U.S. Federal Reserve to teachers and students (there will be a quiz!): “Traditionally, currency is produced by a nation's government.“ https://files.stlouisfed.org/research/publications/page1-econ/2018/03/01/bitcoin-money-or-financial-investment_SE.pdf … Education or propaganda? At the very least it is quite incomplete. The following thread fills in some of the gaps:
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2/ Many banks besides central banks issued bank notes that circulated as currency. See work of
@lawrencehwhite1 &@GeorgeSelgin • Charted Bank of India, Australia, and China, 1954 • Mechanic’s Bank, U.S.,1856 • North of Scotland bank, 1945 • Ipswich bank in England,1820spic.twitter.com/DODOeEwcFP
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3/ In the industrial revolution, factories had to attract workers with frequent pay that could be spent at bargain shops. The Royal Mint was not producing low-denomination coins, so factories minted their own. Was not the only time or place for private coins. ht
@GeorgeSelginpic.twitter.com/Aq1IITZgfR
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4/ Vast majority of coins were minted by gvnts, but monetary use of metals was far broader than & long predated that of coins. International money was the metal not its form. "Pound", "drachma", "shekel" etc. were units of weight. https://unenumerated.blogspot.com/2017/03/collecting-metal-inner-and-outer-worlds.html … https://unenumerated.blogspot.com/2016/12/weigh-and-deliver-compensation-and.html …pic.twitter.com/ghz4IU6mqU
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But nick this is only a historical view, not an anthropological one. Currency is very very old, most likely did not develop in a centralized way.
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