The Dynamics of Competitive Coinage: Evidence from Private Mints in the American Gold Rushes

Lawrence H. White
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引用次数: 2

Abstract

Some economists have argued theoretically that the private minting of circulating precious metal coins would be inefficient: Due to information asymmetry, money-users would be chronically victimized by low-quality or underweight coins. An examination of experience with private mints during gold rushes in the United States 1830-61, drawing on contemporary accounts and numismatic literature, finds otherwise. While some private gold mints produced underweight coins, from incompetence or fraudulent intent, such mints did not last long. Informed by newspapers about the findings of assays, money-users quickly and systematically abandoned underweight coins in favor of full-weight coins. Only honest mints survived.
竞争性铸币的动态:来自美国淘金热中的私人造币厂的证据
一些经济学家从理论上认为,流通的贵金属硬币的私人铸造将是低效的:由于信息不对称,货币使用者将长期受到低质量或重量过轻的硬币的伤害。对1830年至1861年美国淘金热期间私人造币厂的经验进行考察,根据当时的记录和货币文献,发现情况并非如此。虽然一些私人铸币厂由于不称职或欺诈意图而生产重量不足的硬币,但这些铸币厂并没有持续太久。从报纸上得知化验结果后,货币使用者迅速而有系统地抛弃了重量过轻的硬币,转而使用重量完整的硬币。只有诚实的薄荷幸存了下来。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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