Obsolete Currency

I have read quite a few articles regarding Obsolete currency and what it is but I have found the history and definition to be somewhat lacking.

It has been written by some that the United States government did not print paper currency prior to the Civil War but that is not accurate, as Continental Currency was in fact printed by our newly formed government beginning in May 1775, during our Declaration of Independence in July of 1776, and for three years after until the last printing in 1779.

From the first issue in May 1775, the words "The United Colonies" and "Continental Currency" were printed on all bills issued.
Starting with the May 1777 issue, our new government made a remarkable change to these words and "The United States" was printed for the first time on any form of money, paper or coinage.
On January 1779 a final change was made and it now read "The United States Of North America".

Now, what brought about the printing of Obsolete currency was a growing lack of faith in the paper currency printed by our government. The newly formed United States simply did not have the resources to back the paper they printed. Why? The British dumped literally millions of dollars worth of counterfeit continentals into our struggling economy prior to and during the war. They actually had printing presses set up in a few of their ships docked in our harbors and churned out these counterfeit bills by the cart load and then distributed them by the handfuls at local pubs. They believed the surest way to destroy our new government was to destroy our economy. It almost worked.
The term "Not worth a Continental" was a saying of both disgust and mistrust, as citizens of this newly formed government felt the pain of their hard earned dollars becoming all but worthless due to incredible inflation.

Banks and businesses could not trust the fragile nature of US currency and remain in business. Universal staples such as produce and animal skins would obviously not solve the problem, and the coinage supply was nearly non existent, so they began to print their own money which they could personally back themselves.
Businesses personally guaranteed the currency they printed and went the extra mile to win customer confidence. So the value of the printed currency was based on faith in your local bank, railroad, insurance company, or merchant, as opposed to an unseen government that could not guarantee the value your currency.

What happened next was a literal explosion of currency in every state. In various denominations, colors and sizes.
The downside to these multiple printings was that once you traveled outside of your local area the bills became practically worthless.

It is difficult to pin point exactly what was very first piece of Obsolete Curency ever printed but it happened right after Continental Currency ceased production in (probably) 1779. Eventually this history will be uncovered and it will become common knowledge but for now the history of this hobby is still being written.

Some of the currency was simple with only minimal engraving and printed on the face in one color ink only. This was especially true for the lowest denominations. But as the years progressed these engravings became far more intricate in design and color for two reasons. 1.) To foil would be counterfeiters, and 2.) Pride.
The larger companies prided themselves in producing the most beautiful and colorful bills that their imagination and budgets would allow. World renowned engravers were commissioned to create beautiful works of art on these bills. I would have to submit that some of the most beautiful currency ever created in our country (and even around the entire world) came during this period of time.

Please don't take my word for it but enter this wonderful portion of the hobby for yourself and see what I am writing about.
As they say, "The proof is in the pudding" and this is some awesome pudding!

Collect by type, by State, by denomination, or by eye appeal but by all means - Collect!
The prices are ridiculously low at this time and you can acquire some eye popping examples for the price of a nice family dinner at a Denny's restaurant.
Plus you can buy them already professionally graded and encapsulated, giving you unprecedented confidence.

Over the next few weeks I will be adding some incredible pieces that I personally enjoy and you will find the grades to be the best there is.