On December 10, 1690, a failed attack on Quebec and
subsequent near-mutiny force the Massachusetts Bay
Colony to issue the first paper currency in the history
of the Western Hemisphere.
With a shortage of coins and nothing else to pay the
troops with, Governor William Phips of Britain’s
Massachusetts Bay Colony faced a potential mutiny.
With no other option, the General Court of Massachusetts
ordered the printing of a limited amount of government-
backed, paper currency to pay the soldiers.
Sir William Phips
(February 2, 1651 – February 18, 1695)
The envoy of Sir William Phips (right) demanding the
surrender of Quebec, 1690.
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