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PostPosted: Mon Feb 19, 2007 1:09 pm 
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Full Title: Banknote Prices in the United States Prior to 1860
Author: Warren E. Weber
Published 2003
Publisher: Federal Reserve Bank of Minneapolis
44 pages
309KB

Abstract:
This paper examines the pricing of statebank notes prior to 1860 using data on the discounts on these notes as quoted in New York, Philadelphia, Cincinnati, and Cleveland. The study is organized around determining whether these banknotes were priced consistent with their expected net redemption value. It finds a bank’s notes had higher prices when it was redeeming it notes for specie than when is was suspended. However, although prices generally varied inversely with redemption costs, the relationship was not tight and persistent arbitrage opportunities existed.


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