NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The Continental Dollar: How the American Revolution was Financed with Paper Money--Initial Design and Ideal Performance

Farley Grubb

NBER Working Paper No. 19577
Issued in October 2013
NBER Program(s):   DAE

The purpose of this paper is to convince the reader that the Continental dollar was a zero-interest bearer bond and not a fiat currency--thereby overturning 230 years of scholarly interpretation; to show that the public and leading Americans knew and acted on this fact, and to illustrate the ideal performance of the Continental dollar as a zero-interest bearer bond. The purpose of establishing the ideal performance is to create a benchmark against which empirical measures of depreciation can be evaluated in future papers.

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Document Object Identifier (DOI): 10.3386/w19577

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