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27

This is because Americans were used to dealing in quarters at the time the denomination was chosen. During the colonial period, a common unit of currency was one eighths of a Spanish real de a ocho. Since each of these Spanish dollars were worth eight Spanish reales it was habitual to divide the eight-real coin into 12.5% wedges known as bits. Two of these ...


12

Basically, the Pseudohistory Channel or whoever you heard this from is simply wrong. Rather than a gold standard, the framers of the US Constitution tried to introduce a bimetallic standard - that is, a monetary standard based on both gold and silver. The Constitution states: No State shall enter into any Treaty, Alliance, or Confederation; grant Letters ...


9

This does not refer to a Pound Sterling, or British Pound, but rather to the colonial currency of North Carolina, the North Carolina Pound. This was the official currency of North Carolina until the establishment of the United States Dollar in 1792, as a replacement for the Continental Dollar, and is apparently still legal tender in North Carolina to this ...


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

The value of a currency at any time is measured by a figure called the Consumer Price Index: this takes into account the price of lots of different things and comes up with a single figure for that currency. This can then be compared between eg the dollar now and the pound now, or the pound now and the pound 5 years ago, or, a defunct currency. One way ...


8

It would be inadequate if there weren't so much data collected over the centuries. The Roman Empire is a very well documented period. There are detailed price lists on what the Romans thought was essential, very similar to ours. There is also plenty of information on how much they had to pay for lodging; clothes; books; as well as horses, private houses, and ...


7

Before the 1840s national currency was more or less non-existent, like the US dollar, was rare and only used in big northern cities, like Philadelphia and New York. Early dollars are so rare they are collectors items. In virtually all the states a local currency was used, which in North Carolina was called the "pound". Technically the pound was denominated ...


7

Note that for the time period of interest there was no single German state, as we are talking not only long before the German unification of the mid Nineteenth Century but also well before the simplification of German states that occurred during the Napoleonic period. Consequently: Up to that time [1871] several dozen independent German States and ...


6

There is a book on the subject of the Rhineland subjugation called "From Reich to State: The Rhineland in the Revolutionary Age, 1780-1830" by Michael Rowe. On p. 203 of this book it says that many currencies, including the Franc, continued to be used. The main impact of the takeover was that the Franc became the only currency in which taxes could be paid, ...


2

If with Mesopotamia you mean the ancient civilisations in Babylonia and Assyria before the Persian conquest (that is: before 535 BC), then we need to say that there were no coins at all. In a Mesopotamian context, a shekel is a unit of weight, not a struck coin. The first coins in the world were minted in Lydia around 600 BC. In Babylonia, coins began to ...


2

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 ...


1

This refers to the French pound, the livre. French money was in common use in Germany, Italy and many other places during the 1700s. The livre was worth about $12 - $25. There were 24 silver livres in a Louis, which was the gold coin.


1

I originally thought it was because of best way to reduce number of coins needed before I read Semaphore's answer. I thought it was designed this way due to efficiency: for example at all values between 0 and 1 dollar that ends in 0 or 5 5 cent = 1 coin 10 cent = 1 coin 15 cent = 2 coins 20 cent = 2 coins (1 coin if using 5/10/20) 25 cent = 1 coin (2 ...


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 ...



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