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Reconsidering Colonial Maryland's Bills of Credit 1767–1775

Author

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  • Ronald W. Michener

Abstract

In the Economic History Review, James Celia and Farley Grubb (2016) liken colonial Maryland’s dollar-denominated bills of credit to discount securities, circulating at less than their face value. This note argues that the bills in question circulated at par with specie and were treated as interchangeable with specie dollars. Celia and Grubb arrive at their conclusion by misstating the par of exchange.

Suggested Citation

  • Ronald W. Michener, 2018. "Reconsidering Colonial Maryland's Bills of Credit 1767–1775," Econ Journal Watch, Econ Journal Watch, vol. 15(2), pages 158–167-1, May.
    • Handle: RePEc:ejw:journl:v:15:y:2018:i:2:p:158-167
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    References listed on IDEAS

    as
    1. Grubb, Farley, 2016. "Colonial New Jersey Paper Money, 1709–1775: Value Decomposition and Performance," The Journal of Economic History, Cambridge University Press, vol. 76(04), pages 1216-1232, December.
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    Citations

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    Cited by:

    1. Farley Grubb, 2018. "Colonial Maryland's Post-1764 Paper Money: A Reply to Ron Michener," Econ Journal Watch, Econ Journal Watch, vol. 15(2), pages 168–178-1, May.
    2. Farley Grubb, 2020. "Colonial New Jersey’s Paper Money, 1709–1775: Why Ronald Michener Insists on Using Uncorrected Data—A Reply," Econ Journal Watch, Econ Journal Watch, vol. 17(1), pages 1-71–89, March.

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    More about this item

    Keywords

    United States history; British colonies; Maryland; currency; redemption theory; backing theory; money; monetary history;
    All these keywords.

    JEL classification:

    • N11 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - U.S.; Canada: Pre-1913
    • N21 - Economic History - - Financial Markets and Institutions - - - U.S.; Canada: Pre-1913
    • N41 - Economic History - - Government, War, Law, International Relations, and Regulation - - - U.S.; Canada: Pre-1913
    • E59 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Other

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