Reconsidering Colonial Maryland's Bills of Credit 1767–1775

Ronald W. Michener

Econ Journal Watch, 2018, vol. 15, issue 2, 158–167

Abstract: In the Economic History Review, James Celia and Farley Grubb (2016) liken colonial Maryland’s dollar-denominated bills of credit to discount securities, circulating at less than their face value. This note argues that the bills in question circulated at par with specie and were treated as interchangeable with specie dollars. Celia and Grubb arrive at their conclusion by misstating the par of exchange.

Keywords: United States history; British colonies; Maryland; currency; redemption theory; backing theory; money; monetary history (search for similar items in EconPapers)
JEL-codes: E59 N11 N21 N41 (search for similar items in EconPapers)
Date: 2018
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:ejw:journl:v:15:y:2018:i:2:p:158-167

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