The Paper Money of Colonial North Carolina, 1712–74: Reconstructing the Evidence
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.
We presented preliminary versions at the Public Choice Society’s annual conference at Charleston, SC on March 2, 2018; the National Bureau of Economic Research DAE conference at Cambridge, MA on March 24, 2018; and the University of Vermont, Burlington, VT on October 12, 2018. We gratefully acknowledge conference participants’ helpful comments. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.
Cory Cutsail and Farley Grubb, “The Paper Money of Colonial North Carolina, 1712-1774,” Journal of the North Carolina Association of Historians, vol. 27 (Sept. 2019), pp. 1-31.