The Circulating Medium During the Civil War

  title={The Circulating Medium During the Civil War},
  author={Wesley Clair Mitchell},
  journal={Journal of Political Economy},
  pages={537 - 574}
  • W. Mitchell
  • Published 1 September 1902
  • History, Economics
  • Journal of Political Economy
BEFORE the banks and the treasury suspended specie payments, December 30, I86I,2 the monetary circulation of the United States consisted of (i) gold coin, (2) subsidiary silver coins for fractional parts of a dollar, (3) one cent pieces of a copper and nickel alloy, (4) treasury notes of the government payable on demand, and (5) circulating notes issued by banks chartered under state laws.3 The specie in circulation was estimated by the director of the mint in October, i86i, at from 275 to 300… 

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