A Nation of Counterfeiters: Capitalists, Con Men, and the Making of the United States Capitalists, Con Men, and the Making of the United States

Prior to the Civil War, the United States did not have a single, national currency. Counterfeiters flourished amid this anarchy, putting vast quantities of bogus bills into circulation. Their success, Mihm reveals, is more than an entertaining tale of criminal enterprise: it is the story of the rise of a country defined by freewheeling capitalism and little government control. Mihm shows how eventually the older monetary system was dismantled, along with the counterfeit economy it sustained.

listen To A Short Interview With Stephen Mihm

host: Chris Gondek | Producer: Heron & Crane

few Of Us Question The Slips Of Green Paper That Come And Go In Our Purses, Pockets, And Wallets. Yet Confidence In The Money Supply Is A Recent Phenomenon: Prior To The Civil War, The United States Did Not Have A Single, National Currency. Instead, Countless Banks Issued Paper Money In A Bewildering Variety Of Denominations And Designs—more Than Ten Thousand Different Kinds By 1860. Counterfeiters Flourished Amid This Anarchy, Putting Vast Quantities Of Bogus Bills Into Circulation.

their Success, Stephen Mihm Reveals, Is More Than An Entertaining Tale Of Criminal Enterprise: It Is The Story Of The Rise Of A Country Defined By A Freewheeling Brand Of Capitalism Over Which The Federal Government Exercised Little Control. It Was An Era When Responsibility For The Country's Currency Remained In The Hands Of Capitalists For Whom Making Money Was As Much A Literal As A Figurative Undertaking.

mihm's Witty Tale Brims With Colorful Characters: Shady Bankers, Corrupt Cops, Charismatic Criminals, And Brilliant Engravers. Based On Prodigious Research, It Ranges Far And Wide, From New York City's Criminal Underworld To The Gold Fields Of California And The Battlefields Of The Civil War. We Learn How The Federal Government Issued Greenbacks For The First Time And Began Dismantling The Older Monetary System And The Counterfeit Economy It Sustained.

a Nation Of Counterfeiters Is A Trailblazing Work Of History, One That Casts The Country's Capitalist Roots In A Startling New Light. Readers Will Recognize The Same Get-rich-quick Spirit That Lives On In The Speculative Bubbles And Confidence Games Of The Twenty-first Century.

publishers Weekly

mihm Vividly And Entertainingly Describes The Muddled And Often Fraudulent Economy Of Pre-greenback America: Those Freewheeling, Pre-civil War Days When The Federal Government Not Only Did Not Print Paper Money But Likewise Did Not Bother To Regulate Those Regional Banks That Did. With More Than 10,000 Shades And Varieties Of Cheaply Printed Currency On The Market By The 1850s, Counterfeiters Had A Field Day. Mihm, An Assistant Professor Of History At The University Of Georgia, Details The Flimflam Men And Their Ruses, And Paints A Stark Picture Of A World Where Counterfeit Currency Was At Times Issued In Such Volume That It Threatened To Spark Significant Inflation. Mihm's Villains Include The Notorious Privateer, Minister And Alchemist Stephen Burroughs, Along With Numerous Bankers, Engravers And Charlatans. Mihm's Title Was A Phrase Used In 1818 By Hezekiah Niles, Proprietor Of What Was The Country's Leading Financial Journal, The weekly Register . Niles Wrote, Counterfeiters And False Bank Notes Are So Common, That Forgery Seems To Have Lost Its Criminality In The Minds Of Many. As Mihm Ably Shows, The Chaos Did Not End Until Lincoln's Presidency, And Even Then It Receded Only Grudgingly. 37 B&w Illus. (sept.)

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Listen to a short interview with Stephen Mihm Chris Gondek | Heron & Crane Few of us question the slips of green paper that come and go in our purses, pockets, and wallets. Yet confidence in the money supply is a recent prior to the Civil War, the United States did not have a single, national currency. Instead, countless banks issued paper money in a bewildering variety of denominations and designs--more than ten thousand different kinds by 1860. Counterfeiters flourished amid this anarchy, putting vast quantities of bogus bills into circulation. Their success, Stephen Mihm reveals, is more than an entertaining tale of criminal it is the story of the rise of a country defined by a freewheeling brand of capitalism over which the federal government exercised little control. It was an era when responsibility for the country's currency remained in the hands of capitalists for whom "making money" was as much a literal as a figurative undertaking. Mihm's witty tale brims with colorful shady bankers, corrupt cops, charismatic criminals, and brilliant engravers. Based on prodigious research, it ranges far and wide, from New York City's criminal underworld to the gold fields of California and the battlefields of the Civil War. We learn how the federal government issued greenbacks for the first time and began dismantling the older monetary system and the counterfeit economy it sustained. A Nation of Counterfeiters is a trailblazing work of history, one that casts the country's capitalist roots in a startling new light. Readers will recognize the same get-rich-quick spirit that lives on in the speculative bubbles and confidence games of the twenty-first century. Few of us question the slips of green paper that come and go in our purses, pockets, and wallets. Yet confidence in the money supply is a recent phenomenon: prior to the Civil War, the United States did not have a single, national currency. Instead, countless banks issued paper money in a bewildering variety of denominations and designs - more than ten thousand different kinds by 1860. Counterfeiters flourished amid this anarchy, putting vast quantities of bogus bills into circulation. Their success, Stephen Mihm reveals, is more than an entertaining tale of criminal enterprise: it is the story of the rise of a country defined by a freewheeling brand of capitalism over which the federal government exercised little control. It was an era when responsibility for the country's currency remained in the hands of capitalists for whom "making money" was as much a literal as a figurative undertaking. Mihm's witty tale brims with colourful characters: shady bankers, corrupt cops, charismatic criminals, and brilliant engravers. Based on prodigious research, it ranges far and wide, from New York City's criminal underworld to the gold fields of California and the battlefields of the Civil War. We learn how the federal government issued greenbacks for the first time and began dismantling the older monetary system and the counterfeit economy it sustained."A Nation of Counterfeiters" is a trailblazing work of history, one that casts the country's capitalist roots in a startling new light. Readers will recognize the same get-rich-quick spirit that lives on in the speculative bubbles and confidence games of the 21st century CONTENTS ILLUSTRATIONS Prologue: Confidence and the Currency 1. Bordering on Alchemy 2. Cogniac Street Capitalism 3. The Bank Wars 4. The Western Bankers 5. Passing and Detecting 6. Ghosts in the Machine 7. Banking on the Nation Epilogue: Confidence in the Country ABBREVIATIONS NOTES A NOTE ON SOURCES ACKNOWLEDGMENTS INDEX Annotation (http://www.hup.harvard.edu/audio/MIHNAT.mp3) Listen to a short interview with Stephen Mihm Host: Chris Gondek