Issue of May 20, 1777

The Greysheet Catalog (GSID) of the Issue of May 20, 1777 series of Continental Currency in the U.S. Currency contains 8 distinct entries with CPG^® values between $40.00 and $6,000.00.

$16,500,000 in Continental Currency was authorized by ten separate Resolutions passed between May 20, 1777 and April 18, 1778, the final $500,000 overlapping the approval of the Yorktown issue Resolution of April 11, 1778. The same style as the previous issue, except that the cuts for the top and bottom borders were modified to read UNITED STATES instead of UNITED COLONIES. A new emblem and motto cut for the $5 denomination erroneously contained an H in the motto instead of a B because the mistake in the prior issue was copied. The ornamentation and type fonts used for the backs were changed. Due to extensive British-sponsored counterfeiting this entire issue was called for exchange prior to June 1, 1779 by the Jan. 2, 1779 Resolution, but the exchange date was extended to Jan. 1, 1781 by which time the bills were virtually worthless. When new bills were not available, receipts were issued by the Continental Loan Offices for exchanging bills of the May 20, 1777 issue for new bills by August 1780. Some exchanged bills are cancelled with two 1/4-inch holes. Counterfeit detector sheets are on blue paper.