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The Continental Dollar
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Book Synopsis GB Continental Currency and Coins by : David Q. Bowers
Download or read book GB Continental Currency and Coins written by David Q. Bowers and published by Whitman Publishing. This book was released on 2021-02-16 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: Only a few weeks after the Shot Heard Round the World, the American Continental Congress authorized its very first issuance of paper money. Continental Currency was based on the hope of a young nation's future and a war for liberty, not on a solid foundation of silver or gold. Despite being plagued by counterfeiting, depreciation, and distrust in the marketplace, this currency marked a great forward step for Britain's freedom-seeking colonies, and its effects on American money would be felt for generations. This Guide Book brings together history, art, and numismatic knowledge to present the complete story of Continental paper money and the mysterious Continental dollar coin (or is it a medal?). Inside you'll find large, full-color images of every Continental Currency bill and 1776 Continental dollars, valuations, market-performance comparison, and historical context for the creation of the currency and the mottoes and emblems shown on these pieces of Revolutionary War history.
Book Synopsis The Continental Dollar by : Farley Grubb
Download or read book The Continental Dollar written by Farley Grubb and published by University of Chicago Press. This book was released on 2023-07-06 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: "An essential new history of America's monetary origins. The Second Continental Congress faced multiple daunting challenges when it was convened in summer 1775. First the assembly had to create a de facto government for the loosely joined colonies that would become the United States. It then had to strategize a war effort for what would become the American Revolution. And it also had to figure out how to pay for all of it-without the benefit of any real legal authority to do so. The Continental Dollar is a sweeping, revelatory new history of how the fledgling United States paid for its first war. Economist Farley Grubb upends the folk telling of this story, in which the US printed cross-colony money, called Continentals, to serve as an early fiat currency-a currency that is not tied to a commodity like gold, but rather to the viability and legal authority of the issuer. As Grubb outlines in rigorous terms, the Continental was not a fiat currency, but a "zero-coupon bond"-a wholly different species of currency that is both value-anchored (one Continental was a promise to pay the holder one milled Spanish silver dollar after a defined future time) and subject to discounting by the issuer if that issuer needs fast capital. Through this lens, and as confirmed by Grubb's exhaustive mining of 18th-century colonial monetary records, the appearance of Continental-dollar depreciation was, in fact, capricious discounting: the US was playing easy money in the face of an expensive war. Drawing on decades of research and careful mining of historical evidence, The Continental Dollar is an essential and authoritative origin story of the early American monetary system. It is certain to serve as the benchmark for critical work in this space for decades to come"--
Book Synopsis The Continental Dollar by : Farley Ward Grubb
Download or read book The Continental Dollar written by Farley Ward Grubb and published by . This book was released on 2007 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 -- excessive amounts were issued causing hyper-inflation. It became worthless and was forgotten. However, the details of this story, including its veracity, are less well known. Scholars even disagree over how much was issued. Evidence is gathered to establish the exact amount and time path of Continental Dollars emitted and then remitted to the U.S. Treasury and burned. Why some Dollars were hoarded rather than trashed between 1779 and 1790 is also documented.
Book Synopsis The Continental Dollar by : Farley Grubb
Download or read book The Continental Dollar written by Farley Grubb and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: 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
Book Synopsis A Continental Dollar by : Emilie Benson Knipe
Download or read book A Continental Dollar written by Emilie Benson Knipe and published by . This book was released on 1923 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Continental Dollar by : Farley Grubb
Download or read book The Continental Dollar written by Farley Grubb and published by . This book was released on 2010 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis A Continental Dollar by : E. B Knipe A. B Knipe
Download or read book A Continental Dollar written by E. B Knipe A. B Knipe and published by Wildside Press LLC. This book was released on 2007-09-01 with total page 394 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Continental Dollar by : Farley Grubb
Download or read book The Continental Dollar written by Farley Grubb and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: An alternative history of the Continental Dollar is constructed from the original resolutions passed by Congress. The Continental Dollar was a zero-interest bearer bond, not a fiat currency. The public could redeem it at face value in specie at fixed future dates. Being a zero-interest bearer bond, discounting must be separated from depreciation. Before 1779 there was no depreciation, only discounting. In 1779 and again in 1780 Congress passed ex post facto laws which altered the redemption dates of past Continental Dollars in ways that were not fiscally credible. These laws were the turning point. Depreciation and collapse followed.
Book Synopsis The Continental Dollar by : Farley Grubb
Download or read book The Continental Dollar written by Farley Grubb and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: An alternative history of the Continental Dollar is constructed from the original resolutions passed by Congress. The Continental Dollar was a zero-interest bearer bond, not a fiat currency. The public could redeem it at face value in specie at fixed future dates. Being a zero-interest bearer bond, discounting must be separated from depreciation. Before 1779 there was no depreciation, only discounting. In 1779 and again in 1780 Congress passed ex post facto laws which altered the redemption dates of past Continental Dollars in ways that were not fiscally credible. These laws were the turning point. Depreciation and collapse followed -- National Bureau of Economic Research web site.
Download or read book The Continental Dollar written by and published by . This book was released on 2008 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Historical Sketch of Continental Paper Money by : Samuel Breck
Download or read book Historical Sketch of Continental Paper Money written by Samuel Breck and published by . This book was released on 1863 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Continental Dollar by : Farley Grubb
Download or read book The Continental Dollar written by Farley Grubb and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this paper is to convince the reader that the Continental dollar was a zero-interest bearer bond and not a fiat currency-thereby overturning 230 years of scholarly interpretation; to show that the public and leading Americans knew and acted on this fact, and to illustrate the ideal performance of the Continental dollar as a zero-interest bearer bond. The purpose of establishing the ideal performance is to create a benchmark against which empirical measures of depreciation can be evaluated in future papers.
Book Synopsis The Continental Dollar by : Farley Grubb
Download or read book The Continental Dollar written by Farley Grubb and published by University of Chicago Press. This book was released on 2023-07-06 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: An illuminating history of America’s original credit market. The Continental Dollar is a revelatory history of how the fledgling United States paid for its first war. Farley Grubb upends the common telling of this story, in which the United States printed cross-colony money, called Continentals, to serve as an early fiat currency—a currency that is not tied to a commodity like gold, but rather to a legal authority. As Grubb details, the Continental was not a fiat currency, but a “zero-coupon bond”—a wholly different species of money. As bond payoffs were pushed into the future, the money’s value declined, killing the Continentals’ viability years before the Revolutionary War would officially end. Drawing on decades of exhaustive mining of eighteenth-century records, The Continental Dollar is an essential origin story of the early American monetary system, promising to serve as the benchmark for critical work for decades to come.
Book Synopsis Common Currency Versus Currency Union by : Farley Ward Grubb
Download or read book Common Currency Versus Currency Union written by Farley Ward Grubb and published by . This book was released on 2015 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: I use denominational structure (the spacing and size of monetary units) to explain how the Continental Congress attempted to manage a successful common currency when sub-national political entities were allowed to have separate currencies and run independent monetary policies. Congress created a common currency that was too large to use in ordinary transactions. Congress hoped this currency would be held for post-war redemption and would not circulate as money during the war. As such, it would not contribute to wartime inflation. By contrast, individual state currencies were emitted in small enough denominations to function as the domestic medium of exchange.
Book Synopsis State Redemption of the Continental Dollar, 1779-1790 by :
Download or read book State Redemption of the Continental Dollar, 1779-1790 written by and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis State redemption of the Continental Dollar, 1779 - 1790 by : Farley Grubb
Download or read book State redemption of the Continental Dollar, 1779 - 1790 written by Farley Grubb and published by . This book was released on 2011 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Continental Dollar Failed to Replace Paper Currency by :
Download or read book Continental Dollar Failed to Replace Paper Currency written by and published by . This book was released on 1979 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
