Ottoman lira para denominations were struck in copper, the kuruş in silver and the lira in gold. The 1 para was discontinued in 1859, with the higher copper denominations ceasing production between 1863 and 1879. In 1899, billon 5 and 10 para were introduced, followed by nickel 5, 10, 20 and 40 kuruş in 1910. Gold coins continued to be minted after the abolition of the gold standard, even into the 1920s, but their value far exceeded the value of the equivalent denominations in paper currency. The central Ottoman Bank first issued paper currency Kaime in 1862, in the denomination of 200
Early American currency 1775. This depreciation of colonial currency was harmful to creditors in Great Britain when colonists paid their debts with money that had lost value. The British Parliament passed several Currency Acts to regulate the paper money issued by the colonies. The Currency Act of 1751 restricted the issue of paper money in New England. It allowed the existing bills to be used as legal tender for public debts (i.e. paying taxes), but disallowed their use for private debts (e.g. for paying merchants). In 1776, British economist Adam Smith criticized colonial bills of credit in his most famous work, "The Wealth