The Second Continental Congress passes the twelfth Certificate Act, authorizing the issue of 95,051,695 “dollars” in Continental currency notes (Bills of Credit), in one, two, three, four, five, 20, 30, 35, 40, 45, 50, 55, 60, 65, 70 and 80 “dollar” denominations. Congress officially recognizes an exchange rate between legal tender Continental notes and lawful Money specie (Spanish Milled silver Dollars) at 7.42 to 1, although the free-market exchange is 40 to 1.
NOTE: This act raises the Continental debt to 362,500,000 Dollars.
[added 8/7/2021]
Subsequent Events:
Authority:
“Law of the Jungle”
ccc-2point0.com/preface
References:
Jack Weatherford, The History of Money: From Sandstone to Cyberspace, (New York: Three Rivers Press, 1997), 135-36.
Continental Currency.mht
www.coins.nd.edu/ColCurrency/CurrencyText/CC.html
Current U.s. National Debt:
