosciusko and other accomplished officers had come from Europe to fight the battles of freedom in the new World. Thousands of disciplined troops followed, and were received into our armies. A French fleet appeared in the Delaware. Franklin had negotiated loans in France, in Holland and in Spain. The consequence was an increase of public confidence and an improvement in trade. A greater number of exchanges had to be made, and the money required from those exchanges, being more in demand, rose in value, or, at least, was prevented for a time from depreciating further.
The two hundred millions of paper emitted by Congress were then worth to those who first received them about thirty-six millions of dollars. But the depreciation, when it began, was very irregular, being considerably aggravated by the local issues of the several colonies. At an early period of the war the old time-honored manufactories of paper money in various parts of the country began to resume their functions, and were galvanized into a spasmodic and mischievous activity. They sent forth reams of the * colonial bills of credit, with or without guarantees of redemption; for it was observed that in either case the currency was eagerly received at par with the Continental money. The amount of the rival issues from these subordinate sources cannot be positively ascertained. At least two hundred millions are believed to have been put forth during the war; but in the year 1777, when the tide of depreciation began to set in, the colonial bills afloat amounted probably to not less than six millions of dollars. As the Continental money then amounted to fourteen millions, and the whole circulation of specie had hidden itself from view, the total currency afloat from all sources was twenty millions - a sum which formed about one-tenth of the internal and external trade of the country, and allowed about seven dollars for every inhabitant.
This sum, as
was afterwards inferred, was as much as could be absorbed by business
of the country. And it was because this natural limit was
exceeded that depreciation began. Had this glut been prevented,
had the amount of paper money been kept precisely equal to what the
aggregate of metallic money would have been if no paper were in
circulation, the depreciation could not have occurred. John
Adams was one of the first to set these principles in a clear light,
"The amount of ordinary commerce, internal and external, of a country may be computed at a fixed sum. A certain sum of money is needed to circulate among the society in order to carry on their business. This precise sum is discoverable by calculation and reducible to certainty. You may emit paper or any other currency for this purpose until you reach this rule, and it will not depreciate. After you exceed this rule it will depreciate and no power or set of legislation hitherto invented can prevent it. In the case of paper, if you go on emitting forever, the whole mass will be worth no more than that was which emitted within the rule."
The difficulty is that the amount of currency required, especially in commercial countries, where banking facilities are great, is a variable quantity. Its volume fluctuates from day to day, and depends on the activity of business, the growth of opulence, the state of public confidence, the foreign exchanges and other circumstances too numerous to mention.
Of the enhancement of prices from the depreciation of the Continental money we will give a single example. John Adams, writing on the 20th June, 1780, to the count de Virgennes, says that
"linens which cost two francs a yard in France were sold at forty dollars a yard. Broadcloth, a lous d'or a yard, sold at two hundred and twenty for one. Millinery of all sorts at an advance far exceeding. Bohea tea, which cost in France forty sous a pound, was selling at forty-five dollars; and salt, was forty dollars a bushel, and at times two hundred dollars in some States."
It is curious to see how history repeats itself. ** The rebel States are now suffering just as did the colonies of 1780, and in both cases the operation of the natural laws of finance is seen to be aggravated by the annihilation of commerce, the want of public credit, the exhaustion of internal resources and the stringency of a blockade. In both cases the people are compelled, by exclusion from the rest of the world, to rely almost wholly on themselves for supplies, and to provide not only arms and munitions of war, but those articles of common consumption which had formerly been obtained in exchange for their raw produce. Such necessaries as could not be procured at home must either be imported at great risk and expense or to be dispensed altogether. Thus it was that in the colonies eighty years ago, and in the South during the past two years, internal manufactures have been fostered, and the zeal, ingenuity and industry of the people has endeavored, in the midst of great suffering and privation, to achieve independence of exterior supplies.
Page 4 of 5
(Click here to return to first page)
* - The individual states/colonies also issued (colonial) paper money to pay their expenses. These circulated along with the new, Continental, or Federal government type of paper money.
** - comparing the Continental paper money and commerce problems to that of the Civil War that was taking place at this time.
Copyright © 2001 John Lynn at www.lynncoins.com
Disclaimer: This article is subject to typographical errors or errors of omission. This does not constitute a recommendation to buy or sell. Use your good judgment, get professional advice, and read the actual publications before buying, selling, holding, or making any type of transaction based on this information.
Click here to find out more about this or purchase this actual Civil War newspaper.
But, have you considered what you will eat in those times?
We recommend Freeze Dried foods from Emergency Essentials for long term nutritious storage. The costs can run about what you would pay per meal at a lower cost family restaurant.
Check them out. Their shipping costs are no more than $12, even on bulky large size orders.
Where the investor goes to buy precious metals.
FREE gram of
when you sign up! For a limited time!
Where the investor goes to buy precious metals.
Get a FREE gram of gold when you sign up! For a limited time!
Prices may change without advance notice. Quantities of some
items are limited. Orders shipped to addresses within the USA only.
Our shopping cart will save a list of the items you select until you are ready to check out. You may remove items by clicking on the View Shopping cart button. Click checkout to use PAYPAL to pay with your Visa or Master Card. You may also email us your order. We accept money orders, cashiers check, or personal checks as payment. Thanks!
We are proud of our reputation of pleasing our customers…..with thousands of satisfied customers.
We hope you will become one of them.
Have Questions ? Please email us at: email@example.com
LYNN COINS + SPORTS CARDS STORE
John Lynn &
Phone: (731) 787-6645
Email us at: firstname.lastname@example.org
Copyright 1999-2004 JLYNN Thank you for visiting us at http://lynncoins.com No inventory is kept on the premises.
Lynn Coins - Serving collectors + Investors since 1978. © 1978-2007 LynnCoins.com™, Inc. All Rights Reserved