Dollar-Sterling Mint Parity and Exchange Rates, 1791–1834

Lawrence Officer ()

The Journal of Economic History, 1983, vol. 43, issue 3, 579-616

Abstract: Two series of the dollar-sterling exchange rate are presented for the 1791–1834 period, both series based on actual transactions and corrected for the component of interest in bills of exchange and for episodes of floating exchange rates. Expressed as deviations from a true parity measure and conjoined with existing data for 1835–1900, the series permit an examination of the stability of the gold points over the entire nineteenth century. The steady narrowing of metallic points, previously found for 1835–1900 and confirmed here, does not apply to the earlier period; but evidence suggests that movement to an integrated market in foreign exchange developed in the 1820s.

Date: 1983
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