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State Redemption of the Continental Dollar, 1779-1790

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  • Farley Grubb

Abstract

Remittances of Continental Dollars to the national treasury from each state by year from 1779 through 1789 are used to determine state compliance with congressional resolutions regarding Continental-Dollar redemption. From 1781 through 1789, the states as a whole stayed well ahead of the remittance schedule set by Congress in 1779. Individual state compliance, however, varied considerably. By the time Congress changed redemption requirements with the Funding Act of 4 August 1790, a majority of the net new Continental Dollars ever emitted by Congress had already been redeemed by the states and remitted to the national treasury to be burned.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 17209.

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Date of creation: Jul 2011
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Publication status: published as “State Redemption of the Continental Dollar, 1779 - 90, ” W illiam and Mary Quarterly , 3d ser., vol. 69, no. 1 ( Jan. 2012), pp. 147 - 180.
Handle: RePEc:nbr:nberwo:17209

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  1. Farley Grubb, 2007. "The Continental Dollar: How Much Was Really Issued ?," Working Papers, University of Delaware, Department of Economics 07-09, University of Delaware, Department of Economics.
  2. Calomiris, Charles W., 1988. "Institutional Failure, Monetary Scarcity, and the Depreciation of the Continental," The Journal of Economic History, Cambridge University Press, Cambridge University Press, vol. 48(01), pages 47-68, March.
  3. Farley Grubb, 2008. "The Distribution of Congressional Spending During the American Revolution, 1775-1780: The Problem of Geographic Balance," Working Papers, University of Delaware, Department of Economics 08-21, University of Delaware, Department of Economics.
  4. Alvin Rabushka, 2008. "Introduction to Taxation in Colonial America
    [Taxation in Colonial America]
    ," Introductory Chapters, Princeton University Press, Princeton University Press.
  5. Baack, Ben, 2008. "America's first monetary policy: inflation and seigniorage during the Revolutionary War," Financial History Review, Cambridge University Press, Cambridge University Press, vol. 15(02), pages 107-121, October.
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Cited by:
  1. Peter L. Rousseau, 2013. "Politics on the road to the U.S. monetary union," Vanderbilt University Department of Economics Working Papers, Vanderbilt University Department of Economics 13-00006, Vanderbilt University Department of Economics.
  2. George J. Hall & Thomas J. Sargent, 2013. "Fiscal Discriminations in Three Wars," Working Papers, Brandeis University, Department of Economics and International Businesss School 56, Brandeis University, Department of Economics and International Businesss School.
  3. 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, National Bureau of Economic Research, Inc 17997, National Bureau of Economic Research, Inc.
  4. Elizabeth Brainerd & Nidhiya Menon, 2013. "Religion and Health in Early Childhood: Evidence from the Indian Subcontinent," Working Papers, Brandeis University, Department of Economics and International Businesss School 65, Brandeis University, Department of Economics and International Businesss School.

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