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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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The Significance of Unaccounted Currencies
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Abstract

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.

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