National Bank Notes and Silver Certificates

31 Pages Posted: 30 Jul 2007

See all articles by James B. Thomson

James B. Thomson

University of Akron

Bruce A. Champ

Federal Reserve Bank of Cleveland

Date Written: December 2006

Abstract

From 1883 to 1892, the circulation of national bank notes in the United States fell nearly 50 percent. Previous studies have attributed this to supply-side factors that led to a decline in the profitability of note issue during this period. This paper provides an alternative explanation. The decline in note issue was, in large part, demand-driven. The presence of a competing currency with superior features caused the public to substitute away from national bank notes..

Keywords: bank notes, silver certificates, National Banking System, national banks

JEL Classification: E42, E50, G21, N22

Suggested Citation

Thomson, James B. and Champ, Bruce A., National Bank Notes and Silver Certificates (December 2006). FRB of Cleveland Working Paper No. 06-22. Available at SSRN: https://ssrn.com/abstract=1003300 or http://dx.doi.org/10.2139/ssrn.1003300

James B. Thomson

University of Akron ( email )

Akron, OH 44325-4803
United States

Bruce A. Champ (Contact Author)

Federal Reserve Bank of Cleveland ( email )

PO Box 6387
Cleveland, OH 44101-1387
United States

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