What was the effect of the Currency Act of 1764?
Similarly, it is asked, what were the effects of the currency act?
The Currency Act of 1764 therefore prohibited the issue of any new 'Bills of Credit' and the re-issue of existing currency by the American colonists. The colonies suffered a constant shortage of 'hard currency' (silver and gold) with which to conduct trade. There were no gold or silver mines in the American colonies.
Furthermore, who started the Currency Act? Virginia, for example, issued £20,000 worth of currency in 1755. In 1759 the British ministry began to urge the Virginians to address the problem on their own. When the Virginia Assembly ignored calls to mend its ways, Parliament passed the Currency Act, signed into law by George III on April 19, 1764.
Beside this, what was the cause of the Currency Act of 1764?
The Currency Act. The colonies suffered a constant shortage of currency with which to conduct trade. On September 1, 1764, Parliament passed the Currency Act, effectively assuming control of the colonial currency system. The act prohibited the issue of any new bills and the reissue of existing currency.
Why is the intolerable acts so important?
Parliament replied to the "Boston Tea Party" with the five Coercive Acts of 1774. The colonists dubbed them the "Intolerable Acts." They were an important factor contributing to the American Revolution. Colonists felt that this legislation violated their rights as Englishmen and their Natural Rights as human beings.