Pick up a genuine Continental Currency note from 1775 and you are holding a piece of paper that helped birth a nation. These bills were handled by soldiers at Valley Forge, merchants in Philadelphia counting houses, and farmers trading grain for muskets. They are fragile artifacts of an extraordinary experiment: a loosely confederated group of colonies trying to finance a war against the world’s most powerful military empire using nothing but printed promises. The story of Revolutionary War paper money is one of political ambition, financial desperation, brilliant invention, and spectacular collapse, and today it offers collectors one of the most accessible and deeply rewarding areas of early American numismatics.
The Continental Dollar: Financing a Revolution on Faith
On June 22, 1775, less than two months after the battles of Lexington and Concord, the Second Continental Congress authorized the issuance of $2,000,000 in bills of credit. These notes, retroactively dated to May 10, 1775, constitute the first emission of what collectors and historians call Continental Currency. They were denominated in Spanish milled dollars, the de facto hard currency standard of colonial America, and promised redemption in “Spanish milled dollars, or the value thereof in gold or silver.” That promise would prove tragically hollow.
The Congress returned to the printing press repeatedly and urgently. By the end of 1775, a second emission of $3,000,000 had been authorized. In 1776 alone, four more emissions totaling roughly $19,000,000 flooded the economy. By 1779, cumulative authorizations had surpassed $241,000,000 in face value. With no gold or silver reserves to back them and no reliable tax base to redeem them, the bills began depreciating almost immediately. By 1778, a Continental dollar was worth roughly one-fifth of its face value in specie. By 1780, the exchange rate had collapsed to 40:1, and by early 1781, it reached the catastrophic 1000:1 ratio that gave American slang the phrase “not worth a Continental.”
For collectors, this monetary disaster is a genuine blessing. Because so many notes were printed and so few were redeemed, large numbers survived. Eric P. Newman’s foundational reference work, “Early Paper Money of America” (now in its fifth edition, Krause Publications), catalogs every known Continental emission by date, denomination, and type, and remains the essential guide for any serious collector. Newman numbers are the standard citation method in the hobby.
Always cross-reference any Continental Currency note against Eric P. Newman’s “Early Paper Money of America.” The Newman catalog number, which specifies emission date, denomination, and plate variety, is essential for accurate attribution and directly affects realized prices at auction. A note listed as “1776 $1” may represent several distinct varieties with dramatically different values.
Design, Paper, and the Genius of Nature Printing
One of the most fascinating technical aspects of Continental Currency is the anti-counterfeiting innovation pioneered by Benjamin Franklin and his printing partner David Hall. Franklin had experimented with “nature printing” as early as 1739 at his Philadelphia press. The technique involved pressing actual leaves against a soft lead plate to create a mold, then casting a metal printing plate that reproduced every vein and texture of the leaf in microscopic detail. The resulting printed impression was essentially impossible to duplicate without access to the same unique leaf or an authentic plate.
The leaves used for the 1775 and 1776 emissions included sage, parsley, and various ferns. When you examine a genuine Continental note under magnification, the leaf impression on the reverse is strikingly detailed. Counterfeit notes of the period, even sophisticated British-produced forgeries, typically show blurry, simplified leaf patterns that lack the fine vein structure of the originals. This remains one of the most reliable authentication tests for early emissions today.
The paper itself was another deliberate security feature. The rag-pulp paper used by Hall and Sellers (later Dunlap and Claypoole) often incorporated blue or black fibers visible to the naked eye. These were intentionally added to the paper stock and are referenced in contemporary counterfeiting warnings. Genuine notes also show the texture of hand-laid paper with visible chain lines and laid lines when held to transmitted light.
Denominations and the Major Emission Series
Continental Currency was issued in denominations ranging from $1/6 (one-sixth dollar) to $80. The fractional denominations of $1/6, $1/3, $1/2, $2/3, and $4/5 were issued in the February 17, 1776 emission to address the chronic shortage of small change. These fractionals are among the most sought-after pieces for type collectors today, with fine examples of the $1/6 note retailing between $400 and $800 depending on centering and paper quality.
The January 14, 1779 emission is particularly significant and collectible. It included the famous $80 denomination, the largest face value of any Continental note, and featured elaborate allegorical vignettes engraved by brass plate rather than woodcut. The $80 note (Newman 71a/b) in Very Fine condition has realized prices of $2,500 to $4,500 at major auction houses including Stack’s Bowers and Heritage Auctions. The same emission produced notes with mottoes such as “DEPRESSA RESURGIT” (pressed down, it rises again) and “PERSEVERANDO” (by persevering), which reflected the increasingly desperate optimism of the Continental Congress.
The condition standard for Colonial and Continental currency differs meaningfully from modern grading. Because these notes circulated in a pre-banking era and were often folded, pinned, or used as wallet inserts, a note grading Very Fine (VF-25 to VF-35 on the PCGS or PMG scale) represents genuinely attractive quality. Do not discount a well-circulated example with original paper body and crisp ink; these often outperform lightly circulated but washed or pressed examples in long-term value.
State-Issued Currency: Thirteen Laboratories of Paper Money
Parallel to the Continental emissions, each of the thirteen colonies (and later states) issued its own paper currency throughout the war. These state issues predate many Continental notes, with several colonies having maintained active paper money programs since the early eighteenth century. For collectors, state issues represent a rich and often undervalued specialty area.
Virginia issued currency under the authority of its House of Burgesses and later its General Assembly in numerous series between 1775 and 1781. The May 6, 1776 Virginia emission includes a striking $1 note featuring a coiled rattlesnake vignette with the motto “DON’T TREAD ON ME,” making it one of the most iconographically resonant pieces of the entire Revolutionary period. Fine examples sell in the $600 to $1,200 range.
Pennsylvania’s emissions, many of them printed by Hall and Sellers using Franklin’s nature printing technique on state authority, are among the most technically sophisticated. The April 10, 1775 Pennsylvania issue includes denominations from 2 shillings 6 pence to 20 shillings. These notes carry the signatures of prominent Pennsylvania figures and are cataloged in detail by Newman. A circulated but intact example of the 10 shilling Pennsylvania note from this emission typically retails for $200 to $450.
Georgia’s wartime issues are considerably scarcer. The state’s geographic vulnerability, British occupation of Savannah from December 1778 through 1782, and the destruction of many records mean that surviving Georgia notes are genuinely rare. The 1776 Georgia emission (various denominations from $1 to $10) in any grade above Poor is considered a significant find. Fine examples have sold for $1,500 to $3,500 at specialized auctions.
Maryland issued a particularly well-regarded series in 1774, 1775, and 1776, with elegant engraved designs and high-quality paper. The state’s relatively stable wartime economy meant these notes retained value longer than most, and the surviving population is somewhat higher than similarly dated southern state issues. Collectors specializing in Maryland currency will find Newman’s attributions and George Wait’s “Maryland Obsolete Paper Money” both useful references.
The British Counterfeiting Campaign
No account of Revolutionary War paper money is complete without confronting the most audacious economic warfare operation of the eighteenth century: Britain’s systematic counterfeiting of Continental Currency. Beginning as early as 1776, British authorities operating primarily out of New York City (occupied from September 1776 through 1783) organized the production and distribution of high-quality counterfeit Continental notes. Contemporary newspaper advertisements, including notorious notices in Loyalist papers, brazenly offered “genuine” Continental bills for sale at a fraction of face value.
The counterfeits were produced by professional engravers working under official or semi-official sanction. Many were printed on paper smuggled from England or sourced through Loyalist merchants. While they lacked Franklin’s nature-printed leaf impressions (often substituting a crude woodcut approximation), some examples were sufficiently convincing to pass in ordinary commerce, particularly in rural areas where close examination of currency was uncommon.
For modern collectors, the existence of period counterfeits creates both a challenge and an opportunity. Period-counterfeit Continental notes are themselves collectible and historically significant artifacts, and they command genuine prices at auction when properly attributed. However, they must be clearly distinguished from genuine emissions. The key diagnostic points are the quality of the leaf impression, paper fiber composition, and the sharpness of typographic elements. PCGS Currency and PMG both encapsulate and note period counterfeits as a distinct category, and such attribution from a third-party grader significantly aids in marketability.
Period-counterfeit Continental Currency notes are legitimate collectibles with their own historical significance, but they must be disclosed in any sale. When purchasing raw (unencapsulated) Continental notes, examine the leaf impression on the reverse under 5x to 10x magnification. Genuine impressions from Franklin’s nature printing process show fine, continuous vein structures. British counterfeits typically show a simplified, interrupted vein pattern or a simple stippled texture. When in doubt, submit to PMG or PCGS Currency for authentication before purchasing at a premium price.
Grading and Condition Considerations for Revolutionary Currency
Collectors new to pre-federal American currency are sometimes surprised by how condition-sensitive values are in this area. A $2 Continental note dated September 26, 1778 in Fine-12 might retail for $85, while the same note in Very Fine-30 might bring $275, and an example grading Extremely Fine-40 could exceed $600. Paper quality is paramount: notes with original crispness, unaltered color, and intact margins command dramatic premiums over otherwise similar pieces that have been washed, pressed, or repaired.
Cancellations are common on Colonial and Continental currency and require careful evaluation. Many notes were officially canceled by cutting, pinning, or ink cancellation when presented for redemption (rare as that was) or when new emissions superseded old ones. A cut-canceled note is generally worth 30 to 60 percent of an uncanceled example in the same grade. Pin holes from period filing are common and carry a smaller discount. Modern pinholes (bright, sharp-edged) are more problematic and suggest the note was re-pinned or handled carelessly in more recent times.
| Issue / Date | Denomination or Variety | Estimated Survivors | Rarity |
|---|---|---|---|
| Continental, May 10, 1775 | $1 (Newman 1a-1c) | 400-600 known | Scarce |
| Continental, Feb. 17, 1776 | $1/6 fractional | 250-400 known | Scarce |
| Continental, Sept. 26, 1778 | $5 (common emission) | 1,000+ known | Common |
| Continental, Jan. 14, 1779 | $80 (Newman 71a/b) | 150-250 known | Rare |
| Virginia, May 6, 1776 | $1 Rattlesnake note | 300-500 known | Scarce |
| Georgia, 1776 emission | All denominations | Under 100 per denom. | Key Date |
| Pennsylvania, Apr. 10, 1775 | 20 shillings | 200-350 known | Scarce |
| South Carolina, 1779 | $90 denomination | Under 75 known | Key Date |
| North Carolina, 1780 | Any denomination | 150-300 known | Rare |
| British period counterfeit, 1777-1779 | $30 Continental type | 500-800 known | Scarce |
Building a Revolutionary War Currency Collection
There are several effective approaches to assembling a meaningful collection in this field. Type collectors aim for one example of each major Continental emission, building a chronological set that traces the currency’s evolution from the confident early 1775 issues through the increasingly desperate large-denomination notes of 1779. A complete Continental type set in circulated grades is an achievable goal over several years with a moderate budget, as the majority of emission types are available in the $100 to $400 range.
State specialists focus on a single colony or state, attempting to acquire every emission and denomination from that issuer. This approach rewards deep research and patience, as some state issues are genuinely rare and may only appear at auction once every few years. Heritage Auctions, Stack’s Bowers, and Spink all hold specialized early American paper money sales that regularly include Colonial and Revolutionary material.
Thematic collectors pursue specific design elements: rattlesnake vignettes, nature-printed reverses, specific mottoes, or signatures of notable historical figures. John Hancock, as President of the Continental Congress, signed many Continental notes, and his signature on a note is a legitimately significant provenance feature that adds value.
Whatever approach you choose, third-party grading through PMG (Paper Money Guaranty) or PCGS Currency is strongly recommended for any note valued over $300. The authentication services not only provide grading confidence but also identify period counterfeits, repairs, and alterations that can dramatically affect value. The encapsulation also protects fragile 245-year-old paper from handling damage.
Conclusion: Paper Promises That Made a Nation
Continental Currency and Revolutionary War state issues failed spectacularly as a monetary system. That failure, and the financial chaos it created, was one of the primary motivations for the Constitutional Convention of 1787 and the creation of a federal government with real taxing and monetary authority. The Constitution’s prohibition on state-issued bills of credit and its grant to Congress of exclusive coinage authority were direct responses to the lessons of the Continental dollar.
But as collectibles, these notes are extraordinary. They are affordable enough for beginning collectors, deep enough for lifelong specialists, historically significant enough to belong in any serious American history collection, and technically fascinating enough to reward careful study with a loupe. When you hold a Continental note, you are touching the economic infrastructure of the American Revolution, paper that Washington’s soldiers were paid in, paper that helped purchase the cannon at Yorktown. For a collector, it does not get more meaningful than that.
