Land of the Brave

Currency Act

Colonial America - Land of the Brave

Definition of the Currency Act of 1764
The Meaning and Definition of the Currency Act: The Currency Act of 1764 was a British Law, passed by the Parliament of Great Britain on September 1, 1764, that was designed to control the colonial currency system.

The act prohibited the issue of any new 'Bills of Credit' and the re-issue of existing currency by the American colonists in the 13 Colonies. The Currency Act is the name of several acts of Parliament that regulated paper money issued by the colonies of America. 

Purpose of the Currency Act
The Purpose of the Currency Act of 1764 was to:

  • Extend the provisions of the Currency Act of 1751 (New England Currency Act)
  • Control the printing and use of colonial paper money (Bills of Credit)
  • Appease British merchants who did not trust colonial paper money due to its depreciation in value. British merchants in England wanted to be paid in British currency and not colony currency
  • Reduce the national debt

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Updated 2018-01-01

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