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Poll: Some examples of territorial currencies
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the USD
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The Birth of Territorial Currencies in the Nineteenth Century

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The Initial Transformation: From Monetary Heterogeneity to Territorial Currencies
 (pp. 19-41)
How was money organized before the emergence of territorial currencies? When and how were territorial currencies first created? These questions have not been well addressed in existing literature. Even international relations scholars, who recently have shown growing interest in the historical origins of territoriality, have neglected them. This neglect is unfortunate because the monetary case calls into question a conventional view about the origins of territoriality. Territoriality is often presented as having had its roots in seventeenth-century Europe, around the time of the birth of the sovereign state at the 1648 Peace of Westphalia. But it was not until the...




Two Structural Preconditions: Nation-States and Industrial Technology
 (pp. 42-60)
What explains the sudden creation of territorial currencies for the first time during the nineteenth century? The motivations that prompted monetary authorities to construct them will be discussed in the next chapters. Before examining these motivations I want to analyze two important structural developments that had to take place before these monetary structures could be successfully built. The first was the emergence of nation-states. A number of scholars have noted how this new kind of state was significant for the rise of territorial currencies in the nineteenth century. Building on their analyses, I argue that nation-states had unprecedented capabilities to...
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    Making Markets: Transaction Costs and Monetary Reform (pp. 61-79)Nineteenth- and early-twentieth-century policymakers had complex reasons to territorialize currencies. Not only did motivations vary considerably from country to country, but specific reforms were also often designed to serve several different objectives at the same time. I do not have the space to explain each relevant monetary reform in every country. Instead, I shall outline objectives that appeared in many contexts and that allow for a more generalized explanation to be developed. Four common sets of motivations reappeared in different contexts in this period. My argument is not that these four motivations were present in each country and each reform....Multiple Macroeconomic and Fiscal Motivations (pp. 80-99)In this chapter, I examine two motivations for creating territorial currencies in the nineteenth and early twentieth centuries that have received much more attention than those related to transaction costs. The first was control of the domestic money supply in order to influence national macroeconomic conditions. It is widely recognized that this goal played a particularly important role in encouraging the standardization of note issues in the nineteenth century. I argue that there were three different ways in which the link between note standardization and national macroeconomic goals was conceived in the nineteenth and early twentieth centuries. Specifically, the views...National Identities and Territorial Currencies (pp. 100-120)In many different countries, policymakers had another reason to construct territorial currencies: the desire to strengthen national identities. As Benedict Anderson has noted, national identities are a specific form of political identity in which individuals feel that they are linked as members of an “imagined community” that is sovereign, limited to a particular territory, and bound by a kind of “horizontal comradeship.”¹ The idea of nationhood flourished for the first time on a widespread scale during the nineteenth century, the same era that territorial currencies were first created in many parts of the world. Policymakers who wanted to foster this...
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