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National bank notes and silver certificates

Author

Listed:
  • Bruce A. Champ
  • James B. Thomson

Abstract

From 1883 to 1892, the circulation of national bank notes in the United States fell nearly 50 percent. Previous studies have attributed this to supply-side factors that led to a decline in the profitability of note issue during this period. This paper provides an alternative explanation. The decline in note issue was, in large part, demand-driven. The presence of a competing currency with superior features caused the public to substitute away from national bank notes.

Suggested Citation

  • Bruce A. Champ & James B. Thomson, 2006. "National bank notes and silver certificates," Working Papers (Old Series) 0622, Federal Reserve Bank of Cleveland.
    • Handle: RePEc:fip:fedcwp:0622
    DOI: 10.26509/frbc-wp-200622
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    Cited by:

    1. Jaremski, Matthew, 2017. "Privately Issued Money in the US," Working Papers 2017-05, Department of Economics, Colgate University, revised 20 Sep 2017.
    2. Stephen F. Quinn & William Roberds, 2008. "The evolution of the check as a means of payment: a historical survey," Economic Review, Federal Reserve Bank of Atlanta, vol. 93(4).

    More about this item

    Keywords

    Paper money; National bank notes; Silver;
    All these keywords.

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