Note 4 — THE ELIZABETH.
Reading edition
Massachusetts began the issue of provincial paper money in 1690, and continued it till 1748. Its bills of credit were distinguished, according to the form of these promises to pay, into three varieties: old tenor (issues of 1690-1737), middle tenor (1737-1740), and new tenor (1740-1748). New tenor bills, here spoken of, were at this date valued at about one-tenth of the corresponding sum in specie.