National bank notes and silver certificates

Bruce Champ () and James B. Thomson ()

No 622, Working Paper from Federal Reserve Bank of Cleveland

Abstract: From 1883 to 1892, the circulation of national bank notes in the United States fell nearly 50 percent. Previous studies have attributed this to supply-side factors that led to a decline in the profitability of note issue during this period. This paper provides an alternative explanation. The decline in note issue was, in large part, demand-driven. The presence of a competing currency with superior features caused the public to substitute away from national bank notes.

Keywords: Paper money; National bank notes; Silver (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ban, nep-his, nep-mac and nep-mon
Date: 2006
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