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Shortages of small change in early Argentina

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  • Huberto M. Ennis

Abstract

In this note I review evidence suggesting that shortages of small change occurred in the territory of Argentina during the end of the eighteenth and the beginning of the nineteenth centuries. For the colonial period (until 1810) the main pieces of evidence are: (i) the widespread use of informal means of payment, (ii) the difficulties faced in retiring from circulation low quality subsidiary coins, and (iii) the numerous official resolutions banning the exporting of fractional money from the colonies. For the period from 1810 to 1825, the episodes surrounding the introduction of copper coins in 1821 and the issuing of low denomination circulating bank notes in 1823 appear as the main supporting evidence.

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Bibliographic Info

Paper provided by Federal Reserve Bank of Richmond in its series Working Paper with number 03-12.

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Date of creation: 2003
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Handle: RePEc:fip:fedrwp:03-12

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Related research

Keywords: Money ; Silver - Prices ; Foreign exchange;

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  1. Hanson, John R, II, 1979. "Money in the Colonial American Economy: An Extension," Economic Inquiry, Western Economic Association International, vol. 17(2), pages 281-86, April.
  2. Sargent, Thomas J & Velde, Francois R, 1999. "The Big Problem of Small Change," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 31(2), pages 137-61, May.
  3. Michael D. Bordo & Carlos A. Vegh, 1998. "What If Alexander Hamilton Had Been Argentinean? A Comparison of the Early Monetary Experiences of Argentina and the United States," NBER Working Papers 6862, National Bureau of Economic Research, Inc.
  4. Wallace, Neil, 2003. "Modeling Small Change: A Review Article," Working Papers 9-03-3, Pennsylvania State University, Department of Economics.
  5. Redish, Angela, 1984. "Why Was Specie Scarce in Colonial Economies? An Analysis of the Canadian Currency, 1796–1830," The Journal of Economic History, Cambridge University Press, vol. 44(03), pages 713-728, September.
  6. Michael D. Bordo & Carlos A. Vegh, 1997. "If Only Alexander Hamilton Had Been Argentinean: A Comparison of the Early Monetary Experiences of Argentina and the United States," Departmental Working Papers 199511, Rutgers University, Department of Economics.
  7. Neil Wallace & Ruilin Zhou, 1996. "A model of a currency shortage," Working Papers 569, Federal Reserve Bank of Minneapolis.
  8. Libor ŽÌdek, 2003. "Book Review," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 11(3), pages 593-596, 09.
  9. Wallace, Neil, 2003. "Modeling small change: a review article," Journal of Monetary Economics, Elsevier, vol. 50(6), pages 1391-1401, September.
  10. Kareken, John & Wallace, Neil, 1981. "On the Indeterminacy of Equilibrium Exchange Rates," The Quarterly Journal of Economics, MIT Press, vol. 96(2), pages 207-22, May.
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