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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
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
No, that was company scrip to be spent at company stores with inflated prices. It was a form of vendor lock in and slave labor
I can assure you that England's late 18th-century trade tokens were widely accepted--the illustrated Druids in particular were much preferred everywhere by merchants and the people. RE: company stores, see also https://www.jstor.org/stable/2121820
That isn't what happened. Believe me: I studied the episode for eight years. I can only refer you to my book on ithttps://www.amazon.com/Good-Money-Birmingham-Beginnings-Coinage/dp/1598130439 …
And often the factory owners issuing those coins, would own the shop in which they were spent.
I was wondering if you were familiar with 18th century British token-coinage. Having recently read your 'Collecting metals' it seemed likely. Now I have my answer, and with a shout out to George Selgin to boot!
https://en.wikipedia.org/wiki/Company_store … "Sold my soul to the company store". Workers were often paid in scrip, and store prices so high, they were often in debt to them
The "conventional wisdom" about historical private currency is more myth than fact. If you want to read the details about either the old trade tokens or banknotes I can happily point you to sources.
Regional banks before the creation of the Fed in the US, often issued their own currency if not enough was available locally. This helped the local economy but made travel across the US difficult
Until a few decades ago state laws prevented banks from branching across state lines. That, and not the fact that currency was privately issued, was the cause of discounts. Elsewhere were competing private banks supplied paper currency such discounts were unusual.
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