In a recent NBER paper, Cutsail and Grubb argue that North Carolina's colonial bills of credit were valued like discount bonds, with a current market value largely determined by the discounted value of the bills when paid into the treasury in taxes or other public payments. Grubb has previously...

In a recent article in the Economic History Review, Celia and Grubb 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...

This is an unpublished comment on a Perkin's paper that surveyed banking in colonial America. It argues that historians have overlooked a number of abortive banking schemes in the colonies, implying that the absence of banks was not an "entrepreneurial failure." and that the extension of the...