Shortages of Small Change in Early Argentina

FRB Richmond Working Paper No. 03-12

14 Pages Posted: 3 Dec 2012

See all articles by Huberto M. Ennis

Huberto M. Ennis

Federal Reserve Banks - Federal Reserve Bank of Richmond

Date Written: September 1, 2003

Abstract

In this note I review evidence suggesting that shortages of small change occurred in the territory of Argentina during the end of the eighteenth and the beginning of the nineteenth centuries. For the colonial period (until 1810) the main pieces of evidence are: (i) the widespread use of informal means of payment, (ii) the difficulties faced in retiring from circulation low quality subsidiary coins, and (iii) the numerous official resolutions banning the exporting of fractional money from the colonies. For the period from 1810 to 1825, the episodes surrounding the introduction of copper coins in 1821 and the issuing of low denomination circulating bank notes in 1823 appear as the main supporting evidence.

Keywords: monetary history, silver coins, mint, monetary exchange

JEL Classification: N10, N16, E40

Suggested Citation

Ennis, Huberto M., Shortages of Small Change in Early Argentina (September 1, 2003). FRB Richmond Working Paper No. 03-12. Available at SSRN: https://ssrn.com/abstract=2184509 or http://dx.doi.org/10.2139/ssrn.2184509

Huberto M. Ennis (Contact Author)

Federal Reserve Banks - Federal Reserve Bank of Richmond ( email )

P.O. Box 27622
Richmond, VA 23261
United States

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