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... Hello, and thank you for joining the American Revolution.

This week, episode 342, the paper money riots.

Last week, we discussed the efforts by several national leaders to address the ongoing

economic crisis caused by trade and commerce issues.

This week, we're going to take a closer look at some of the problems that people were

actually facing.

I've discussed this before, but just as a reminder, money in the 18th century

typically consisted of specie, that is, precious metal, such as gold, silver, or copper,

which could hold its value simply based on the fact that there was a limited supply of it.

During the colonial era, Britain's economic system encouraged the extraction of most species

from the colonies, and it would be taken back to Britain itself. As a result, money shortages

were a common problem. The colonial solution to this was to issue paper money. These were

essentially notes that carried with them some promise that they could

eventually be exchanged for certain other items, such as species or other items of value. For example,

...