The Massachusetts Paper Money of 1690
研究了1690年马萨诸塞州如何因战时银币短缺和政治约束，创造出最早的不可兑换法定纸币，并伪装成私人借据以同时满足军队和英国政府的要求。
Modern currency originates in the inconvertible, legal tender paper money that Massachusetts devised in 1690. The circumstances that led to its creation are more complex than the typical story of wartime specie shortage. Due to temporary political constraints of that turbulent period, the currency could be neither backed by land nor imposed on anyone, as was then standard. Instead, it had to be disguised from England as a simple, private-seeming IOU. By pleasing both its pay-demanding troops and England, the government maximized its probability of survival subject to the constraints. “Monetary innovation, the development of new forms of money, has not received much systematic study from economic historians.” 1