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The Ascent of Money – Financial History of the World (2009) online. Gernet, Jacques (1962). Daily Life in China on the Eve of the Mongol Invasion, 1250–1276. Stanford: Stanford University Press. ISBN 0-8047-0720-0. Jacob Goldstein (2020). Money: The True Story of a Made-Up Thing. Hachette Book. ISBN 978-0316417198. Irigoin, Alejandra.
One by one, colonies began to issue their own paper money to serve as a convenient medium of exchange. On December 10, 1690, [4] the Province of Massachusetts Bay created "the first authorized paper money issued by any government in the Western World". [5] This paper money was issued to pay for a military expedition during King William's War ...
For a timeline graphic showing the progression from pre-coin, to lion, to horsehead imagery on the earliest coins, see Basic Electrum Types. [14] Double-die style struck coin from Ancient India, c 304-232 BCE featuring an elephant on one face and a lion on the other. Since that time, coins have been the most universal embodiment of money.
A currency [a] is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins. [1] [2] A more general definition is that a currency is a system of money in common use within a specific environment over time, especially for people in a nation state. [3]
The Coinage Act of 1792 established the United States Mint and regulated the coinage of the United States. [3] The act created coins in the denominations of Half Cent (1/200 of a dollar), Cent (1/100 of a dollar, or a cent), Half Dime (also known as a half disme) (five cents), Dime (also known as a disme) (10 cents), Quarter (25 cents), Half Dollar (50 cents), Dollar, Quarter Eagle ($2.50 ...
Instruments of monetary policy have included short-term interest rates and bank reserves through the monetary base. [1]With the creation of the Bank of England in 1694, which acquired the responsibility to print notes and back them with gold, the idea of monetary policy as independent of executive action began to be established. [2]
The quantity theory of money dominated macroeconomic theory until the 1930s. Two versions were particularly influential, one developed by Irving Fisher in works that included his 1911 The Purchasing Power of Money and another by Cambridge economists over the course of the early 20th century. [13]
The alternative to a commodity money system is fiat money which is defined by a central bank and government law as legal tender even if it has no intrinsic value. Originally fiat money was paper currency or base metal coinage, but in modern economies it mainly exists as data such as bank balances and records of credit or debit card purchases, [3] and the fraction that exists as notes and coins ...