The Continental Dollar: How the American Revolution was Financed with Paper Money--Initial Design and Ideal Performance

Farley Grubb

No 19577, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: The purpose of this paper 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 in future papers.

JEL-codes: E51 E52 E61 E63 H56 H63 N11 N21 N41 (search for similar items in EconPapers)
Date: 2013-10
New Economics Papers: this item is included in nep-his, nep-mac and nep-mon
Note: DAE
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Published as Farley Grubb, The Continental Dollar: How the American Revolution was Financed with Paper Money (Chicago: University of Chicago Press, 2023).

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