Colonial Maryland's Post-1764 Paper Money: A Reply to Ron Michener

Farley Grubb

Econ Journal Watch, 2018, vol. 15, issue 2, 168–178

Abstract: I answer Ron Michener’s criticisms of my article on colonial Maryland’s paper money regime coauthored with James Celia and published in Economic History Review in 2016. I deconstruct Michener’s criticism and locate where in the article it does and does not apply. I sort out Michener’s position on what determines a money’s value and question its coherence and logic. I also show that his position leads to an outcome that supports our position more strongly than does our own conservative approach. Finally, I explore in detail beyond the 2016 article what determined the fiat money portion of colonial Maryland’s paper money.

Keywords: United States history; British colonies; Maryland; currency; redemption theory; backing theory; money; monetary history (search for similar items in EconPapers)
JEL-codes: E59 N11 N21 N41 (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:ejw:journl:v:15:y:2018:i:2:p:168-178

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