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The Susan B. Anthony Dollar and the Theory of Coin/Note Substitutions

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  • Caskey, John P
  • St Laurent, Simon

Abstract

This paper analyzes governments' attempts to replace circulating notes with coins. It argues that because of network externalities in currency systems, a government cannot simply offer a new coin, such as the Susan B. Anthony dollar, to the public and expect it to circulate, even when the coin/note substitution would benefit the economy. For such a substitution to succeed, a government may need to force the adoption of the coin by withdrawing the competing bill from circulation. Copyright 1994 by Ohio State University Press.

Suggested Citation

  • Caskey, John P & St Laurent, Simon, 1994. "The Susan B. Anthony Dollar and the Theory of Coin/Note Substitutions," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 26(3), pages 495-510, August.
    • Handle: RePEc:mcb:jmoncb:v:26:y:1994:i:3:p:495-510
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    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Why loonies circulate but Susan B. Anthony dollars don't
      by JP Koning in Moneyness on 2014-06-09 01:56:00

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    Cited by:

    1. Sébastien LOTZ & Guillaume ROCHETEAU, 2000. "Launching of a New Currency in a Simple Random Matching Model," Cahiers de Recherches Economiques du Département d'économie 00.10, Université de Lausanne, Faculté des HEC, Département d’économie.
    2. Mine K. Yücel, 1999. "Regional update," Southwest Economy, Federal Reserve Bank of Dallas, issue Nov, pages 1-15.
    3. Hancock, Diana & Humphrey, David B., 1997. "Payment transactions, instruments, and systems: A survey," Journal of Banking & Finance, Elsevier, vol. 21(11-12), pages 1573-1624, December.
    4. Mikael Stenkula, 2003. "Carl Menger and the network theory of money," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 10(4), pages 587-606.
    5. William C. Gruben, 1997. "U.S. inflation and the international economy," Southwest Economy, Federal Reserve Bank of Dallas, issue Jul, pages 1-6.
    6. Mark A. Wynne, 1997. "The economics of one dollar," Southwest Economy, Federal Reserve Bank of Dallas, issue Jul, pages 1-5.
    7. Zaleskiewicz, Tomasz & Gasiorowska, Agata & Kesebir, Pelin & Luszczynska, Aleksandra & Pyszczynski, Tom, 2013. "Money and the fear of death: The symbolic power of money as an existential anxiety buffer," Journal of Economic Psychology, Elsevier, vol. 36(C), pages 55-67.
    8. James J. McAndrews, 1997. "Network issues and payment systems," Business Review, Federal Reserve Bank of Philadelphia, issue Nov, pages 15-25.

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