Description
Book SynopsisTrade Review"Grubb has written a splendid book that explains a great deal about the financing of the Revolution that we did not know. It will be a cornerstone of future research." * EH.Net *
"Grubb’s analysis brings together new evidence on the amount and timing of Continental emissions and an insightful theoretical model of what determined their value. . . .This masterful work brings together decades of research and explains its insights in a clear, convincing manner." * Choice *
"Economists and historians have been telling us the wrong story about Continental currency for two centuries. . .Farley Grubb [sets] the record straight on Continental currency. . .an interesting and valuable contribution to our understanding the Revolutionary War." * Journal of the American Revolution *
“Well written and convincing,
The Continental Dollar proposes a new view of the early American monetary system, representing an impressive scholarly effort that advances our understanding of how money works.” -- Christopher M. Meissner, University of California, Davis
“Bringing together the author’s important, and even controversial, work, future generations of financial historians will benefit from this book—yet one need not be a monetary historian to follow
The Continental Dollar because it makes this material clear and accessible.” -- Jane Knodell, University of Vermont
"
The Continental Dollar provides an innovative, painstakingly thorough study of how the Americans used paper money to finance their War of Independence. While these events happened long ago under very different economic conditions, Grubb demonstrates valuable information about the flexible nature of the boundary between money and government debt and how money and debt influence the economy. All future studies of the financing of the Revolution, and many studies of other macroeconomic events, will lean heavily on this masterful analysis." -- Hugh Rockoff, Rutgers University
"In this arresting account, Farley Grubb overturns existing interpretations of the Continental dollar. Unmatched in his erudition on early American money, Grubb adds immeasurably to our knowledge about how Americans financed the Revolution and how they redesigned money in its aftermath. This book is a game-changer." -- Christine A. Desan, Harvard University
"Understanding how and why the continentals circulated and were valued lies at core of the early American experience and how the nation won its independence nearly 250 years ago. Professor Grubb’s new treatise and career achievement is an authoritative account of Revolutionary War finance that distills the essence of the continental dollars as money and the rationale for and risks of holding them. A result of in-depth archival research and analysis over many years, the work will be of great interest to historians and others seeking a comprehensive guide to and fresh perspective on this classic tale." -- Peter Rousseau, Vanderbilt University
"Farley Grubb has performed a massive historical reconstruction of the dollar and its history. In the process, he has overturned myths and misconceptions about the financing of the American Revolution and cast new light on how the fourteen governments of the new republic attempted to finance a war with the world's greatest military power. This is an enormous achievement, one that historians, economic historians, and economists will want on their shelves." -- John Joseph Wallis, University of Maryland
Table of ContentsList of Tables
List of Figures
A Note on Citation Format
Preface
Introduction
Part I What Was the Continental Dollar? The Intended Structural Design
Chapter 1 Emitting Continental Dollars
Chapter 2 Richard Smith and New Jersey’s Influence
Chapter 3 Denominational Spacing and Value Size
Chapter 4 Informing the Public
Chapter 5 Descriptions by Contemporary Leaders
Chapter 6 Congressional Spending
Chapter 7 Legal Tender
Chapter 8 Loan Office Certificates
Part II Value and Performance
Chapter 9 Modeling Value
Chapter 10 Rational Bond Pricing
Chapter 11 The Current Market Exchange Value
Chapter 12 Time-Discounting versus Depreciation
Chapter 13 1779: The Turning Point
Chapter 14 1780–1781: The Road to Abandonment
Part III Epilogue
Chapter 15 State Redemption of Continental Dollars
Chapter 16 The 1790 Funding Act and Final Default on the Continental Dollar
Chapter 17 The Constitutional Transformation of the US Monetary System
Acknowledgments
Appendices Getting the Numbers Right
Appendix A Reconciling the Disparate Statements in the Secondary Literature Regarding Continental Dollar Emissions
Appendix B The Denominational Structure of American Paper Monies, 1755–1781
Appendix C The Cumulative Value of Continental Dollars Emitted, 1775–1780: Face Value versus Present Value
Appendix D The Redemption of Continental Dollars by Individual States over Time
Notes
References
Index
