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State Redemption of the Continental Dollar, 1779-1790

  • Farley Grubb


    (Department of Economics,University of Delaware)

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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Paper provided by University of Delaware, Department of Economics in its series Working Papers with number 11-08.

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Length: 46 pages
Date of creation: 2011
Date of revision:
Publication status: Published in William and Mary Quarterly, 3d ser., vol. 69, no. 1 (Jan. 2012), pp. 147-180.
Handle: RePEc:dlw:wpaper:11-08.
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  1. Alvin Rabushka, 2008. "Introduction to Taxation in Colonial America
    [Taxation in Colonial America]
    ," Introductory Chapters, Princeton University Press.
  2. Calomiris, Charles W., 1988. "Institutional Failure, Monetary Scarcity, and the Depreciation of the Continental," The Journal of Economic History, Cambridge University Press, vol. 48(01), pages 47-68, March.
  3. Farley Grubb, 2007. "The Continental Dollar: How Much Was Really Issued ?," Working Papers 07-09, University of Delaware, Department of Economics.
  4. Farley Grubb, 2008. "The Distribution of Congressional Spending During the American Revolution, 1775-1780: The Problem of Geographic Balance," NBER Working Papers 14267, National Bureau of Economic Research, Inc.
  5. Baack, Ben, 2008. "America's first monetary policy: inflation and seigniorage during the Revolutionary War," Financial History Review, Cambridge University Press, vol. 15(02), pages 107-121, October.
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