Posted by Eugene Volokh:
Punctuation and Quotation Marks:

   The dominant American style is to include commas and periods within
   quotation marks even when that punctuation doesn't belong to the
   quotation. Thus, you'd write

     This is an example of what the Court has called "the chilling
     effect."

   rather than

     This is an example of what the Court has called "the chilling
     effect".

   The latter style isn't wrong, and some prefer it because it seems more
   logical; my Oxford English Grammar says that it's the norm in British
   English. But most American publishers always put the period and the
   comma inside the quotation mark.

   That much most people know, but quite a few editors erroneously
   generalize this to semicolons and some other punctuation marks. The
   rule for those punctuation marks is that they are never moved before
   the quotation mark; they appear immediately before a quotation mark
   only when they appear in the quoted material. Thus,

     Right: This is an example of the "chilling effect"; there are
     others.

     Wrong: This is an example of the "chilling effect;" there are
     others.

     Right: Do you think this is an example of the "chilling effect"?

     Right: The Court asked, "is this an example of the chilling
     effect?" [The question mark is part of the quoted material.]

     Wrong: Do you think this is an example of the "chilling effect?"

   Remember -- only commas and periods get moved within quotation marks.
   This is the American norm, and the one to which most readers' eyes are
   used. Some day the error of today may become common enough that it
   becomes standard usage for the future; descriptivist that I am, I
   won't be able to condemn such a usage as "wrong" then. But right now,
   as best I can tell, the moved semicolon/colon/question
   mark/exclamation point is still a rarity, and seen as an error rather
   than an alternative style. That's what the Authorities (which are a
   decent guide of what current usage is) say, and it's my sense of
   what's actually done by publishers. And even if you want to be a
   maverick yourself, don't change the author's correct
   semicolons-outside-quotes into your own idiosyncratic
   semicolons-inside-quotes.

   Why, by the way, were commas and periods ever moved within quotation
   marks? I'm not positive, but the most plausible account that I've read
   is that this just looks better in proportionally-spaced typeset fonts.

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