Early Paper Money of America / Delaware / 1723 November 2 Act

Early Paper Money of America (NNP Edition)|£6,000 in Bills of Credit issued pursuant to the Nov. 2, 1723 Act to make additional eight year mortgage loans due November 1731 and corresponding to the Jan. 17, 1723/24 Pennsylvania issue. Delaware bills depreciated in value almost 25% when the people of Pennsylvania refused to accept them. In October 1726 the Pennsylvania Loan Office and some Philadelphia merchants agreed to receive payment in Delaware bills at par restoring their value. A reissue of both Delaware emissions of 1723 was authorized under a 1726 Act. By 1729 most Delaware issues had either been redeemed or were held by Pennsylvania brokers.