What Happened in History: Browse Historical Facts on Kudos 365

The Continental Congress approves the first release of $1 million in bills of credit (paper currency) to help fund the American Revolutionary War. Another $1 million was authorized in July. By the end of 1775, Congress had authorized a total of $6 million bills of credit. The currency quickly lost value, partly because it was not backed by a physical asset like gold or silver, but also due to the fact that too many bills were printed. The loss in value inspired the term "not worth a continental". More