Early Paper Money of America / Massachusetts / 1686
The creation of a private bank to issue bank bills in connection with loans on land was proposed by Rev. John Woodbridge to the Massachusetts Bay Council in 1667, but no action was taken. Massachusetts Bay silver coinage was then in circulation and still being coined. A similar land bank proposal in 1681 did not materialize. In 1686, however, the Council approved such a bank. A rolling press was said to be bought and used “for tyrall of the plates and printing off some bills.” The scheme was abandoned by 1688.