3.+Currency+Act

=The Currency Act (1764)=

Due to a lack of gold and silver mines, America had a lack of currency for use in trade. The only way they could obtain currency was through trade with Britain. Some colonies created systems of paper money, but they caused confusion due to the fact that there were no regulations or standard value on these notes. That system made the British merchant-creditors very uncomfortable. With the Currency Act, passed by parliament on September 1, 1764, Britain assumed control of the colonies' currency system. They favored a hard currency system based on the pound sterling and abolished the paper money.

Colonists' Reactions
Americans protested this act, arguing that the shortage of capital would make the deficiency of trade with Britain worse than it already has.