Arthur Irwin in the Forfeited Estates, Inventory and Sales for the Account of Case Received from Several Purchases of the Confiscated Estates in Bucks County since the 23 August 1779 and the times of the payment of the purchase money.
On 12 October 1779, Cash received of Arthur Irwin in full for £sd 4,200 pounds, of purchase from confiscated estate.
During the Revolutionary War years, 1775-1783, there was very little hard cash (specie) in the new states. Paper money (currency) was printed both by the Continental Congress and by the individual states, but rarely, if ever, was there sufficient specie or bullion in the Continental or state treasuries to back up these issues of paper money. The saying, "Not worth a Continental," is based on the public lack of faith in the paper money which was issued between the outbreak of the Revolution in 1775 and the ratification of the United States Constitution in 1789. A depreciation in the value of paper money resulted in an inflationary situation. At one point, near the end of the war, one dollar in gold or silver was worth $800 in paper money.
Each state issued paper money which also circulated in neighboring states at varying rates. Then there was Continental paper currency backed by nothing but a pittance of funds in the treasury. As the Revolution dragged on, all paper money lost value — and inflation skyrocketed.
It hath been customary to repay The Charge of Depreciation Certificates recorded by the Agents of Forfeited Estates in State Money of 7 April 1781.
Arthur Irwin on October 10, 1783 paid in State Money, £sd 10 pounds, 0 shillings and 0 pence for Depreciated Certificates in a purchase from confiscated estate to George Wall Esquire, Agent for forfeited Estates in the County of Bucks.
Draught of Arthur Irwin’s tract of land situated in Newberry Township in the county of York, Pennsylvania on 18 May 1780 with Latitude North 44 and Longitude West 90.