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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:
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
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
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
Ethnography was confounded by colonial bans on native institutions. Despite this many recorded use of shells as store of value & medium of wealth transfer. Shell beads go back over 100,000 years in archaeology. Copper was first smelted to make beads. https://unenumerated.blogspot.com/2017/02/conflict-and-collectibles-among-yurok_87.html …pic.twitter.com/ZDHAa1iR9R
How quickly they've forgotten Pre-1863 US currency wasn't nationally issued. Something like several hundred currencies before that national banking act that year. Free banking era/wildcat banking. that's why cryptocurrency looks like right now.
Beware of myths about the U.S. "Free Banking" era. A truthful account here: https://www.frbatlanta.org/-/media/documents/filelegacydocs/ACFCE.pdf …
In Italy in the 1970s, banks did this. I remember it was not unusual to get candies in lieu of small coin change (not a bad time to be a child).
At least until the1990s, telephone tokens ("Gettone") issued by telecom company traded at par to the Italian Lira in day to day commerce in Italy, with universal and undiscounted acceptance.
Yes, I remenber well 
Have you guys thought about the idea of emergent monetary feudalism? “Locally” (could be online groups with shared interests) controlled money before full decentralization. I see that sort of emergence in networks of all sorts.
#tax is collected in local fiat, bonds issued in (many) fiats
Hong Kong is the best current times example, they have 3 parallel series issued by banks: • HSBC, • Standard Chartered, and • Bank of China.
Yup yup. Pretty wild as banknotes from 1980's still in circulation, making 4 series with 3 note issuing banks. The HKMA also issues the 10 dollar note... so potentially there are 13 different designs, but same 10 dollar value note.
I have never seen HK$10 issued by one of the banks. Only transparent and opaque government versions.
You occasionally see the green colonial HSBC ones... times I've been given them have been change at wet markets. Standard Chartered and BoC ones are way rarer... all Hongkongers hoard them when they get one... 
pic.twitter.com/wZBHoX3Ne7
Whoa, that's awesome! I guess I need to go to HK more and visit all the wet markets while I'm there 
.
They can just add "currently".
Same in Northern Ireland, which is why there are pound sterling notes issued by the Bank of Ireland and notes with soccer players on them that are legal tenderhttps://www.adverts.ie/coins-notes/george-best-five-pound-note-limited-edition-unc-banknote-with-presentation-wallet/2620253 …
Technical quibble: they are a legal currency, but they are not "legal tender" in the strict sense. No creditor has to accept them in repayment of a pound-denominated debt. See file:///C:/Users/user/Downloads/S%20&%20NI%20NOTES%20FACTSHEET.pdf
Sorry, that link should be https://www.scotbanks.org.uk/banknotes/legal-position.html …
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