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State "Currencies" and the Transition to the U.S. Dollar: Clarifying Some Confusions

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  • Ronald W. Michener
  • Robert E. Wright
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    Abstract

    Farley W. Grubb's recent papers on the early U.S. monetary system would be important contributions to the common currency area literature were not most of their historical assertions questionable and their key assumption—that the medium of exchange can be inferred from the unit of account— dubious. We contend that after 1781 most Americans eschewed government paper money in favor of full-bodied coins and convertible bank liabilities and that, contrary to Grubb's claim, bankers did not foist the constitutional clause banning state emissions onto an unsuspecting public.

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    Bibliographic Info

    Article provided by American Economic Association in its journal American Economic Review.

    Volume (Year): 95 (2005)
    Issue (Month): 3 (June)
    Pages: 682-703

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    Handle: RePEc:aea:aecrev:v:95:y:2005:i:3:p:682-703

    Note: DOI: 10.1257/0002828054201495
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    Cited by:
    1. Peter L. Rousseau, 2010. "Monetary Policy and the Dollar," NBER Chapters, in: Founding Choices: American Economic Policy in the 1790s, pages 121-149 National Bureau of Economic Research, Inc.
    2. Stephen Quinn & William Roberds, 2008. "The evolution of the check as a means of payment: a historical survey," Economic Review, Federal Reserve Bank of Atlanta.

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