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Shortages of small change in early Argentina

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Author Info
Huberto M. Ennis

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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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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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Keywords: Money Silver - Prices Foreign exchange

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  1. Maryann Feldman, 2003. "Book review," The Annals of Regional Science, Springer, vol. 37(1), pages 175-177, 02. [Downloadable!] (restricted)
  2. 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. [Downloadable!] (restricted)
  3. Bordo, Michael D. & Vegh, Carlos A., 2002. "What if Alexander Hamilton had been Argentinean? A comparison of the early monetary experiences of Argentina and the United States," Journal of Monetary Economics, Elsevier, vol. 49(3), pages 459-494, April. [Downloadable!] (restricted)
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  4. Michal S. Gal, 2003. "Book Review," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 11(4), pages 749-750, December. [Downloadable!] (restricted)
  5. Wallace, Neil & Zhou, Ruilin, 1997. "A model of a currency shortage," Journal of Monetary Economics, Elsevier, vol. 40(3), pages 555-572, December. [Downloadable!] (restricted)
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  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. Wallace, Neil, 2003. "Modeling small change: a review article," Journal of Monetary Economics, Elsevier, vol. 50(6), pages 1391-1401, September. [Downloadable!] (restricted)
  8. Libor ŽÌdek, 2003. "Book Review," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 11(3), pages 593-596, 09. [Downloadable!] (restricted)
  9. Thomas J. Sargent & Francois R. Velde, 1997. "The big problem of small change," Working Paper Series, Macroeconomic Issues WP-97-8, Federal Reserve Bank of Chicago. [Downloadable!]
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  10. Hanson, John R, II, 1979. "Money in the Colonial American Economy: An Extension," Economic Inquiry, Oxford University Press, vol. 17(2), pages 281-86, April.
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