The Changing Role of Foreign Money in the United States, 1782–1857

David A. Martin

The Journal of Economic History, 1977, vol. 37, issue 4, 1009-1027

Abstract: Foreign money remained in widespread use in the United States until the middle of the nineteenth century. Several foreign coins were provided legal tender status in order to supplement the scanty American specie supply. A particular disadvantage was the perpetuation of non-decimal units of account, especially in New York. When the U.S. enacted a subsidiary silver standard in 1853, the expedient bases for the lawful status of foreign coin was removed. In 1857, the United States coinage was finally reformed to secure an exclusive national currency.

Date: 1977
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