1721The Colonial Government issued Gloucester £600 10 shillings as a bill of credit.Economy and Industry, Economy

In the early days of colonization, wampum or bullets were used as currency for small exchanges. In 1690, paper money was introduced in the form of bills of credit. In 1721, the colonial government loaned the colonies £50,000, of which Gloucester received £600 10 shillings. Samuel Stevens, William Haskell, and Lieutenant John Davis were chosen as trustees and directed to distribute loans of at least £10 to any resident of the town.