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The Extent of the Market for Early American Banknotes

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  • Bodenhorn, Howard

Abstract

Using data on interbank relationships and note holdings in Pennsylvania, I estimate the probability that a bank will redeem the notes of other banks by the distance separating them. If two banks were separated by 50 miles, there was a 40 percent probability that a bank would hold the notes of another at a given time. At 200 miles, the estimated probability is virtually zero. My analysis of notes discounted by a small-town, Connecticut banknote broker reveals that distant notes were offered by travelers and traders who moved along the era’s principal waterways.

Suggested Citation

  • Bodenhorn, Howard, 2026. "The Extent of the Market for Early American Banknotes," The Journal of Economic History, Cambridge University Press, vol. 86(3), pages -1, September.
    • Handle: RePEc:cup:jechis:v:86:y:2026:i:3:p:_1
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