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Currency Act
From Wikipedia, the free encyclopedia
The Currency Act of 1764 is an Act of the Parliament of Great Britain (citation 4 Geo. III c. 34) which prohibited the American colonies from issuing paper currency of any form. This offset the economy of the colonies and was widely opposed. The colonies created their own money, called Colonial Scrip, before this happened. This money was fiat currency and had little or no inherent value, as Colonial Scrip was not backed by a Gold or Silver Standard. The Currency Act is not actually one of the Intolerable Acts, although they are closely related.
There was also a Currency Act in 1751 which limited the amount of currency the American colonies could produce.
The Gold Standard Act of the United States (1900) is sometimes called the "Currency Act."
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