Why Was Specie Scarce in Colonial Economies? An Analysis of the Canadian Currency, 1796–1830
研究19世纪初加拿大硬币稀缺的原因，发现货币法规定的多币种标准导致劣币驱逐良币，殖民地缺乏的是高质量硬币而非数量。
Colonial economies suffered from a scarcity of specie that traditionally has been attributed to a chronic external drain. An analysis of the Canadian currency in the early nineteenth century suggests that the explanation for the specie scarcity lies in the multi-coin monetary standard imposed by the currency laws. Gresham's Law accurately predicts the coins that circulated in Canada, and it is concluded that the colonists suffered from a lack of quality rather than quantity of specie.