The Duration of Book Credit in Colonial New England

Abstract

Account books show that merchants frequently used book credit in exchanges with consumers. The ability of credit to act as a substitute for currency in payments depends on the terms attached to the credit, such as its duration. To investigate duration more systematically, the author employs life table analysis and the singulate mean age at marriage, methods commonly used in demography, to analyze debt records from eighteenth-century Connecticut and Massachusetts. He arrives at expected duration estimates in excess of those in the literature. Given the expected duration, book credit seems to be a good substitute for other forms of payment. If this is so, a major revision of literature on colonial monetary matters may be in order.

Keywords:

• book credit
• demography
• singulate mean age at marriage