{"title":"The wild card: colonial paper money in French North America, 1685 to 1719","authors":"Bryan P Cutsinger, Vincent Geloso, Mathieu Bédard","doi":"10.1093/ereh/heab014","DOIUrl":null,"url":null,"abstract":"We use the first French experiment with playing card money in its colony of Quebec between 1685 and 1719 to illustrate the link between legal tender restrictions and the price level. Initially, the quantity of playing card money and the government’s poor fiscal condition appears to have had little effect on prices. After 1705, however, the playing card money became inflationary. We argue that this was caused by the government’s increased enforcement of the legal tender laws and the adoption of a redemption plan intended to remove the notes from circulation.","PeriodicalId":51703,"journal":{"name":"European Review of Economic History","volume":"22 1","pages":""},"PeriodicalIF":1.2000,"publicationDate":"2021-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"European Review of Economic History","FirstCategoryId":"98","ListUrlMain":"https://doi.org/10.1093/ereh/heab014","RegionNum":1,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}
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Abstract
We use the first French experiment with playing card money in its colony of Quebec between 1685 and 1719 to illustrate the link between legal tender restrictions and the price level. Initially, the quantity of playing card money and the government’s poor fiscal condition appears to have had little effect on prices. After 1705, however, the playing card money became inflationary. We argue that this was caused by the government’s increased enforcement of the legal tender laws and the adoption of a redemption plan intended to remove the notes from circulation.
期刊介绍：
European Review of Economic History has established itself as a major outlet for high-quality research in economic history, which is accessible to readers from a variety of different backgrounds. The Review publishes articles on a wide range of topics in European, comparative and world economic history. Contributions shed new light on existing debates, raise new or previously neglected topics and provide fresh perspectives from comparative research. The Review includes full-length articles, shorter articles, notes and comments, debates, survey articles, and review articles. It also publishes notes and announcements from the European Historical Economics Society.
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