The Extent of the Market for Early American Banknotes

• 成果类型: Article; Early Access
• 署名作者: Bodenhorn, Howard
• 署名单位: Clemson University; National Bureau of Economic Research
• 刊物名称: JOURNAL OF ECONOMIC HISTORY
• ISSN/ISSBN: 0022-0507
• DOI: 10.1017/S0022050726101521
• 发表日期: 2026
• 关键词: UNITED-STATES; banking; distance; money

摘要

Using data on interbank relationships and note holdings in Pennsylvania, I estimate the probability that a bank will redeem the notes of other banks by the distance separating them. If two banks were separated by 50 miles, there was a 40 percent probability that a bank would hold the notes of another at a given time. At 200 miles, the estimated probability is virtually zero. My analysis of notes discounted by a small-town, Connecticut banknote broker reveals that distant notes were offered by travelers and traders who moved along the era's principal waterways.