The first paper currency to be used in the western hemisphere entered use in Great Britain's Massachusetts Bay Colony on this day in 1690. The use case had little to do with a forward-thinking plan to create a nationwide, or even colony-wide, currency. Simply put, the colony was broke, so they made up a new currency.
Gov. William Phips had succeeded in previous incursions on French colonies before attempting to invade Quebec City, where he and his soldiers were handily beaten back. He'd promised his men loot from the raid, and the colony was going through a coin shortage. To prevent a mutiny, the colony began to print money. It failed to gain traction, but was superseded by banknotes issued by the Bank of England some years later.
You can read more about the first paper currency in the western hemisphere at History.com.
