The Currency Act of 1764, along with its earlier iteration, the Currency Act of 1751 (which applied only to New England), in essence, prohibited the colonies from issuing their own paper currency as "legal tender." This created a problem for colonists because there were no gold or silver mines in the New World and approved currency (silver and gold coins) could only come from proper trade as … [Read more...] about The Currency Act (1764) – The ugly, old cousin of the Federal Reserve Act