Paper Money Riot / Exeter Rebellion
September 20, 1786
Exeter, NH
Today in 1786, 200 armed farmers, including many veterans of the Revolutionary War, march on Exeter, New Hampshire, and besiege a church where the state legislature is meeting. The U.S.A. lacks a functioning system of currency and the burden of debt incurred by the war for independence has spread far and wide. These farmers are part of a movement demanding a paper currency upon which to build an economy.
The elected state leader, a former Continental officer, addresses the mob and encourages them to disperse for the night. They make camp outside town. He then calls on 2000 militiamen to ambush the camp in the morning. Caught off-guard, the rebels scatter into the forest.
Many are jailed and three men are charged with treason and then pardoned.
The U.S. dollar is established in 1792.
Example of the Continental Dollar, paper money issued by Congress as currency.