year, 1686, with further issues in later years. The Governor, Louis de Buade de Frontenac, gradually saw the value of the paper currency and agreed to the expanded use, but as time went by, the use of card money contributed to a rise of inflation. In 1717, the colonial government withdrew all card money from circulation, redeeming the cards at 50% of their face value, and burning the cards. The withdrawal of card money did not solve the problem of a chronic shortage of coinage. In 1722, the government introduced copper coins, but they were not well received. The lack of coinage contributed to a recession. In 1729, the continued shortage of coinage led to the reintroduction of card money, this time with the approval of the French government. The amount of new card money was initially strictly controlled and the card money was redeemable as bills of exchange in France. This approach reduced the need to transport coinage across the Atlantic. Although referred to as "card money", this issue did not actually use playing cards, but rather plain card stock. The colonial government also issued promissory notes payable by the treasury, termed ordonnances de paiement which also circulated as currency. However, given the state of the French finances, the government relied increasingly on treasury bills to finance the wars. By 1760, the treasury notes totalled 30million livres, and the amount of paper money circulating in the colony was fifteen times greater than in 1750. The new card money and the ordonnances de paiement were initially successful. However, the gradual deterioration of the finances of the French government over the first half of the 18th century and the expenses of the Seven Years' War with Britain triggered a rapid increase in the amount of paper money in circulation in the 1750s. That in turn meant that inflation became a problem, as noted by Governor Montcalm in a dispatch to the French government. The declining confidence in the paper money meant coinage was increasingly hoarded, an application of Gresham's law. The paper money issued by the colonial government continued to depreciate, especially once the French government suspended redemption of the card money until after the end of the war with Britain. French coinage The French government continued to ship coinage to the colonies in the 18th century, such as the gold Louis d'or. Although in short supply, French coinage continued to