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9

Gaykhatu Khan's paper money was visually similar to the contemporary Chinese notes. It was an oblong certificate, block printed on possibly papyrus or bark paper. The Islamic creed of Shahada was printed at the top, followed by Gaykhatu's name, as Irinjin Turji, in Arabic. The denomination was printed at the centre of the note, and encircled. Beneath this ...


8

Economic history's great attempt to produce a great price/wage series for Southern England's monasteries, agricultural labourers, and modern workers failed. It leaves us with the series used by Measuring Worth, but the series is untrustworthy: 1) Wage labour was not generalised until the 19th century, this makes "wages" and "prices" meaningless. 2) Series ...


8

I would say all those possibilities you listed are correct. Trade could be paid in paper money, which could then be redeemed for metal and shipped home. But even in the early 1800s, trade could be conducted on credit. Of course, under normal trading conditions, credit earned from exports was credit that could then be used to pay for imports of other goods ...


7

Not long ago the Southern African nation of Zimbabwe experienced what economists called hyperinflation. Its currency rapidly lost buying power and plunged in value internationally. At the height of the hyerperinflation on 31 July 2008, the exchange rates were 1 United States dollar for 18,681,527,512 Zimbabwean dollar. The next day, 1 USD was trading for ...


5

At that time the trade of the United States was primarily with Britain or the Spanish main. The English trade was conducted in pounds sterling and the Spanish trade in the Spanish milled dollar. Ultimately the dollar was selected as the U.S. standard of value. The merchants themselves would have dealt primarily in bank notes, but the banks eventually would ...


4

Understanding historical prices is a difficult problem, and even historians of economics use methods that I would consider inadequate. Many published estimates of ancient prices and value are often wildly wrong. Regular historians (not economists) are even worse at value estimation and rarely suggest modern equivalents with any meaningful accuracy. There is ...


2

To declare I don't have a definite answer, but with my answer I might get you somewhat closer to the ultimate method. To estimate a value back in time is especially hard because of the following factors: There were various monetary systems (not just currencies) over time. For example the silver/gold backed 1 Krone in Austro-Hungarian empire worth 0,3 ...


1

Such estimates have actually been made. Roger Bagnall in a recent book writes that the price of a sheet of papyrus was "something like a quarter to a third of the value of the food for an active adult for a day". Or, to put it more succintly "a sheet of paper cost you as much as a hamburger". (p. 134). A similar estimate (probably derived from the same ...


1

The reason why is that India was on a silver standard and England was on a gold standard in which pounds were denominated. To convert India to pounds sterling, you would have had to convert the whole country to a gold standard first, which was discussed occasionally, but was more or less impractical because India had no central bank like England did. To ...



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