Farley Grubb
The Continental Dollar: How the American Revolution Was Financed with Paper Money
The Continental Dollar: How the American Revolution Was Financed with Paper Money
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Excellent- More about The Continental Dollar: How the American Revolution Was Financed with Paper Money
Format: Hardback
Length: 296 pages
Publication date: 06 July 2023
Publisher: The University of Chicago Press
The Continental Dollar, a fascinating chapter in American financial history, unveils the intricate mechanisms that funded the nation's first war. Farley Grubb challenges the conventional narrative, which suggests that the United States resorted to printing cross-colony money known as Continentals as an early fiat currency. In reality, the Continental was a unique form of money known as a "zero-coupon bond." Unlike fiat currencies, which are not backed by a commodity like gold, zero-coupon bonds do not generate interest payments until their maturity date. As a result, the value of these bonds declined over time, rendering the Continentals obsolete years before the end of the Revolutionary War.
Grubb's meticulous research, spanning decades, has unearthed a wealth of eighteenth-century records, providing a comprehensive account of the early American monetary system. The Continental Dollar serves as a pivotal origin story, setting the stage for future critical work in this field. It sheds light on the complex dynamics that shaped the nation's financial landscape and offers valuable insights into the development of monetary policies and institutions.
This book is a must-read for anyone interested in American financial history, economics, and the politics of money. It provides a deep understanding of the challenges and complexities faced by the early American government and economy, and sheds light on the strategies that were employed to finance the nation's wars and build its infrastructure. The Continental Dollar is a testament to the resilience and ingenuity of the American people, and its legacy continues to shape the financial world today.
Weight: 640g
Dimension: 163 x 240 x 27 (mm)
ISBN-13: 9780226826035
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