Hugh Rockoff on Optimal Currency Areas, “Yellowbacks,” and Free Banking
Macro Musings with David Beckworth
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The Bank of England and the Bank of Scotland and Scottish Banks
Banks were modeled, I think to some extent, on the Bank of England and maybe the Bank of Scotland and Scottish banks as well. And they issued their own paper money, bank notes. So these were claims to what people regarded as the real money, the legal tender. These banks had branches in major cities, but the first bank and the second bank.
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