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Banknote prices in the United States prior to 1860

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  • Warren E. Weber
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    Abstract

    This paper examines the pricing of statebank notes prior to 1860 using data on the discounts on these notes as quoted in New York, Philadelphia, Cincinnati, and Cleveland. The study is organized around determining whether these banknotes were priced consistent with their expected net redemption value. It finds a bank’s notes had higher prices when it was redeeming it notes for specie than when is was suspended. However, although prices generally varied inversely with redemption costs, the relationship was not tight and persistent arbitrage opportunities existed.

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    File URL: http://www.minneapolisfed.org/research/common/pub_detail.cfm?pb_autonum_id=976
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    File URL: http://www.minneapolisfed.org/research/wp/wp629.pdf
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    Bibliographic Info

    Paper provided by Federal Reserve Bank of Minneapolis in its series Working Papers with number 629.

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    Date of creation: 2003
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    Publication status: Published in Staff Report 344
    Handle: RePEc:fip:fedmwp:629

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    1. Gorton, Gary, 1999. "Pricing free bank notes," Journal of Monetary Economics, Elsevier, vol. 44(1), pages 33-64, August.
    2. Ravikumar, B & Wallace, Neil, 2002. "A benefit of uniform currency," MPRA Paper 22951, University Library of Munich, Germany.
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