By the 18th century, paper currency and banknotes were widely present in Western economies, but not always stable. During the American Revolutionary War and the French Revolution, the government issued paper currency that was not entirely supported by metal – an early form of legal tender. The “Continental Coin” issued by the Continental Congress in the United States quickly depreciated due to excessive issuance, leading to the claim that it is “not worth a Continental Coin”. In the 19th century, the national currency began to take on a modern form. Many countries have established central banks or finance departments to issue standardized bills and currencies. Metal backed banknotes during peacetime have become the norm, restoring public trust. In the UK, the 1844 Banking Charter Act required Bank of England notes to be backed by gold as the dominant legal tender. Other countries have followed suit and linked their currencies to precious metals to enhance credibility. This marks the beginning of the gold standard era.
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