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. Â 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.
General
Imprint: |
University of Chicago Press
|
Country of origin: |
United States |
Series: |
Markets and Governments in Economic History |
Release date: |
July 2023 |
First published: |
2023 |
Authors: |
Farley Grubb
|
Dimensions: |
229 x 152 x 28mm (L x W x T) |
Format: |
Hardcover
|
Pages: |
296 |
ISBN-13: |
978-0-226-82603-5 |
Categories: |
Books
|
LSN: |
0-226-82603-1 |
Barcode: |
9780226826035 |
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