Refers to objects which are backed by a reputable source (usually a state actor) and used in lieu of barter to trade for goods and services. Originally currency was produced by containing a set amount of precious material or the promise that the object could be redeemed for a certain amount of a ...

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4
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2answers
99 views

What is the largest overnight depreciation?

What is the largest overnight currency depreciation? How large, which currency and when? When examining historical records of currency depreciation, it is helpful to have a better understanding of ...
11
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2answers
196 views

Were US exports in the early 1800s paid for with metal or with paper?

In the early 1800s, when people in the US exported goods to Europe, how were those goods paid for? What did the buyers actually send back on ships crossing the Atlantic to pay for the goods? I can ...
10
votes
3answers
285 views

How can prices be compared over time?

I've just asked a question where Tyler Durden wrote in his answer that paper was expensive at Euclids time. So I wanted to ask the question: How did the price of paper / papyrus develop over ...
2
votes
1answer
84 views

Did the Virginia pound use the pound sign (£)?

During most of the colonial era, Virginia used its own currency, the Virginia pound. Today, the pound sign (£) is used to designate the British pound as well as other "pound" currencies. Was the ...
6
votes
2answers
517 views

What factors led to the 30% devaluation of pound sterling in 1949?

In 1949, Britain devalued the pound sterling by 30%. This was a major world economic event given that the pound was and still is one of the major currencies in the world. In fact, 9 other countries ...
5
votes
1answer
133 views

What was the currency in use in Palestine shortly before and during WWI?

Wikipedia lists the following Ottoman currencies: Akçe, Para, Kuruş, Lira, Sultanî, but I would like to now which were prevalent in actual use (or, rather, uses). Also, such a variety suggests that ...
5
votes
3answers
247 views

How did shells, bones, and other trinkets work as currency?

One often hears stories about civilised and pre-civilised societies using shells, bones, and other trinkets as currency. How exactly did this system work? Taking the example of shells, did they have ...
8
votes
3answers
1k views

How much has U.S. currency inflated since 1792?

How much has U.S. currency inflated since the Coinage Act of 1792 established the U.S. Mint? Adjusting for inflation, what amount of modern currency would have the same buying power as a 1792 dollar? ...
5
votes
1answer
182 views

What coin denominations were used in the US before Dollars and Cents?

In Thomas Jefferson's proposal for a decimal currency, he describes the status quo as: The [cent] will differ little from the copper of the four Eastern States, which is 1/108 of a dollar; still ...
12
votes
2answers
414 views

Why did the British not introduce the sterling in India?

The question is about the adoption of currency during imperialist rule. Why did the British persist with the local currency, the rupee? What impediments did the British face in implementing the ...
17
votes
1answer
343 views

What were tally sticks?

What were tally sticks, and how was it that they they worked for the economy? I understand that they were a form of currency and were of fixed value based on the notches, but how did they work as a ...
20
votes
3answers
489 views

First evidence for replacement of barter trade by local abstract currency?

What were the first local currency systems in history we have detailed information on? I dont think it was gold/silver or other hard to produce materials. Probably these became more important ...