View Mobile Site

Bulloch History with Roger Allen - Sola Bills first money in Georgia

Bulloch History with Roger Allen - Sola Bills first money in Georgia

Bulloch History with Roger Allen - Sola Bills first money in Georgia


Note: The following is the fifth in a series on the orgin of currency in the American colonies and Georgia.

In 1694, Carolina Governor Arthur Dobbs ordered struck half-penny, one penny, and two-penny "Carolina" coins during the reign of William and Mary.

They were worth four-fifths of the value of English coins. They were used as currency all throughout the southern frontier, including the "Debatable Lands" of Georgia.

In Georgia, the "Sola Bills", the first Georgia "bank notes', were printed for the Trustees between 1735 and 1750, and were used to pay for supplies purchased by Georgia.

These certificates were redeemable either in Havana at a 40% discount, or at 20% discount in England. Governor Oglethorpe also printed "Military Money Notes" in 1734, which he used for small purchases in the colony.

The trustees also decided to supply the colony with specie. They sent a ship with one-half ton of "Half-Pence" coins, one ton of "Pence" coins, one thousand pennyweight of copper coins and 20,000 silver shillings in 1735.

In 1769, Georgia issued "Bills of Credit" with a very clear warning printed on the bills: "To Counterfeit is Death Without Benefit of Clergy." In 1771,Georgia issued bills to be used to encourage settlement.

Georgia next issued money beginning in 1776 "for the support of the Continental Troops." These certificates were hand-dated, numbered, and signed by five prominent citizens.

Georgia printed 12,572 Pounds Sterling in notes in 1776. In 1778, $150,000 of Georgia $5 Dollar bills were printed for Revolutionary soldiers. They were to be guaranteed with assets from "seized Tory estates."

In 1794, the City of Savannah printed its own fractional currency. This "Animal Money" was designed with the understanding that many Savannahians couldn't read.

The act authorizing the bills stated "The value of the coin is determined by the picture on the coin": a ship was worth ten cents; a horse, five cents; a cow, four cents; and a dog, two cents.

In 1792, Alexander Hamilton established the U.S. Dollar as the basic unit of American currency. The new gold dollar contained 24.74 grains of gold, while the new silver dollar contained 371.25 grains of silver.

In 1861, the Confederacy began printing large amounts of Confederate Treasury Notes. Most people refused to accept them in exchange for either gold or silver coins. Georgia State bills, however, still held their value.

In Georgia, the Confederate Treasury Bills flooded the market. By 1865, nearly $1 Billion dollars worth had been printed. They became worth as little as eight dollars in Confederate bills for a dollar in Georgia bills.

These notes, therefore, were used in many creative ways. Often called "Shinplasters", the troops discovered that when mixed with mud and water, these bills made their ill-fitting boots much more comfortable.

Roger Allen is a local lover of history. Allen provides a brief look at Bulloch County's historical past. E-mail Roger at roger dodger53@hotmail.com

 

Interested in viewing premium content?

A subscription is required before viewing this article and other premium content.

Already a registered member and have a subscription?

If you have already purchased a subscription, please log in to view the full article.

Are you registered, but do not have a subscription?

If you are a registed user and would like to purchase a subscription, log in to view a list of available subscriptions.

Interested in becoming a registered member and purchasing a subscription?

Join our community today by registering for a FREE account. Once you have registered for a FREE account, click SUBSCRIBE NOW to purchase access to premium content.

Membership Benefits

  • Instant access to creating Blogs, Photo Albums, and Event listings.
  • Email alerts with the latest news.
  • Access to commenting on articles.

Please wait ...