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In the Economic History Review, James Celia and Farley Grubb (2016) liken colonial Maryland’s dollar-denominated bills of credit to discount securities, circulating at less than their face value. This note argues that the bills in question circulated at par with specie and were treated as interchangeable with specie dollars. Celia and Grubb arrive at their conclusion by misstating the par of exchange.
Response to this article by Farley Grubb: Colonial Maryland’s Post-1764 Paper Money: A Reply to Ron Michener (EJW, May 2018).