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This paper addresses a long-running debate in the economics literature -the debate over Adam Smith's theory of money and banking -and argues that recent reinterpretations of Smith's monetary theory have erroneously diverted historians of monetary thought from the correct, but briefly articulated, initial interpretations of Thornton (1802) and Viner (1937) . Smith did not present either the real-bills theory or a price-specie-flow theory of banknote regulation, as is now generally presumed, butdoi:10.2139/ssrn.2136133 fatcat:fcf7haqkk5ccdkwdfnr6am7sea