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Why Was Specie Scarce in Colonial Economies? An Analysis of the Canadian Currency, 1796–1830

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  • Redish, Angela

Abstract

Colonial economies suffered from a scarcity of specie that traditionally has been attributed to a chronic external drain. An analysis of the Canadian currency in the early nineteenth century suggests that the explanation for the specie scarcity lies in the multi-coin monetary standard imposed by the currency laws. Gresham's Law accurately predicts the coins that circulated in Canada, and it is concluded that the colonists suffered from a lack of quality rather than quantity of specie.

Suggested Citation

  • Redish, Angela, 1984. "Why Was Specie Scarce in Colonial Economies? An Analysis of the Canadian Currency, 1796–1830," The Journal of Economic History, Cambridge University Press, vol. 44(3), pages 713-728, September.
    • Handle: RePEc:cup:jechis:v:44:y:1984:i:03:p:713-728_03
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    Cited by:

    1. Grubb, Farley, 2004. "The circulating medium of exchange in colonial Pennsylvania, 1729-1775: new estimates of monetary composition, performance, and economic growth," Explorations in Economic History, Elsevier, vol. 41(4), pages 329-360, October.
    2. Vincent Geloso & Mathieu Bédard, 2018. "Was Economic Growth Likely in Lower Canada?," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 33(Fall 2018), pages 1-23.
    3. Fernando Cerqueira Lima & Rita Martins de Sousa, 2015. "Production, Supply and Circulation of 'National' Gold Coins in Brazil (1720-1807)," Working Papers GHES - Office of Economic and Social History 2015/56, ISEG - Lisbon School of Economics and Management, GHES - Social and Economic History Research Unit, Universidade de Lisboa.
    4. Jaime Jaramillo & Adolfo Meisel & Miguel Urrutia, 1997. "Continuities and Discontinuites in the Fiscal and Monetary Institucions of New Granada 1783-1850," Borradores de Economia 074, Banco de la Republica de Colombia.
    5. Bordo, Michael D., 1986. "Explorations in monetary history: A survey of the literature," Explorations in Economic History, Elsevier, vol. 23(4), pages 339-415, October.
    6. Bryan P Cutsinger & Vincent Geloso & Mathieu Bédard, 2022. "The wild card: colonial paper money in French North America, 1685 to 1719 [Economic Structure and Agricultural Productivity in Europe, 1300–1800]," European Review of Economic History, European Historical Economics Society, vol. 26(2), pages 185-207.
    7. Xavier Cuadras‐Morató, 2009. "Circulation Of Private Notes During A Currency Shortage," Manchester School, University of Manchester, vol. 77(4), pages 461-478, July.
    8. Farley Grubb, 2012. "Chronic Specie Scarcity and Efficient Barter: The Problem of Maintaining an Outside Money Supply in British Colonial America ," Working Papers 12-08, University of Delaware, Department of Economics.
    9. Huberto M. Ennis, 2003. "Shortages of small change in early Argentina," Working Paper 03-12, Federal Reserve Bank of Richmond.
    10. Farley Grubb, 2004. "The U.S. Constitution and Monetary Powers: An Analysis of the 1787 Constitutional Convention and How a Constitutional Transformation of the Nation's Monetary System Emerged," Working Papers 04-08, University of Delaware, Department of Economics.

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