What are Continental Banknotes? 

Continental banknotes, also known simply as Continentals, were a colonial currency issued alongside the Continental dollar from 1775 until 1779.  

Why were Continental Banknotes Issued? 

Continental banknotes were issued by the Continental Congress to help raise funds for the Revolutionary War. While the colonies fought for their independence, there was a growing need for money to finance the effort. In 1775, $2 million in Continental notes were issued by the Congress.  

Some of these notes were produced using Benjamin Franklin’s idea of ‘nature printing,’ which used leaves to create delicate and intricate lines that were supposedly difficult for counterfeiters to recreate. Unfortunately, many Continental banknotes were poorly printed as a result of unsophisticated designs and crude printing techniques. 

Were Continental Banknotes Backed by Silver or Gold? 

Continental banknotes were not backed by a physical asset like gold or silver, like other currencies of their day, which resulted in lost value and confidence in the notes. Their value lay in the promise of future tax dollars, something that could not be made certain in a time of war. To exacerbate the matter, they were printed in high numbers, and their runaway inflation as high as 50% eroded much of the remaining value. 

How Many Continental Banknotes were Issued? 

By 1779, more than $200 million had been issued in Continental notes. However, due to inflation and depreciation, these notes were not valuable, and near the end of their issue, few businesses would accept them as payment for goods and services. Congress did not yet have the authority to levy taxes, and depreciation was so severe that the notes were worth pennies on the dollar, which gave rise to the phrase ‘not worth a continental.’ 

 The British response to the rebel colony’s notes was to produce massive numbers of counterfeit “Congress notes,” which contributed to their loss of value.  

These colonial issues were phased out after the United States Mint was established, which implemented the federal monetary system. The Coinage Act of 1792 further established the US federal government as the monetary authority of the land as US dollars became the official currency of the nation. 

Were Continentals Denominated in Dollars? 

Continental banknotes were denominated in dollars that entitled the bearer to Spanish milled dollars or an equal sum of silver or gold to the value of their note. 

Continental Banknote Denominations 

In the first year of issue, Continental notes were issued in whole dollar amounts and the second year of issue saw fractional amounts. By the third year of Continental banknote issues, the $1 denomination had gone away, reflective of inflation and a loss of value. The fourth year’s issue of Continental notes had larger denominations, and the final year of Continental note issues had substantially higher denominations. The denominations are a little bit different from what you see on today’s US Federal Reserve Notes. 

List of 1775 Continental Banknotes by Denomination 

List of 1776 Continental Banknotes by Denomination 

List of 1777 Continental Banknotes by Denomination 

List of 1778 Continental Banknotes by Denomination 

List of 1779 Continental Banknotes by Denomination