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

Cory Cutsail, Farley Grubb

NBER Working Paper No. 25260
Issued in November 2018
NBER Program(s):Development of the American Economy

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.

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Document Object Identifier (DOI): 10.3386/w25260

 
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