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Experimenting with Paper Money during the English Civil Wars and Interregnum: Monetisation Versus Securitisation, 1643–1663

In: Financial Innovation and Resilience

Author

Listed:
  • D’Maris Coffman

    (University College London)

Abstract

This chapter considers the variety of species of excise-backed paper, as well as various schemes for securitisation and monetisation of the rents from seized royal, episcopal and royalist lands that arose in early modern Britain while the European continent was embroiled in the Thirty Years’ War. These schemes included a proposal for a land bank, which significantly predated the later proposals by Hugh Chamberlen and John Law. Overall, there was an opportunity for the Commonwealth regime to put the system on a sound financial footing, but that proved impossible for political reasons. The difficulty was to come up with a proposal that satisfied simultaneously the Cromwellian Army and the London Common Council, which was lobbying for speedy repayment of their £200,000 loan to the Scots.

Suggested Citation

  • D’Maris Coffman, 2018. "Experimenting with Paper Money during the English Civil Wars and Interregnum: Monetisation Versus Securitisation, 1643–1663," Palgrave Studies in the History of Finance, in: Lilia Costabile & Larry Neal (ed.), Financial Innovation and Resilience, chapter 0, pages 187-197, Palgrave Macmillan.
    • Handle: RePEc:pal:psitcp:978-3-319-90248-7_9
    DOI: 10.1007/978-3-319-90248-7_9
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