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TITLE Revolutionary Money. Part One.
INSTITUTION Smithsonian Institution, Washington, DC.PUB DATE 2003-00-00
NOTE 23p.; Contains small print. Color images may not reproducewell.
AVAILABLE Smithsonian Information, P.O. Box 23293, Washington, DC 20026-FROM 3293. Tel: 202-357-2700; e-mail: [email protected]; Web site:
http://www.si.edu/info/education.htm. For full text:http://www.smithsonianeducation.org/ images/educators/lesson_plan/revolutionary_money/pdf/si_revolutionary_money.pdf.
PUB TYPE Guides Classroom Teacher (052)EDRS PRICE EDRS Price MF01/PC01 Plus Postage.DESCRIPTORS Heritage Education; Intermediate Grades; Middle Schools;
*Monetary Systems; *Primary Sources; *Revolutionary War (UnitedStates); *Social Studies; United States History
IDENTIFIERS Artifacts; *Money; Smithsonian Institution
ABSTRACT
The monetary system in the U.S. colonies was notable becauseit was based on thin air. The earliest forms of U.S. money were commodities,items that were not just tokens of wealth but had some intrinsic value. Inaddition to adopting the Indians' use of wampum and furs, the colonists usedcrops and European-made items such as nails. In 1775, the ContinentalCongress issued the colonies' first uniform currency, the bills that came tobe called "Continental." The colonies, soon to call themselves states, issuedtheir own bills. Like the Continentals, this money served to finance and topromote the Revolutionary War. This booklet from the Smithsonian contains twolesson plans on the money of the period. Lesson (1) "Money Talks," studentsmove from fact finding to interpretations as they examine paper money fromthe time of the Revolutionary War; and Lesson (2) "Pictures Telling Stories,"shows not only the importance of primary sources in the study of U.S. historybut also the limitations of relying only on primary sources of taking themoney on face value. Both lessons address materials and preparation andprovides a step-by-step procedure for classroom implementation. Containsphotos of the paper money and a glossary of Latin inscriptions. (BT)
Reproductions supplied by EDRS are the best that can be madefrom the original document.
Revolutionary Money. Part One.
Smithsonian Institution, Washington,DC.
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CENTER (ERIC)This document has been reproduced asreceived from the person or organizationoriginating it.
O Minor changes have been made toimprove reproduction quality.
Points of view or opinions stated in thisdocument do not necessarily representofficial OERI position or policy.
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Unlike the Spanish colonists to the south, theEnglish settlers of our original thirteen coloniesfound no gold or silver among the riches of theirnew land. Neither did they receive great suppliesof gold and silver coins from Britainmoney wassupposed to move the other way, to the mothercountry, in exchange for goods. The monetarysystem in the colonies was "notable because it wasbased on thin air," says Smithsonian numismaticscurator Richard Doty in his book America's Money,America's Story. To Make up for the lack of curren-cy, the colonists would "replicate and create, try,reject, and redesign every monetary form everinvented anywhere else."
Examples of most of those forms are on displayin the Hall of the History of Money and Medalsat the Smithsonian's National Museum of AmericanHistory, Behring Center, an exhibit that draws onthe 1.6 million coins and pieces of paper moneyin the National Numismatic Collection. Here inSmithsonian in Your Classroom, we present imagesof paper money from the American Revolution.Students examine the money in order to gatherprimary source information about the timesthe Revolutionary period in general andthe specific times when the bills were issued.
The lessons address national standards forAmerican history and for historical thinking.An issue of Smithsonian in Your Classroom titled"What Is Currency? Lessons from Historic Africa"introduces students to the meaning and uses ofmoney, and might serve as a companion to thisissue. It is on our Web site, educate.si.edu, underLesson Plans.
4
IMPROVISED MONEY
America's earliest forms of money were commodi-ties, items that were not just tokens of wealthbut had some intrinsic value. American Indiansused strings of decorative shells, or "wampum,"and furs as means of exchange. The cash-strappedcolonists adopted this economic system. Inaddition to wampum and furs, they used cropsand European-made items such as nails.
Small quantities of gold and silver SpanishAmerican coins came to British America throughtrading in the Caribbean. The most common ofthese were silver eight-reales pieces, the "pieces ofeight" that parrots squawk about in pirate stories.They were also known as Spanish dollars. The termdollar, of German origin, was applied to coins ofany country that carried the intrinsic value of theirweight in silver. Even before the Revolutionary War,some colonies issued paper money based on dollarsrather than British pounds sterling.
Paper money first appeared in America in 1690,when the Massachusetts Bay Colony issued billsto pay soliders engaged in campaigns against theFrench in Canada. This was an emergency measure,but it turned out to be a solution to the long-termproblem of building an economy without largereserves of precious metals. Eventually, all of theother colonies issued their own bills.
This money never had a uniform value. A poundnote from one colony might not be worth a poundin another colony. For that matter, it might not beworth a pound anywheresome colonies printedfar more paper money than they could everredeem.
Further weakening the system was the circulationof counterfeit bills. Anyone with a printing presscould make fair copies of most colonial money;government printers tried to stay a step ahead bycreating designs of greater and greater detail for theborders of the bills. Another security measure wasto "indent" the moneyto cut a stub from the billin an irregular, wavy line. The indented bill couldbe redeemed for coins at a government office if itfit the stub bearing the same number. The problemwith this, of course, was that the bill had to remainin perfect condition to fit perfectly.
The most imaginative anticounterfeiting ideascame from the Philadelphia printer BenjaminFranklin, whose firm manufactured paper moneyfor Pennsylvania, New Jersey, and Delaware. In1739, he began printing bills on which he deliber-ately misspelled Pennsylvania. A counterfeiter,Franklin figured, would correct the spelling on theassumption that the bills were themselves fakes,produced by a less literate criminal.
The back of each of the bills featured an image ofa leaf. Franklin worked with blocky lead printer'stype, but the leaves, with their traceries of veins,had the fine detail of copper engravings. These"nature prints" succeeded in baffling counterfeiters,and everyone else as well. It wasn't until the 1960sthat a historian discovered the secret: Franklin hadmade lead casts of actual leaves.
Franklin, our national symbol of thrift, was astrong advocate of paper money, which to somerepresented economic irresponsibility. He argued tothe English Board of Trade that the colonial economycould not survive on coins alone. But the dramaticfluctuations in the value of colonial currencynot to mention the confusion caused by all the
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different notesworked against the interests ofBritish merchants. In 1764, Parliament passed theCurrency Act, which prohibited any further issueof American paper money. Like the Stamp Act thefollowing year, this attempt to impose controlover the colonies succeeded only in uniting themin protest.
MONEY AS MESSAGE
In 1775, the Continental Congress issued thecolonies' first uniform currency, the bills thatcame to be called "Continentals." On a Continentaldesigned by Benjamin Franklin (page 11), there isa depiction of the thirteen colonies as linked rings,which form a circle around the inscription WEARE ONE. On the other side, Franklin offered abit of Poor Richardlike advice: MIND YOURBUSINESS.
The colonies, soon to call themselves states, issuedtheir own bills. Like the Continentals, this moneyserved both to finance and to promote the wareffort. Some of the bills could be read like politicalbroadsides.
On the front of the 1775 Maryland note on thefacing page, King George III (the figure closest tothe center) is trampling the Magna Charta, a sym-bol of ancient English freedoms, as he personallysets fire to an American city. To George's left, theallegorical figure Britannia receives a petition froman allegorical America, who leads an advancingarmy of patriots. America tramples a scroll labeledSLAVERY.
For all of the stridency of this message, the reverseside shows Britannia and America holding anolive branch between them. The inscription, PAXTRIUMPHIS POTIOR, means "Peace is preferableto victory."
7
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The note was issued a few weeks after theContinental Congress signed two rather divergentdocuments: the so-called Olive Branch Petition,an elaborately polite appeal to the king for peace,and the Declaration of the Causes and Necessityof Taking Up Arms, which stated that the colonistsdid not have "designs of separating from Great-Britain, and establishing independent states," butwould nevertheless "die free men rather than liveas slaves."
The Magna Charta also appears on one of the twoPaul Reveredesigned Massachusetts bills on page 7.On the 1775 bill, the patriot is armed with thesacred symbol as well as the sword. The Americancause, then, is in keeping with English tradition.On the 1776 note, there is one big difference:MAGNA CHARTA is replaced by the pledgeINDEPENDENCE.
BUYING TIME
Prices soared as more and more of the papermoney went into circulation. Toward the endof the war, a pair of shoes in Virginia cost fivethousand dollars in state bills; a suit of clothes costas much as a million. An expression of the time,"A wagonload of Continentals will hardly purchasea wagonload of provisions," has been ascribedto George Washington. Part of the reason thatWashington's men were so poorly provisioned atValley Forge was that merchants in the area onlydid business with British troops, who could payin coin.
In 1780, the American government began to lay thegroundwork for a new economy. With moneyborrowed from France and Spain, Congress wasable to redeem Continentals at the rate of fortydollars in bills to one dollar in coin. The bills werethen destroyed.
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New Hampshire, April 29, 1780, back. This illustration firstappeared on a Continental in 1775. Benjamin Franklin wrotean interpretation of it in the Pennsylvania Gazette: "The bush Isuppose to mean America, the bleeding hand Britain. Would toGod that bleeding were stopt, the wounds of that hand healed,and its future operations directed by wisdom and equity; soshall the hawthorn flourish, and form an hedge around it,annoying with her thorns only its invading enemies."
The wartime money turned out to be worthlessto the new nation, but it was instrumental in theachievement of nationhood. And, like so much else
. about the American Revolution, it was somethingnew to the world.
"If the history of commercial banking belongs tothe Italians and of central banking to the British,"wrote economist John Kenneth Galbraith, "that ofpaper money issued by a government belongsindubitably to the Americans."
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MIffPELLINGS
For an exercise in close reading, give students clipped-out copies of these three notes, which BenjaminFranklin printed for the colony of Pennsylvania in 1764.Ask the students to search for the differences in the textof the notes. When they discover the key differencethe misspellings of Pennsylvaniaexplain that Franklindid this deliberately, to set a trap for counterfeiters.
If students read the "s" in Pennsylvania as "f" and takethis as a misspelling as well, explain that the letter isin an antiquated form called "long s" or "leading s."This might prevent any "f" and "s" confusion in theupcoming lesson.
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LESSON PLAN 1Money Talks
In this lesson, students move from fact finding tointerpretation as they examine paper money fromthe time of the American Revolution. The morethey know about the period, the more significancethey will see in the money. If they know that thewar began in 1775, for instance, they may find itremarkable that the 1776 Pennsylvania and NewJersey bills honor King George III. (They also bearthe British royal coat-of-arms.)
You might use the bills along with other primarysourcesdocuments such as the Olive BranchPetition, perhapsto help students understandthat the campaign for independence did not followas an immediate echo of the shots fired atLexington and Concord.
MATERIALS
Photocopies of pages 14-22 or printouts fromeducate.si.edu
PREPARATION
Make enough copies of the Worksheet on page 14
and the Conclusion Chart on page 15 to distributeone of each to everyone in the class.
Make enough copies of the thirteen bills on pages16-22 to distribute one bill to each student. (Theremight be two Delawares, three Georgias, etc.) Clipout the images so that you have a pile of this"money."
Make one more set of copies of the bills on pages16-22 and display these intact pages on the boardor a wall of the classroom. Students will view allthirteen bills on a "gallery walk." The gallery mightalso include a copy of the Continental on page 11.
10
Step One
Ask students what they expect to find on moneyfrom the Revolutionary War. Encourage them tothink of features on our own money: dates, pic-tures, denominations, serial numbers, etc.
Now ask what they expect to learn from thehistorical money. List their ideas on the board.
Step Two
Distribute the clipped-out bills and copies of theWorksheet on page 14. Tell students to examinetheir bills closely before attempting to answer thequestions.
Step Three
Have students with the same bill get together to .
discuss their worksheet answers, then have each ofthese groups report on their discussion to the class.
Step Four
Conduct the gallery walk so that the students canexamine all of the notes.
Step Five
Hand out copies of the Conclusion Chart on page15 in preparation for a class discussion of thecumulative information from all thirteen bills. Tellstudents that they will use the chart as a guideduring the discussion.
Lead the class in the exercise of filling out thechart. Here are some possible entries for theConclusion boxes:
Every bill has a different kind of pictureSome bills are from colonies and someare from statesSome of money is familiar (dollars) andsome is unfamiliar (pounds, shillings)
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For the supporting details, students will refer totheir answers on the Worksheet. If practicable,allow them to get up and look again at the galleryduring the discussion.
Step Six
Begin to focus the discussion on the issue dates ofthe bills. What can this chronology tell us aboutchanges in America during the war? Do all of the"colony" bills have earlier dates than the "state"bills? Are all of the "dollar" bills earlier than thosein British denominations?
The last "colony" bill in this collection has the issuedate June 19, 1776. The first "state" bill is datedOctober 18, 1776. What happened in this space oftime? The simplest answer is that the ContinentalCongress adopted the Declaration of Independenceon July 4, 1776.
There is no clear break between the "dollar" billsand those in British denominations. Students willdiscover that the Maryland bill, the earliest here, isdenominated in dollars. Maryland began to use thedollar as its official unit of currency in1767, and so began to assert a kind of independ-ence. But this bill is still tied to the British system:the bearer could redeem it for "bills of exchangepayable in London, or gold and silver at the rate offour shillings and six-pence sterling."
On the latest bills in the collection, dollars are stillreckoned in terms of shillings and pence. It was notuntil 1792 that the United States established acompletely new currency system, replacing shillingswith decimal fractions of the dollar. ThomasJefferson coined the term for a coin he does notappear on: the "disme," for one-tenth of a dollar.
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LESSON PLAN 2
Pictures Telling Stories
In the previous lesson, students probably hadquestions about the meanings of the illustrationson the bills. Here, the class uses secondary sourcesto discover those meanings.
The lesson shows not only the importance ofprimary sources in the study of history, but alsothe limitations of relying only on primarysourcesof taking the money, as it were, atface value.
MATERIALS
Photocopies or printouts of one bill
PREPARATION
Look for a bill with a particularly interestingillustration. Make copies of the bill (or enlargedcopies of the picture itself) for all the students.We suggest that you choose one of the following:Connecticut, Delaware, Maryland, New York,Rhode Island, or Virginia. The New York picturesurvives, in slightly different form, on the officialseal of New York City. Elements of the otherpictures appear on the official seals ofthe states.
12
Step One
Hand out the copies of the bill you have selected.As a class, try to decipher the picture, taking it oneelement at a time.
Step Two
Ask students for their ideas on where to go to learnmore about the picture. If you choose one of thesuggested bills, tell them that the picture is still onan official seal.
Step Three
Lead the students on an Internet or library searchfor information on the picture. If they don'tdiscover it themselves, guide them to the Web siteof the state. The sites of five suggested states con-tain explanations of official state symbols:
www.state.ct.uswww.state.de.uswww.state.md.uswww.state.ri.uswww.state.va.us
An explanation of the New York City seal is atwww.fotw.net/flags/us-nyc.html.
12
Step Four
Now ask students to apply their findings to anexamination of other illustrations. If you choose,say, the New York bill, they will learn that most ofthe elements of the picture have to do with thecolony's industry. The four things that look a bitlike toothbrushes turn out to be the sails of awindmill. The animals are beavers, symbols of thefur trade. The barrel-shaped objects are ... well,
barrels. More specifically, they are barrels of flour,symbols of the important flour-exporting businessin New York City.
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This knowledge might cast meaning upon the oxand the sheaf of wheat on the Delaware bill, thecodfish on the Massachusetts and Rhode Island bill,and that furry animal on the North Carolina bill.
If you choose the Virginia bill, students will learnthat the tyrant in Sic semper tyrannus (or, moregrammatically, tyrannis) is Britain and that the con-queror is Liberty. You might then show them thepolitical messages on the bills on pages 6-8.
13
14
WORKSHEET
1. Who issued this money?
2. When was it issued?
3. What is it worth?
4. What else do you notice?
5. What do these details tell you about this object?
6. What questions do you still have?
14
THREE CONCLUSIONS DRAWN FROM THIRTEEN BILLS
CONCLUSION 1 CONCLUSION 2 CONCLUSION 3
Supporting details,
Supporting details Supporting details
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13. MASSACHUSETTS
GLOSSARY OF LATIN INSCRIPTIONS
CONNECTICUT QUI TRA[NSULIT] SUSETINETI: He who transplanted still sustainsSIGILLUM COLONIAE CONNECTICENSIS: Seal of the colony of Connecticut
ANNO DOMINI: Year of our LordCRESCITE ET MULTIPLICAMINI: Increase and multiply
SUSTINE VEL ABSTINE: Sustain me or leave me alone
DIEU ET MON DROIT: God and my right
MARYLAND
NEW HAMPSHIRE
NEW JERSEY AND
PENNSYLVANIA
(GREAT BRITAIN)
RHODE ISLAND
SOUTH CAROLINA
VIRGINIA
IN TE, DOMINE, SPERAMUS: In thee, Lord, we find hope
ARMIS CONCURRITE CAMPO: With arms we run together into a field of battle
SIC SEMPER TYRANNIS: Thus always to tyrants
22
RESOURCES
WEB SITES
American Numismatic Associationwww.money.org
Images of historical money from around the world
Colonial Currency at Notre Damewww.coins.nd.edu/ColCurrencyA comprehensive collection of images
Federal Reserve Bank of Minneapolis
minneapolisfed.orgleconed/curric/pictures.cfmA brief history of money and an examination of today's
U.S. currency
History of Money from Ancient Times to the Present Day
www.ex.ac.uk/RDavies/arian/1 lyfrA chronology and essays based on a book of the
same name by British economist Glyn Davies
Smithsonian Hall of the History of Money and Medals
www.americanhistory.si.edu/youmuslex2Immed.htmAn introduction to the permanent exhibit in theNational Museum of American History
Smithsonian National Numismatic Collection
www.americanhistory.skedu/csr/cadnnc.htmIncludes virtual exhibits of coins and paper money
BOOKS FOR TEACHERS
Doty, Richard G. America's Money, America's Story.
Iola, Wisc.: Krause Publications, 1998.
Galbraith, John Kenneth. Money: Whence It Came,
Where It Went. Boston: Houghton Mifflin, 1975.
Weatherford, Jack. The History of Money: From
Sandstone to Cyberspace. New York: Crown, 1997.
BOOKS FOR STUDENTS
Ages 4-8
Maestro, Betty C. The Story of Money.
New York: Mulberry Books, 1995.
Ages 9-12
Cribb, Joe. Eyewitness: Money.
New York: DK Publishing, 2000.
Parker, Nancy Winslow. Money, Money, Money: The
Meaning of the Art and Symbols on United States Paper
Currency. New York: HarperCollins Children's Books, 1995.
ACKNOWLEDGMENTS
Richard Doty
National Museum of American History
Louis Jordan
University of Notre Dame
Douglas Mudd
National Museum of American History
Trudy Todd
Education Consultant
Special thanks to the fourth- and fifth-grade teachers of the Montgomery
County (Maryland) Public Schools.
ILLUSTRATIONS
Page 5: Department of Special Collections, University of Notre Dame
All other pages: National Numismatic Collection, Smithsonian's National
Museum of American History, Behring Center
Cover: Detail from WASHINGTON'S HEAD-QUARTERS 1780.At Newburgh, on the Hudson by an unknown artist, after 1876.Smithsonian American Art Museum, gift of Herbert Waide Hemphill, Jr.
and museum purchase made possible by Ralph Cross Johnson
And speaking of Washington ...
The Smithsonian's National Portrait Gallery offers a free George
Washington education kit, which includes a 30-page Teacher Resources
Guide and a full-color poster reproduction of the "Lansdowne" portraitof Washington by Gilbert Stuart. To order, call the toll-free number1.866.NPG.KITS. To learn more about the kit and the National Portrait
Gallery touring exhibition George Washington: A National Treasure, visit
www.georgewashington.si.edu.
22 131En copy AVAELABLIP:
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