State Redemption of the Continental Dollar, 1779-1790

Farley Grubb

No 17209, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: Remittances of Continental Dollars to the national treasury from each state by year from 1779 through 1789 are used to determine state compliance with congressional resolutions regarding Continental-Dollar redemption. From 1781 through 1789, the states as a whole stayed well ahead of the remittance schedule set by Congress in 1779. Individual state compliance, however, varied considerably. By the time Congress changed redemption requirements with the Funding Act of 4 August 1790, a majority of the net new Continental Dollars ever emitted by Congress had already been redeemed by the states and remitted to the national treasury to be burned.

JEL-codes: E42 E51 H11 N11 N21 N41 (search for similar items in EconPapers)
Date: 2011-07
Note: DAE
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (7)

Published as “State Redemption of the Continental Dollar, 1779 - 90, ” W illiam and Mary Quarterly , 3d ser., vol. 69, no. 1 ( Jan. 2012), pp. 147 - 180.

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Working Paper: State Redemption of the Continental Dollar, 1779-1790 (2011)
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