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1、4PricingFreeBankNotesGARYB.GORTON*4.1.INTRODUCTIONInthispaperIstudythepricingofprivatemoneyissuedbybankspriortotheCivilWar.Thesebanknoteswereperpetual,risky,non-interest-bearing,debtclaimswiththerighttoredeemondemandatparinspecie.Between1838and1863,theFreeB
2、ankingEra,thousandsofdifferentbanknotescirculated,consti-tutingtheoverwhelmingbulkofthesecuritiesmarketduringthisperiod.Takingaccountoftheredemptionoption,Ishowhowthevalueoftheseprivatemoneycontractsdependsonstate-specificriskfactorsandonthetechnologicalabili
3、tyofmarketparticipantstotravelbacktoissuingbankstoredeemnotes.Thepricingmodelisthentestedtodeterminewhethernotepricesreflectthesefactors.Privatemoneycontractshavetraditionallybeenviewedasverydifficulttoenforce.Thebasiccritiqueofprivatemoneyissuancehasbeenartic
4、ulatedbyMiltonFriedman(1959):...thecontractsinquestionarepeculiarlydifficulttoenforceandfraudpeculiarlydifficulttoprevent...individualsmaybeledtoenterintocon-tractswithpersonsfarremovedinspaceandacquaintance,andalongperiodmayelapsebetweentheissueofapromiseandt
5、hedemandforits*ThecommentsandsuggestionsofthePennMacroLunchGroup,participantsattheNBERMeetingonCreditMarketImperfectionsandEconomicActivity,theNBERMeetingonMacro-economicHistory,andparticipantsatseminarsatOhioState,Yale,LondonSchoolofEconomicsandLondonBusine
6、ssSchoolweregreatlyappreciated.TheresearchassistanceofSung-hoAhn,ChipBayers,EileenBrenan,LalitDas,MollyDooher,HenryKahwaty,ArvindKrishnamurthy,CharlesChaoLim,RobinPal,GaryStein,andPeterWinkelmanwasgreatlyappreciated.ThisresearchwassupportedbyNationalScienceF
7、oundationgrantno.SES86-18130andaUniversityofPennsylvaniaResearchFundgrantforwhichtheAuthorisverygrateful.Versionsofthispaperpreviouslycirculatedunderothertitles.PricingFreeBankNotes123fulfillment...Afiduciarycurrencyostensiblyconvertibleintothemonetarycommodit
8、yisthereforelikelytobeoverissuedfromtimetotimeandcon-vertibilityimpossible.Historically,thisiswhathappenedunderso-calledfreebankingintheUnitedStatesandundersimilarcircumstancesinothercountries.(
