The Significance of Unaccounted Currencies
利用钱币学资料估算19世纪中叶未记账货币的发行量，这类非法发行的货币未纳入常规统计，其意义在于为私人竞争性货币发行提供了可信度。
This paper uses numismatic sources to estimate the volume of unaccounted currency issued during the middle two quarters of the nineteenth century. “Unaccounted currency” includes any currency issued by private business firms and by municipal and state governments. This money, unlike state bank notes and deposits and federal government currencies, was issued illegally, and not recorded in conventional statistical sources. Exact quantification, therefore, is next to impossible. The principal significance of this phenomenon is the credibility it gives to private competitive issues of money.