The Continental Dollar: How Much Was Really Issued?
The U.S. Congress issued paper money called Continental Dollars to finance the American Revolution. The story of the Continental Dollar is familiar to all -- a lot were issued and hyper-inflation ensued. However, the details of this story are less well known. Scholars even disagree over how much was issued -- disagree by over 50 percent. Meaningful monetary analysis of the Continental Dollar cannot proceed given this confusion in the data. Evidence is gathered here to reconcile past estimates and establish the exact amount and time path of Continental Dollars emitted thereby overcoming the entropy that has crept into the historical record.
|Date of creation:||Apr 2007|
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|Publication status:||published as Grubb, Farley, 2008. "The Continental Dollar: How Much Was Really Issued?," The Journal of Economic History, Cambridge University Press, vol. 68(01), pages 283-291, March.|
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"Alexander Hamilton's Market Based Debt Reduction Plan,"
NBER Working Papers
3597, National Bureau of Economic Research, Inc.
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- 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.
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