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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11
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2answers
673 views

What was the official currency used in North Carolina in 1814?

I was surprised to find it stated in the Laws of North Carolina, 1814, Chapter V, Section IX that: a tax to the State of ten pounds shall be paid Does this refer to British pounds? I would have ...
-2
votes
3answers
95 views

Other than China, on which countries' banknotes is the same individual shown? [closed]

I noticed that all denominations of China's banknotes feature Mao. What other countries in the world do the same---where the same individual appears on every banknote? I guessed that another country ...
14
votes
3answers
545 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 ...
16
votes
4answers
443 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 ...
6
votes
1answer
209 views

What did the paper money of the Ilkhanate look like?

In the 1200s the Mongols conquered Persia (and a few other places). The portion of the empire in Persia was known as the Ilkhanate, ruled over by the ilkhan. Influenced by Chinese paper money, the ...
7
votes
2answers
229 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
votes
2answers
269 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 ...
2
votes
1answer
109 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 ...
5
votes
1answer
203 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 ...
7
votes
2answers
842 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 ...
6
votes
3answers
282 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 ...
5
votes
1answer
151 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 ...
17
votes
1answer
412 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 ...
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? ...
20
votes
3answers
588 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 ...