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Creating Maryland’s Paper Money Economy, 1720-1739: The Role of Power, Print, and Markets

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  • Farley Grubb

    ()
    (Department of Economics,University of Delaware)

Abstract

The British North American colonies were the first western economies to rely on legislature-issued fiat paper money as their principal internal medium of exchange. This system arose piecemeal across the colonies making the paper money creation story for each colony unique. It was true monetary experimentation on a grand scale. The creation story for Maryland, perhaps the most unique among the colonies, is analyzed to evaluate how market forces, media influences, and the power of various constituents combined to shape its particular paper money system.

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File URL: http://www.nber.org/papers/w13974
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Bibliographic Info

Paper provided by University of Delaware, Department of Economics in its series Working Papers with number 08-16.

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Length: 60 pages
Date of creation: 2008
Date of revision:
Handle: RePEc:dlw:wpaper:08-16.

Contact details of provider:
Postal: Purnell Hall, Newark, Delaware 19716
Phone: (302) 831-2565
Fax: (302) 831-6968
Web page: http://www.lerner.udel.edu/departments/economics/department-economics/
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Related research

Keywords: Colonial Maryland; Commodity Money; Dual Currency; Economic History; Export Controls; Monetary Policy; Paper Money; Tax Policy; Tobacco Trade.;

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  1. Grubb, Farley, 2004. "The circulating medium of exchange in colonial Pennsylvania, 1729-1775: new estimates of monetary composition, performance, and economic growth," Explorations in Economic History, Elsevier, vol. 41(4), pages 329-360, October.
  2. Smith, Bruce D, 1985. "Some Colonial Evidence on Two Theories of Money: Maryland and the Carolinas," Journal of Political Economy, University of Chicago Press, vol. 93(6), pages 1178-1211, December.
  3. Farley Grubb, 2003. "Creating the U.S. Dollar Currency Union, 1748–1811: A Quest for Monetary Stability or a Usurpation of State Sovereignty for Personal Gain?," American Economic Review, American Economic Association, vol. 93(5), pages 1778-1798, December.
  4. Schweitzer, Mary Mckinney, 1980. "Economic Regulation and the Colonial Economy: The Maryland Tobacco Inspection Act of 1747," The Journal of Economic History, Cambridge University Press, vol. 40(03), pages 551-569, September.
  5. Mirowski, Philip, 1981. "The Rise (and Retreat) of a Market: English Joint Stock Shares in the Eighteenth Century," The Journal of Economic History, Cambridge University Press, vol. 41(03), pages 559-577, September.
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Cited by:
  1. Farley Grubb, 2012. "Is Paper Money just Paper Money/ Experimentation and Local Variation in the Fiat Paper Monies Issued by the Colonial Government of British North America, 1690-1775: Part I," Working Papers 12-07, University of Delaware, Department of Economics.
  2. Farley Grubb, 2012. "Chronic Specie Scarcity and Efficient Barter: The Problem of Maintaining an Outside Money Supply in British Colonial America ," Working Papers 12-08, University of Delaware, Department of Economics.

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