Creating Maryland's Paper Money Economy, 1720-1739: The Role of Power, Print, and Markets
The British North American colonies were the first western economies to rely on legislature-issued fiat paper money as their principal internal medium of exchange. This system arose piecemeal across the colonies making the paper money creation story for each colony unique. It was true monetary experimentation on a grand scale. The creation story for Maryland, perhaps the most unique among the colonies, is analyzed to evaluate how market forces, media influences, and the power of various constituents combined to shape its particular paper money system.
Helpful advice from Lorena Walsh, research assistance provided by Zachary Rose, and editorial assistance provided by Tracy McQueen are gratefully acknowledged. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.
Farley Grubb, “Creating Maryland’s Paper Money Economy, 1720-1740: The Confluence of Political Constituencies, Economic Forces, Transatlantic Markets, and Law,” Journal of Early American History, 9, no. 1, (2019), pp. 34-58.