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The Significance of Unaccounted Currencies

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  • Timberlake, Richard H.

Abstract

This paper uses numismatic sources to estimate the volume of unaccounted currency issued during the middle two quarters of the nineteenth century. “Unaccounted currency†includes any currency issued by private business firms and by municipal and state governments. This money, unlike state bank notes and deposits and federal government currencies, was issued illegally, and not recorded in conventional statistical sources. Exact quantification, therefore, is next to impossible. The principal significance of this phenomenon is the credibility it gives to private competitive issues of money.

Suggested Citation

  • Timberlake, Richard H., 1981. "The Significance of Unaccounted Currencies," The Journal of Economic History, Cambridge University Press, vol. 41(4), pages 853-866, December.
    • Handle: RePEc:cup:jechis:v:41:y:1981:i:04:p:853-866_04
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    Cited by:

    1. Elaine Tan, 2011. "Scrip as private money, monetary monopoly, and the rent‐seeking state in Britain," Economic History Review, Economic History Society, vol. 64(1), pages 237-255, February.
    2. Irene Sotiropoulou, 2012. "Marketing a Vintage Carpet in a Free Bazaar and Other Stories On/Off Value," Working Papers 1206, University of Crete, Department of Economics.
    3. Rösl, Gerhard, 2006. "Regionalwährungen in Deutschland: Lokale Konkurrenz für den Euro?," Discussion Paper Series 1: Economic Studies 2006,43, Deutsche Bundesbank.

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