This chart shows the declining monthly value of two emissions of paper dollars from January 1777 to October 1781 as stipulated by the government of Massachusetts. In January 1777, 105 paper dollars were equal in buying power to $100 in silver or gold. In April 1780, 4,000 paper dollars were needed to equal the buying power of $100 in gold or silver. Such a chart was needed when debtors and creditors settled accounts contracted at one time and paid off later in greatly depreciated dollars. Courtesy, American Antiquarian Society.