The Continental Dollar: How the American Revolution was Financed with Paper Money—Chapter 3 Initial Design and Idea Performance

Farley Grubb

No 13-10, Working Papers from University of Delaware, Department of Economics

Abstract: The purpose of Chapter 3 is to convince the reader that the Continental dollar was a zero-interest bearer bond and not a fiat currency—thereby overturning 230 years of scholarly interpretation; to show that the public and leading Americans knew and acted on this fact, and to illustrate the ideal performance of the Continental dollar as a zero-interest bearer bond. The purpose of establishing the ideal performance is to create a benchmark against which empirical measures of depreciation can be evaluated.

Keywords: Bearer Bonds; Continental Congress; Credible Commitment; Depreciation; Discounting; Legal Tender Laws; Paper Money; War Finance (search for similar items in EconPapers)
JEL-codes: E51 E52 E61 E63 H56 H63 N11 N21 N41 (search for similar items in EconPapers)
Pages: 77 pages
Date: 2013
New Economics Papers: this item is included in nep-his, nep-mac and nep-mon
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Citations: View citations in EconPapers (2)

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