Ever since coinage was developed in ancient Lydia, an element of society
has sought to debase the coin of the realm for personal gain not only by
counterfeiting, but also by shaving away precious metal. Currency
debasement was not confined to the proletariat since throughout history
various monarchs increased their royal revenues, or seigniorage, by
reducing the quality of the coins' specie content or its weight
standard. The current text follows closely the course of royal English
copper coinages whose high potential profit made them an ideal prey for
counterfeiters. These forgeries flowed freely into the colonies where
they overwhelmed, and eventually collapsed, the small change medium but
not before various states sought to correct the evil of this imported
copper trash. Great attention is paid to Great Britain's mercantilistic
policies which shaped the character of the currency in the North
American colonies where chronic hard money shortages encouraged
counterfeit coinages of all stripes whose actual manufacture and
circulation is examined in great detail. Colonists further sought to
expand their monetary pool by printing bills of credit to meet the
exigencies of the French and Indian Wars. This new paper currency
likewise became the target for forgery and a battle royal ensued between
the colonial treasurers and bands of counterfeiters as they competed to
outsmart each other. But as "the weed of crime bears bitter fruit," many
counterfeiters were apprehended and punished for their evil deeds.
