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The Financial Decline of a Great PowerWar, Influence, and Money in Louis XIV's France$
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Guy Rowlands

Print publication date: 2012

Print ISBN-13: 9780199585076

Published to Oxford Scholarship Online: January 2013

DOI: 10.1093/acprof:oso/9780199585076.001.0001

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Paper Money and Absolute Monarchy

Paper Money and Absolute Monarchy

Chapter:
(p.108) 6 Paper Money and Absolute Monarchy
Source:
The Financial Decline of a Great Power
Author(s):

Guy Rowlands

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199585076.003.0007

The coinage manipulations led the government to issue receipts for coin deposits at the mints, at first on a small scale and for limited durations. But after 1701 Mint bills circulated for longer and longer periods, acting in a hybrid way as both a substitute for coin in Paris and as interest-bearing debt instruments. Under pressure from the major bankers and military treasurers, the government increased the number of such bills to the point where they were crowding out coin. Consequently they came to trade for a fraction of their face value. Efforts to extend Mint bill legal circulation to the rest of the country produced uproar and had disastrous effects on economic transactions and the prices government contractors had to pay. Initial efforts to withdraw the glut of Mint bills failed, and their continued use until late 1712 inflated the costs of exchange and the war effort.

Keywords:   paper money, financiers, monetary circulation, monetary policy, money markets

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