Report
Explaining the demand for free bank notes
Weber, Warren E.; Rolnick, Arthur J. (1992)
This paper explains why the risky notes of banks established during the Free Banking Era (1837?63) were demanded even when relatively safe specie (gold and silver coin) was an alternative. Free bank notes were demanded because they were priced to reflect the expected value of their backing. The empirical evidence supports this explanation. Specifically, in New York, Wisconsin, and Indiana the expected value of backing was sufficient for free bank notes to circulate at par, which they did. In Minnesota the backing for notes was very poor: they exchanged well below par, being treated as ...
Staff Report , Paper 97

Journal Article
Explaining the demand for free bank notes
Weber, Warren E.; Rolnick, Arthur J. (1988-04)
Quarterly Review , Volume 12 , Issue Spr , Pages 21-35

Working Paper
Inherent instability in banking: the free banking experience
Weber, Warren E.; Rolnick, Arthur J. (1985)
Working Papers , Paper 275