"It is a depreciated currency, much debased with counterfeit, a strange trouble of our land.

Another was to delay actual payments, pay soldiers and suppliers in depreciated currency, and promise it would be made good after the war.

Business leaders who borrowed money were happy to pay it back later with depreciated currency, while lenders sought reforms to stabilize the currency.

After all, legally or not, Russians already hold more dollars than rubles, or $40 billion versus just $8.6 billion of their own depreciated currency.

Connecticut was the great source of provisions for the army of the Revolution, but payment with a depreciated currency brought severe economic hardship to the state.

Private investors, fearing repayment of their debts in depreciated currency, are no longer eager to put the next round of import bills on the tab.

The Government's fiscal deficit accelerated with it, as Argentines settled tax liabilities incurred months before in badly depreciated currency.

The public's fear of getting stuck with depreciated currency proved self-fulfilling, as anxious Argentines rushed to exchange Argentine australs for dollars.

For South Korea, one of the few positive consequences of a depreciated currency is the way it makes exports cheap overseas, while making imports much more expensive.

However, the estate was not closed until 1808, and Pendleton's decision to pay debts owed the Commonwealth in depreciated currency produced a famous legal decision concerning federal/state relations.

During and after the Revolutionary War, Pendleton allowed certain debtor beneficiaries to repay in depreciated currency, which led to a famous legal decision by George Wythe.

They also tended to side with the expansionists on the recurring problems with the local money, whose inflation tended to favor their ability to repay debts in depreciated currency.

If, for example, domestic businesses take advantage of the depreciated currency - which makes foreign imports more expensive - to raise wages and prices, then the benefit of depreciation will go for naught.

At the same time, the BoP curve shifts rightward, since with a depreciated currency it takes a lower interest rate or higher income level to give a zero balance of payments surplus (which is what the curve describes).