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Is it possible to have a successful monetary union without a political one? It would seem that the early United States is a leading example from history of political union as a precondition for monetary stability. But this view is misleadingly simple. I review the historical record and reveal signs that the United States did not achieve a stable monetary union, if measured by a uniform currency and adequate safeguards against systemic risk, until well after the Civil War and probably not untildoi:10.2139/ssrn.2224336 fatcat:qda6qvlkojdkjod24byz3qybhy