In April 1764 the English Parliament banned the American Colonies from issuing paper money.
The colonies had been issuing paper money of dubious value since 1690 when Massachusetts was the first colony to issue paper money.
Only after the Continental Congress almost ruined the country and nearly lost the War of Independence with the issuance of paper money, did the statesmen ban this activity in Article 1, Section 10, of the 1787 Constitution.
Clause 1 of this section states:
No state shall enter into any treaty, alliance, confederation, grant letters of marque or reprisal, coin money, emit bills of credit, MAKE ANYTHING BUT GOLD AND SILVER COIN A TENDER IN PAYMENT OF DEBTS.
Is it any wonder that we are wondering what happened to the purchasing power of the dollar vs the colon.