Bullion and Monetary Flows in the Northern Andes: New Evidence and Insights, 1780-1800

Abstract

The paper examines the direction, magnitude and dynamics of bullion and monetary flows in the Viceroyalty of New Granada (present-day Colombia and Ecuador), the largest gold producer of the Spanish empire, during the late colonial period. The paper interweaves notarial records and little-explored post office accounts to craft a preliminary, yet novel, monetary geography of the region. It identifies the cities and regions that agglomerated the flows of gold and silver in the form of bullion and coins. The paper pursues a mostly empirical goal. It seeks to provide materials and insights to further study the mechanics of bimetallism in the region. The article suggests that bullion markets had a broader scope across distant regions than previously thought. The paper, then, supports the claim of recent scholars who have studied the flow of consumer goods in showing that the Northern Andes were much more integrated. Therefore, it is necessary to abandon the present-day national borders framework to analyze the north Andean economies.

Keywords

• Bimetallism
• Northern Andes
• Networks
• Monetary History
• Bullion
• Money
• Economic History