ABSTRACT
This article explores the broad sweep of the American (dollar-sterling) foreignexchange market from 1791 to 1914. A long view is taken, with the earliest year when a dollar-sterling (as distinct from individual-state shilling/English shilling) exchange rate was first continuously provided, and the final year when World War I broke the British gold standard.1 For empirical analysis, the 1791-1914 period is divided into subperiods – decadal to 1910 (1791-1800 through 1901-1910), then 1911-1914.
