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A Dollar of No Real Value?

Shortly after the Battle of Bunker (Breed’s) Hill on

June 17, 1775 – two months after Lexington and

Concord – the Continental Congress was already

running short of money, so on June 22, Congress

printed the first run ($2 million) of Continentals, a

piece of paper backed by faith alone.

Since these tiny new pasteboards were not backed

by gold, merchants demanded more Continentals

for the same amount of goods. Before long, General

Washington complained that “a wagon load of

currency will hardly purchase a wagon load of

provisions.”

By the end of the Revolutionary War in 1781, the

Continental was virtually worthless. Because of this

experience, the phrase “not worth a Continental”

became a common way to describe anything of no

real value.