OK, numismatists, this is NOT a book that resolves the mystery of "Continental dollar" coins/medals. Rather, it is an exploration of the monetary history of the American Revolution, but likely well worth reading as "an essential origin story of the early American monetary system." Perhaps pulling threads on the eighteenth-century records referenced will lead to additional clues on the "Continentals" stamped in hard metals. Or not.
The Continental Dollar
How the American Revolution Was Financed with Paper Money
An illuminating history of America's original credit market.
The Continental Dollar is a revelatory history of how the fledgling United States paid for its first war. Farley Grubb upends the common telling of this story, in which the United States printed cross-colony money, called Continentals, to serve as an early fiat currency—a currency that is not tied to a commodity like gold, but rather to a legal authority. As Grubb details, the Continental was not a fiat currency, but a
zero-coupon bond—a wholly different species of money. As bond payoffs were pushed into the future, the money's value declined, killing the Continentals' viability years before the Revolutionary War would officially end.
Drawing on decades of exhaustive mining of eighteenth-century records, The Continental Dollar is an essential origin story of the early American monetary system, promising to serve as the benchmark for critical work for decades to come.
296 pages | 9 halftones, 20 line drawings, 27 tables | 6 x 9 | © 2023
For more information, or to order, see:
The Continental Dollar
Book notes: The Continental dollar, by Farley Grubb
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