Beginning in 1775, leaders from the 11 American colonies started issuing currency on behalf of the collective group, with 11 separate meetings authorized for the issuance. The first set of notes was authorized on May 10, 1775, and included denominations from $1 to $8, along with $20 and $30 bills. To prevent counterfeiting, the backs of all denominations featured identical tree leaf designs.
In the second issue, dated November 29, 1775, the denominations remained the same, but there was a notable change in the following February 17, 1776, release. This new issue introduced four smaller denominations: one-sixth of a dollar, one-third of a dollar, one-half of a dollar, and two-thirds of a dollar. These fractional notes were smaller than the standard bills and did not appear in later issues, as their supply proved to be sufficient. With the November 1775 release, both the $10 and $20 denominations were discontinued.
Benjamin Franklin played a crucial role in the production of these early bills, providing special paper for printing. Hall and Sellers of Philadelphia were responsible for the printing process. The first set of bills, authorized in August 1775, was issued to cover initial war expenses and was to be repaid via taxes levied by each colony. Franklin’s $20 notes, which were printed using paper he brought back from France, featured a distinctive thin white paper with marbled edges. These early $20 bills were rare, and only a few were printed. Later issues of the $20 note were wider and shorter, with no marbled edges but retaining the same face design. The Franklin-issued notes are highly collectible, with well-preserved examples often fetching several thousand dollars.
Meetings to authorize currency emissions were initially held in Philadelphia but were later moved to other locations to avoid British detection. From December 1776 to February 1777, the Continental Congress met in Baltimore due to the British occupation of Philadelphia. The July 22, 1776, issue reinstated the $30 note, while the May 20, 1777, release marked a significant change by replacing the term “United Colonies” with “United States.” In 1778, the April 11 release from Yorktown added a new $40 denomination. This issue was smaller, and its notes were more expensive due to their rarity.
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As the issues continued, new denominations were introduced, such as the $50 and $60 notes in the September 28, 1778, release. The January 14, 1779, issue saw the addition of $45, $55, $65, $70, and $80 notes. Collectors can generally assemble a set of Continental currency at reasonable prices, with notes from Yorktown and the May 20, 1777 issue being particularly valuable. The January 1779 notes are often easier to find, especially the higher denominations.
Unfortunately, redemption of Continental currency was slow and largely unsuccessful, with many holders only receiving about 1% of their value. This led to the expression “Not worth a Continental,” highlighting the devaluation of the currency. Collecting the full range of these notes offers both historical value and a unique glimpse into the early financial struggles of the fledgling United States.
