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Privately Issued Money in the US

Matthew Jaremski ()

No 2017-05, Working Papers from Department of Economics, Colgate University

Abstract: In recent years, there has been a revival of privately issued money. Due to the general lack of successful or even widely circulating private currency, it can be challenging to get a clear view of its efficiency using modern data. The U.S. historical period, however, offers a unique environment to examine the topic as private bank money made up a sizable portion of the money supply. Moreover, the period presents a wide range of regulation, including spans with and without the presence of a central bank or monetary authority. This chapter begins by highlighting the general history of privately issued money in the United States from 1790 through its elimination in the 1930s. Topics include the rise of state bank notes, the switch to national bank notes, clearinghouse currency, the Aldrich-Vreeland emergency currency associations, and the decline of private currency. It then examines open topics in the literature and provides suggestions for study going forward.

Keywords: private currency; banks; bank notes; clearinghouses; and financial regulation (search for similar items in EconPapers)
JEL-codes: E42 G21 N11 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-his, nep-mac, nep-mon and nep-pay
Date: 2017-09-20, Revised 2017-09-20
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