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Colonial Virginia's Paper Money Regime, 1755-1774: A Forensic Accounting Reconstruction of the Data

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  • Farley Grubb

    () (Department of Economics, University of Delaware)

Abstract

I reconstruct the data on Virginia's paper money regime using forensic accounting techniques. I correct the existing data on the amounts authorized and outstanding. In addition, I reconstruct yearly data on previously unknown aspects of Virginia's paper money regime, including printings, net new emissions, redemptions and removals, denominational structures, expected tax revenues, and specie accumulating in the treasury for paper money redemption. These new data form the foundation for narratives written on the social, economic, and political history of Virginia, as well as for testing models of colonial paper money performance.

Suggested Citation

  • Farley Grubb, 2015. "Colonial Virginia's Paper Money Regime, 1755-1774: A Forensic Accounting Reconstruction of the Data," Working Papers 15-11, University of Delaware, Department of Economics.
  • Handle: RePEc:dlw:wpaper:15-11
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    File URL: http://www.lerner.udel.edu/sites/default/files/ECON/PDFs/RePEc/dlw/WorkingPapers/2015/UDWP2015-11.pdf
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    References listed on IDEAS

    as
    1. Farley Grubb, 2012. "Is Paper Money Just Paper Money? Experimentation and Variation in the Paper Monies Issued by the American Colonies from 1690 to 1775," NBER Working Papers 17997, National Bureau of Economic Research, Inc.
    2. Hanson, John II, 1980. "Small notes in the American colonies," Explorations in Economic History, Elsevier, vol. 17(4), pages 411-420, October.
    3. Hanson, John R, II, 1979. "Money in the Colonial American Economy: An Extension," Economic Inquiry, Western Economic Association International, vol. 17(2), pages 281-286, April.
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    Cited by:

    1. Farley Grubb, 2016. "Colonial Virginia's Paper Money Regime, 1755-1774: Value Decomposition and Performance," Working Papers 16-01, University of Delaware, Department of Economics.

    More about this item

    Keywords

    bills of credit; data cloning; specie monies; tax revenues; treasury notes;

    JEL classification:

    • C82 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Macroeconomic Data; Data Access
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • N11 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - U.S.; Canada: Pre-1913

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