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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

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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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 13974.

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Date of creation: May 2008
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Handle: RePEc:nbr:nberwo:13974

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  1. 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.
  2. 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.
  3. 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.
  4. 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.
  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 Governments of British North America, 1690-1775: Part I," NBER Working Papers 17997, National Bureau of Economic Research, Inc.
  2. Farley Grubb, 2012. "Chronic Specie Scarcity and Efficient Barter: The Problem of Maintaining an Outside Money Supply in British Colonial America," NBER Working Papers 18099, National Bureau of Economic Research, Inc.

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