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The Significance of Unaccounted Currencies
Richard H. Timberlake, Jr.
The Journal of Economic History
Vol. 41, No. 4 (Dec., 1981), pp. 853-866
Stable URL: http://www.jstor.org/stable/2120649
Page Count: 14
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This paper uses numismatic sources to estimate the volume of unaccounted currency issued during the middle two quarters of the nineteenth century. "Unaccounted currency" includes any currency issued by private business firms and by municipal and state governments. This money, unlike state bank notes and deposits and federal government currencies, was issued illegally, and not recorded in conventional statistical sources. Exact quantification, therefore, is next to impossible. The principal significance of this phenomenon is the credibility it gives to private competitive issues of money.
The Journal of Economic History © 1981 Economic History Association