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Am involved with research on French assignats - their rapidly depreciating paper money of the 1790s. Came across several letters from Thomas Jefferson to French government promising USA will not attempt to pay off debts to France with assignats. My question -- are there sources in English or French dealing with foreign exchange issues in 1790's America? I did not think assignats had any value outside of France, but have also come across a PA law suit involving a bill drawn on Paris, sold by one merchant to another, and when redeemed in assignats, leading to the court case. Some of this paper money crossed the Atlantic, depreciating significantly during the voyage, and then was accepted for some value once here. What value? Who would accept such? I'm guessing anyone who took assignats was very unhappy once they uncovered their value. Jefferson asked Morris to inform him in "every letter" as to the specie value of assignats, so as to inform US Customs Houses. So, what did Uncle Sam do with this paper if we were not going to use it to pay down official French debts? Fob it off on private debts? I will start with reports from American diplomats in Paris, which my university has on microfilm. I'll bet I'm missing something basic, and hope my elder brothers and sisters will help. Any advice appreciated, I know so little about American history, I can hardly tell a Federalist from a Democratic Republican! John P. Dunn Valdosta State University
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