A debt sparked the founding of Pennsylvania.

After the restoration of the Stuart monarchy in 1660, Charles II of England took the throne. Money was tight at the time, so Sir William Penn, a British admiral, funded the rebuilding of the Royal Navy out of his own pocket.

Charles II was petitioned for repayment by Sir William’s son, also named William Penn, twenty years later. But the younger Penn, who had become a Quaker by this point, requested land in lieu of funds, with a goal toward establishing a place where religious tolerance was rule. The king granted the younger Penn’s request in 1681, and decreed that the territory granted to Penn be named after his father. Thus, Pennsylvania got its name.