We use the first French experiment with playing card money in its colony of Quebec between 1685 and 1719 to illustrate the link between legal tender restrictions and the price level. Initially, the quantity of playing card money and the government’s poor fiscal condition appears to have had little effect on prices. After 1705, however, the playing card money became inflationary. We argue that this was caused by the government’s increased enforcement of the legal tender laws and the adoption of a redemption plan intended to remove the notes from circulation.

中文翻译：

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外卡：法属北美的殖民地纸币，1685 年至 1719 年

我们使用 1685 年至 1719 年间在魁北克殖民地进行的第一次法国纸牌货币实验来说明法定货币限制与价格水平之间的联系。最初，扑克牌货币的数量和政府糟糕的财政状况似乎对价格影响不大。然而，在 1705 年之后，纸牌货币变得通货膨胀。我们认为这是由于政府加强了法定货币法的执行以及通过了旨在将票据从流通中移除的赎回计划。