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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 ...


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

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

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 ...


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

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 ...


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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