Inflation has been present in the United States from its beginning. During the “colonial” period, various foreign currencies were used for exchange.

The most common was probably the Spanish dollar, of high silver content and consistent weight. When the American Revolution began, the revolutionaries had no money nor much ability to raise funds to pay for the war. The Continental Congress began printing paper money: the “continental.” As the war progressed, the Congress printed more and more money. The value of these notes immediately fell.

Julian Mardock is a native Texan and retired physician.

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