Money in the trans-Mississippi confederacy and the confederate currency reform act of 1864

Pecquet, Gary M.

doi:10.1016/0014-4983(87)90013-1

Cited by 14 publications

(2 citation statements)

References 7 publications

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“…Gary M. Pecquet's (1987) finding that gold circulated at a premium in the Trans-Mississippi Confederacy supports Gresham's rival. The most important omissions occurred in the South during the Civil War.…”

Section: Foreign Coins Before the Civil Warmentioning

confidence: 98%

Gresham's Law in Nineteenth-Century America

Greenfield¹,

Rockoff²

1995

Journal of Money, Credit and Banking

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JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact support@jstor.org.. Ohio State University Press is collaborating with JSTOR to digitize, preserve and extend access to Journal of Money, Credit and Banking. FOR ALMOST AS LONG as money has been the object of systematic study, Gresham's law bad money drives out good has been recognized as one of money's governing principles. Now, however, doubts have arisen concerning the validity of this venerable principle. In their provocative, theoretical reappraisal of Gresham's law, Rolnick and Weber (1986) maintain that bad money and good money will typically circulate together, bad money at its face value and good money at a price exceeding its face value. Bad money, they say, rather than driving good money out, drives it to a premium. This paper examines the leading cases in nineteenth-century U.S . monetary history, looking for evidence of cocirculation. No such evidence appears. Money circulated by tale, not weight.

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Section: Foreign Coins Before the Civil Warmentioning

confidence: 98%

Gresham's Law in Nineteenth-Century America

Greenfield¹,

Rockoff²

1995

Journal of Money, Credit and Banking

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“…Detailed accounts of this quite complex Act --and the motivations that led to its passage --are provided by Schwab (1901), Todd (1954), Pecquet (1987) and Ball (1991).…”

mentioning

confidence: 99%

Inflation is Always and Everywhere a Monetary Phenomenon: Richmond vs. Houston in 1864

Burdekin

Weidenmier

2001

American Economic Review

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Turning Points in the U.S. Civil War: Views from the Grayback Market

Weidenmier

2002

Southern Economic Journal

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This article introduces a new high‐frequency time series of Confederate money prices taken from the newspapers of Richmond and leading cities in the Eastern Confederacy. The new grayback series is tested for turning points. The empirical analysis suggests that turning points in the Confederate grayback market were different from those identified in the Northern greenback market by Willard, Guinnane, and Rosen (1996). It appears that war did not always have symmetric effects on Northern and Southern money prices. Financial and commercial matters fluctuate under the successes and reverses of the war like ebb and tide, and it is not to be wondered that under the great military events that are now transpiring [Gettysburg], there should be a suspension of operations in [gold] trade. (Richmond Examiner July 9. 1863. p. 1)

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Money in the trans-Mississippi confederacy and the confederate currency reform act of 1864

Cited by 14 publications

References 7 publications

Gresham's Law in Nineteenth-Century America

Gresham's Law in Nineteenth-Century America

Inflation is Always and Everywhere a Monetary Phenomenon: Richmond vs. Houston in 1864

Turning Points in the U.S. Civil War: Views from the Grayback Market

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