Why Was Specie Scarce in Colonial Economies? An Analysis of the Canadian Currency, 1796–1830

Angela Redish

The Journal of Economic History, 1984, vol. 44, issue 3, 713-728

Abstract: Colonial economies suffered from a scarcity of specie that traditionally has been attributed to a chronic external drain. An analysis of the Canadian currency in the early nineteenth century suggests that the explanation for the specie scarcity lies in the multi-coin monetary standard imposed by the currency laws. Gresham's Law accurately predicts the coins that circulated in Canada, and it is concluded that the colonists suffered from a lack of quality rather than quantity of specie.

Date: 1984
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