May 1780 COLONIAL CURRENCY $20State of MASSACHUSETTS Bay, Punch HOLE CANCELDuring the American Revolution, the colonies became independent states. Freed from British monetary regulations, they issued paper money to pay for military expenses. One by one, colonies began to issue their own paper money to serve as a convenient medium of exchange. In 1690, the Province of Massachusetts Bay created "the first authorized paper money issued by any government in the Western World".This paper money was issued to pay for a military expedition during King William's War. Other colonies followed the example of Massachusetts Bay by issuing their own paper currency in subsequent military conflicts.
1780 COLONIAL CURRENCY State of Massachusetts Bay$20