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Monetary Standards, New and Non-Existent Monetary Standards, New and Non-Existent
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Struggles over Credit I: the South Sea Bubble Struggles over Credit I: the South Sea Bubble
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Struggles over Credit II: Banking in Ireland 1721–82 Struggles over Credit II: Banking in Ireland 1721–82
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Ireland: Struggles over Coin Ireland: Struggles over Coin
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Ireland: towards a Sterling Standard Ireland: towards a Sterling Standard
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Credit and Counterfeits: Managing the Scarcity of Money Credit and Counterfeits: Managing the Scarcity of Money
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5 Engines of State, Emblems of Nation, Tokens of Trust: 1695–1796
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Published:July 2023
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Abstract
This chapter examines struggles during the eighteenth century between factions, interests, and nations over the distribution and operation of monetary power in the context of chronic shortages of coin and the growing importance of paper money and other forms of credit. The chapter considers the establishment of an effective gold standard in Britain from 1717 and the elevation of the Bank of England to a largely unquestioned position as a key component of the state apparatus following the bursting of the South Sea Bubble in 1720. In parallel, it examines Ireland’s ongoing monetary crises throughout the century, from the failed attempt to establish a national bank in 1721 to the controversy over the British government’s issue of a patent to provide large amounts of underweight copper coin to Ireland in 1722, to the protracted struggle to settle all Irish coin on uniform sterling standard, to the foundation in 1782 of the Bank of Ireland. These struggles were all framed by the complex and ambivalent relationship of resentful and mutually mistrustful dependency of the Irish protestant elite on the British government. The chapter also examines how people coped with or exploited the chronic shortage of coin—especially copper and silver—in Britain and Ireland, as well as the growing importance of interconnected webs of paper money and paper credit.
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