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Gresham's Law in Nineteenth-Century America

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  • Greenfield, Robin L
  • Rockoff, Hugh

Abstract

This paper examines several nineteenth-century American tests of Gresham's law. These tests include both the conflict between the U.S. silver dollar and foreign silver dollars in the early national period and the conflict between the greenback dollar and the gold dollar during the Civil War and its aftermath. The authors find that Gresham's law worked well and that a rival view, which considers the natural outcome of such conflicts to be the concurrent circulation of cheap money at face value and dear money at a varying premium, did not. Copyright 1995 by Ohio State University Press.

Suggested Citation

  • Greenfield, Robin L & Rockoff, Hugh, 1995. "Gresham's Law in Nineteenth-Century America," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 27(4), pages 1086-1098, November.
    • Handle: RePEc:mcb:jmoncb:v:27:y:1995:i:4:p:1086-98
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    Cited by:

    1. François R. Velde & Warren E. Weber & Randall Wright, 1999. "A Model of Commodity Money, with Applications to Gresham's Law and the Debasement Puzzle," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 2(1), pages 291-323, January.
    2. Xu, Chenzi & Yang, He, 2024. "Real effects of supplying safe private money," Journal of Financial Economics, Elsevier, vol. 157(C).
    3. Li, Ling-Fan, 2009. "After the Great Debasement, 1544-51: did Gresham’s Law apply?," Economic History Working Papers 27874, London School of Economics and Political Science, Department of Economic History.
    4. 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.
    5. Li, Yiting, 2002. "Government transaction policy and Gresham's law," Journal of Monetary Economics, Elsevier, vol. 49(2), pages 435-453, March.
    6. Gary Pecquet & Clifford Thies, 2010. "Money in occupied New Orleans, 1862–1868: A test of Selgin’s “salvaging” of Gresham’s Law," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 23(2), pages 111-126, June.
    7. Amelia Carolina Sparavigna, 2014. "Some Notes on the Gresham's Law of Money Circulation," International Journal of Sciences, Office ijSciences, vol. 3(02), pages 80-91, February.
    8. Farley Grubb, 2006. "Benjamin Franklin and Colonial Money: A Reply to Michener and Wright—Yet Again," Econ Journal Watch, Econ Journal Watch, vol. 3(3), pages 484-510, September.

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