Paper Money Riot
The Paper Money Riot, also known as the Exeter Rebellion, happened in Exeter, New Hampshire, on September 20, 1786. After the American Revolution, the new nation was deeply in debt and money was scarce. The Continental Dollar had lost value, and hard currency was hard to come by, making it hard for farmers to pay their debts. A group called the Regulators demanded that New Hampshire print paper money to help the economy.
People held conventions to petition the legislature, but nothing changed. The Regulators grew frustrated and, at times, resorted to violence. About 200 men from Rockingham County marched to Exeter to demand that the General Court print money. They surrounded the meeting house where lawmakers were meeting. Judge Samuel Livermore tried to keep the court going, and John Sullivan, the president of New Hampshire, talked with the mob and urged them to disperse.
The legislature then called up nearby towns to prepare militia. By the next morning, roughly 2,000 militiamen gathered in Exeter. A cavalry unit led by Joseph Cilley moved to block the rebels’ retreat, and the Regulators scattered into the woods. The leaders—Joseph French, James Cochran, and John McKean—were captured and later pardoned.
In the aftermath, the legislature considered a bill to issue paper money, but most towns voted against it. Governor Sullivan banned conventions to petition the government and gave the governor power to call out the militia in unrest. This event, happening around the same time as Shays’ Rebellion, showed problems with the Articles of Confederation and helped push the country toward the Constitutional Convention and, later, the Coinage Act of 1792.
This page was last edited on 3 February 2026, at 18:08 (CET).