Scholarly Comments on Academic Economics

Colonial Maryland’s Post-1764 Paper Money: A Reply to Ron Michener


Read this article

Access statistics
2,435 article downloads
2,066 complete issue downloads
Total: 4,501


I answer Ron Michener’s criticisms of my article on colonial Maryland’s paper money regime coauthored with James Celia and published in Economic History Review in 2016. I deconstruct Michener’s criticism and locate where in the article it does and does not apply. I sort out Michener’s position on what determines a money’s value and question its coherence and logic. I also show that his position leads to an outcome that supports our position more strongly than does our own conservative approach. Finally, I explore in detail beyond the 2016 article what determined the fiat money portion of colonial Maryland’s paper money.

This article is a response to Reconsidering Colonial Maryland’s Bills of Credit 1767–1775 by Ron Michener (EJW, May 2018).