(5) "We have literally no money of our own in circulation in currency, even our shinplasters [small denomination notes issued by municipalities, tavern keepers, toll road operators, and such] having given way to those of the various municipalities of New Orleans, which now form our only small change," stated the Madison Whig Advocate on May 30, 1840.

Virginia had resorted to issuing its own currency, treasury note bills called "shinplasters" Contractors with the state demanded at least a 25 percent markup for goods and services if they could not obtain specie payment.

money supply, though specie and chits or shinplasters (the bearer liabilities of non-banks) also circulated to a degree that varied over time and space.

The troop here was paid off and I assisted in counting them money and it kept me pretty busy, more than $6000.00 passed through my hands in one & two dollar bills and 25 cents shinplasters." (10)

Some merchants offered tokens exchangeable for goods and small private notes, mockingly called "shinplasters" by the public, and these were also flooding the market.

"Free Banking, Wildcat Banking, and Shinplasters," Federal Reserve Bank of Minneapolis Quarterly Review (Fall 1982): 10-19.