Broad point is that inflation is driven by wars, deflation is driven by recessions (1772 financial crisis, etc.).

1680-1681 is a puzzle as is 1741. No idea after reading economic history, war history, pandemic history.
Recession years comes from McCusker's The Economy of British America, Price dataset comes from Historical Statistics of the US.

Nice. Dugger and Peach “Economic Abundance: An Introduction” is a good starting point on the topic.

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James Harvey in his 1865 "The Exchequer Note versus the Sovereign" reached the same conclusion:

The policy was however short sighted because it lead to a major monetary contraction, credit crunch, debt deflation, widespread loss of properties and rise in inequality. Moore is very good at showing that Currency Acts were a major contributor to the rise of the revolutionary spirit. 6/

Given this failed, British creditors lobbied the UK parliament to forbid issuance of bills and to remove their legal tender status. They succeeded at that in the 1751 Currency Act for New England and the 1764 act for the whole colonies. 5/

This is actually a major source of frustration for British creditors that led them to first seek a valorist clause in contract (more bills to provide for fx depreciation), which they did get but the court did not enforce well (because too onerous for debtors) 4/

Moore explains very well that this is incorrect. Bills of credit were made legal tender for sterling debts and debtors did not have to compensate for loss of metal content or exchange rate depreciation. 3/

McCurker states: "In repayment of a debt of, let us say, £100 sterling, the onus was on the debtor to produce enough coin of sufficient weight of metal to equal the sum owed." That is he argues that the colonies operated under a metallist legal framework. 2/

With regulation catching up and a growing expansion of this payment aystem that could threaten financial stability ultimately the Fed will have to intervene to guarantee conversion ability into the dollar and across stablecoin issuers.

Basically a repetition of what happened with private banknotes

1- determination of which issuer is creditworthy (i.e. is willing and able to sustain conversion on demand at par): failure in the payment system
2- ability to convert on stablecoin into another as integration of payment system based on stablecoin develops