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State "Currencies" and the Transition to the U.S. Dollar: Clarifying Some Confusions

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  • Ronald W. Michener
  • Robert E. Wright

Abstract

Farley W. Grubb's recent papers on the early U.S. monetary system would be important contributions to the common currency area literature were not most of their historical assertions questionable and their key assumption—that the medium of exchange can be inferred from the unit of account— dubious. We contend that after 1781 most Americans eschewed government paper money in favor of full-bodied coins and convertible bank liabilities and that, contrary to Grubb's claim, bankers did not foist the constitutional clause banning state emissions onto an unsuspecting public.

Suggested Citation

  • Ronald W. Michener & Robert E. Wright, 2005. "State "Currencies" and the Transition to the U.S. Dollar: Clarifying Some Confusions," American Economic Review, American Economic Association, vol. 95(3), pages 682-703, June.
  • Handle: RePEc:aea:aecrev:v:95:y:2005:i:3:p:682-703
    Note: DOI: 10.1257/0002828054201495
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    References listed on IDEAS

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    1. A. Piatt Andrew, 1904. "The End of the Mexican Dollar," The Quarterly Journal of Economics, Oxford University Press, vol. 18(3), pages 321-356.
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    Cited by:

    1. Peter L. Rousseau, 2010. "Monetary Policy and the Dollar," NBER Chapters,in: Founding Choices: American Economic Policy in the 1790s, pages 121-149 National Bureau of Economic Research, Inc.
    2. Ronald W. Michener & Robert E. Wright, 2006. "Farley Grubb’s Noisy Evasions on Colonial Money: A Rejoinder," Econ Journal Watch, Econ Journal Watch, vol. 3(2), pages 251-274, May.
    3. Ronald W. Michener & Robert E. Wright, 2006. "Miscounting Money of Colonial America," Econ Journal Watch, Econ Journal Watch, vol. 3(1), pages 4-44, January.
    4. Farley Grubb, 2006. "Theory, Evidence, and Belief—The Colonial Money Puzzle Revisited: Reply to Michener and Wright," Econ Journal Watch, Econ Journal Watch, vol. 3(1), pages 45-72, January.
    5. World Bank, 2014. "Global Economic Prospects, June 2014," World Bank Publications, The World Bank, number 18647.
    6. Stephen F. Quinn & William Roberds, 2008. "The evolution of the check as a means of payment: a historical survey," Economic Review, Federal Reserve Bank of Atlanta.
    7. Farley Grubb, 2006. "Benjamin Franklin and Colonial Money: A Reply to Michener and Wright—Yet Again," Econ Journal Watch, Econ Journal Watch, vol. 3(3), pages 484-510, September.

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