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How many decades did each of the several US states issue its own currency?

Diversity is the key to economic and political evolution.
by Cat on Tue Dec 11th, 2018 at 02:53:11 PM EST
[ Parent ]
The right to issue legal tender was given to the Federal government by the Constitution.  For many decades banks issued paper currency supposedly based on their gold reserves.  People had to accept the first at face value, didn't have to accept the second at face value or at all.

A potted history


She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre

by ATinNM on Tue Dec 11th, 2018 at 05:41:00 PM EST
[ Parent ]
Spanish milled dollar. Continue ...

Diversity is the key to economic and political evolution.
by Cat on Tue Dec 11th, 2018 at 06:50:17 PM EST
[ Parent ]
From the abolition of the Second Bank of the US by Andrew Jackson in 1837 until the National Note system came into effect during the Civil War - 1862 if I recall correctly.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Tue Dec 11th, 2018 at 07:53:46 PM EST
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o, there was quite a bit of bother before '37. Some people like to hang history on the hillbilly's real estate schtick though, because it's too much trouble to disturb sleeping dog profiteers, when you've absolutely, positively must lecture on the inherent unity of the USA.

Private bankers and traders, holding reserves of sterling and gold, engaged in speculation with their own bank notes and domestic and foreign securities. 1837 wasn't the first panic or depression in the preceding decades. 1830 sticks out in my mind, because only one US bank resisted the urge to enter the UK railroad bubble --I think, it was Somerville? for a while lauded by historians (of the real bill persuasion) in its prudence.

US treasury (on coinage) and tax acts in the '50s are little recalled today.

The point of reviewing any of it y comparison to EU not-federalist proclivities is, US Americans endured a lot of FAILURE before hitching their wagons to centralized government.

Diversity is the key to economic and political evolution.

by Cat on Tue Dec 11th, 2018 at 09:20:32 PM EST
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The state banks kept issuing notes after that, so a federal tax was imposed on state notes that effectively drove them out over the next 20 years or so.
by rifek on Mon Dec 24th, 2018 at 07:01:48 PM EST
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