<P> The Currency Act of 1764 ( 4 Geo . III c. 34 ) extended the 1751 Act to all of the British colonies of North America . Unlike the earlier Act , this statute did not prohibit the colonies from issuing paper money , but it did forbid them from designating future currency emissions as legal tender for public and private debts . This tight money policy created financial difficulties in the colonies , where gold and silver were in short supply . Benjamin Franklin , a colonial agent in London , lobbied for repeal of the Act over the next several years , as did other agents . The act arose when Virginia farmers continued to import during the French and Indian War . Virginia issued 250,000 pounds in bills of credit to finance both public and private debts . This legislation differed from the 1751 act in that it prohibited the colonists from designating paper currency for use as payment for any debts , public or private . Parliament did not , however , prohibit the colonists from issuing paper money . The Act was put into place as a hedge against risks associated with economic fluctuations and uncertainty . </P>
who was involved in the currency act of 1764
all of the British colonies of North America