The Currency Act of 1764

What was the primary goal of the Currency Act of 1764?

• To stabilize the colonial economy by eliminating depreciated paper currency

• To increase the production of colonial paper money

• To reduce the use of British currency in the colonies

• To promote the use of commodities like tobacco and lumber for trade

Which group was most negatively affected by the prohibition of colonial paper money under the Currency Act?

• British merchants

• Colonial farmers and the working class

• British Parliament

• Colonial governors

What was one of the broader fiscal reforms introduced by Prime Minister George Grenville alongside the Currency Act?

• The Navigation Acts

• The Stamp Act

• The Sugar Act

• The Tea Act

How did the Mercantile System contribute to the economic difficulties faced by the colonies?

• By encouraging the colonies to print more paper money

• By requiring the colonies to export inexpensive raw materials and import costly manufactured goods

• By increasing the availability of hard money in the colonies

• By promoting the use of commodities like tobacco and lumber for trade

What was a significant impact of the Currency Act on South Carolina?

• It led to increased civic engagement and debates on government representation and economic liberty

• It reduced tensions between Patriots and Loyalists

• It promoted the use of British currency in the lowcountry

• It eliminated the use of commodities like tobacco and grains for trade

Why did the currency act negatively impact the colonist? What was the purpose of the British Government enacting this law?