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The Paper Money of Colonial North Carolina, 1712–74: Reconstructing the Evidence

Author

Listed:
  • Cory Cutsail
  • Farley Grubb

Abstract

Beginning in 1712, North Carolina’s assembly emitted its own paper money and maintained some amount of paper money in public circulation for the rest of the colonial period. Yet, data on colonial North Carolina’s paper money regime in the current literature are thin and often erroneous. We correct that here. We forensically reconstruct North Carolina’s paper money regime from original sources—providing yearly quantitative data on printings, net new emissions, redemptions and removals, and amounts remaining in public circulation. These new data provide the basis for future economic, political, and social histories of colonial North Carolina.

Suggested Citation

  • Cory Cutsail & Farley Grubb, 2018. "The Paper Money of Colonial North Carolina, 1712–74: Reconstructing the Evidence," NBER Working Papers 25260, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:25260
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    More about this item

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • N11 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - U.S.; Canada: Pre-1913
    • N21 - Economic History - - Financial Markets and Institutions - - - U.S.; Canada: Pre-1913

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