The Continental Dollar: What Happened to It after 1779?
Congress financed the American Revolution by issuing paper Continental Dollars. The story of the Continental Dollar is familiar to all -- a lot were issued and hyper-inflation ensued. Emissions were permanently discontinued in 1779. Thereafter, they became worthless and were forgotten. They had no impact on subsequent public finance. The veracity of the last part of this story is challenged here. Evidence is presented to establish that the disposition of the Continental Dollar remained an open question well into the 1790s. Evidence is also presented to establish the exact time path of the retirement of Continental Dollars between 1779 and 1790.
|Date of creation:||Feb 2008|
|Date of revision:|
|Publication status:||published as “State Redemption of the Continental Dollar, 1779-90,” William and Mary Quarterly, 3d ser., vol. 69, no. 1 (Jan. 2012), pp. 147-180.|
|Contact details of provider:|| Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.|
Web page: http://www.nber.org
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Farley Grubb, 2007.
"The Net Worth of the US Federal Government, 1784–1802,"
American Economic Review,
American Economic Association, vol. 97(2), pages 280-284, May.
- Farley Grubb, 2007. "The Net Worth of the U.S. Federal Government, 1784-1802," Working Papers 07-02, University of Delaware, Department of Economics.
- 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.
- Farley Grubb, 2007. "The Continental Dollar: How Much Was Really Issued?," NBER Working Papers 13047, National Bureau of Economic Research, Inc.
- Farley Grubb, 2007. "The Continental Dollar: How Much Was Really Issued ?," Working Papers 07-09, University of Delaware, Department of Economics.
- 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.
- Peter M. Garber, 1991.
"Alexander Hamilton's Market Based Debt Reduction Plan,"
NBER Working Papers
3597, National Bureau of Economic Research, Inc.
- Garber, Peter M., 1991. "Alexander Hamilton's market-based debt reduction plan," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 35(1), pages 79-104, January.
When requesting a correction, please mention this item's handle: RePEc:nbr:nberwo:13770. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ()
If references are entirely missing, you can add them using this form.