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| Joined: | Mon Nov 21st, 2005 |
| Location: | California USA |
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As a result of scarcity of gold, the colonists turned to alternative forms of money including wampum, tobacco, and copper coins. Most silver coinage in circulation came from Spanish America, Spain, the Netherlands, the German States, France and other foreign countries. The colonies began issuing colonial script that was paper fiat currency not backed by gold or silver. This type of money was also known as colonial bills of credit. This radically differed from the bills of debit issued by the central banks of Europe.