Massachusetts 1690: The First Western Fiat Experiment

02/27/2026 Joshua Mawhorter

When the Massachusetts colony issued its own unredeemable paper money in 1690, it was with the promise that it would soon be redeemable in specie. Like all paper money issued by government, it lost value and the confidence of the people.

Original article: https://mises.org/mises-wire/massachusetts-1690-first-western-fiat-experiment

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