Hot answers tagged

43

An enlisted Naval serviceman was paid anything from $80 to $213/month, depending on rank and service. I can't find a clear US record, but the Canadians had the lowest (non-training) telegraphist grade as an Able Seaman, and this seems to be at the E-3 level; so by analogy say $100/month. To make it directly comparable to civilian pay we need to account for ...


35

Frederick II the Great, king IN Prussia 1740–1786 used to counterfeit currency of the Polish-Lithuanian Commonwealth (PLC) on a large scale, for profit and to economically weaken Polish state. Officially PLC wasn't at war with Prussia but the only reason that this and other hostile activities of Frederick the Great were unanswered by PLC was the weakness of ...


22

The US government alleges that this has occurred - see Superdollars. Very high quality counterfeit $100 bills flooded the US market. Although it may be that these were merely a way that the responsible institution was funding operations, it is commonly believed that these were also intended to cause inflation within the US by increasing the money supply. I ...


19

During world war 2 , Germany carried out Operation Bernhard , one of the biggest currency counterfeit attempt in history , to destabilize the economy of Britain and the United States. The operation was named after(and started by) NSDAP member and SS Major Bernhard Krüger , who led the operation from a segregated factory built at Sachsenhausen concentration ...


19

Financial Wikipedia answers: The guinea is a coin that was minted in the Kingdom of England and later in the Kingdom of Great Britain and the United Kingdom between 1663 and 1814. It was the first English machine-struck gold coin, originally worth one pound sterling, equal to twenty shillings; but rises in the price of gold relative to silver ...


14

I'll take a stab at this, although it really does deserve an economics stack exchange Short reason: Population growth relative to gold supply. Long reason: A gold standard is another way of saying that your money supply is inelastic. Each bank note is linked to a fixed amount of gold and in theory should allow you buy that amount of gold. As gold is ...


13

As stated, the question has a simple answer: no! In Rome the right to mint currency was strictly reserved to the emperor. The emperor might at times devolve the right to mint copper or silver (but not gold!) coins to certain favoured cities, but it was his to grant and his to withdraw. There were severe punishments for counterfeiters (don't remember ...


10

The first set is a Japanese 10-yen banknote issued in 1946, during Allied occupation of Japan. The second set is a one peso banknote issued in 1943 in occupied Philippines by the Japanese government. The third set is a 1 shilling Oceanian Pound banknote issued in 1942, also by the Japanese government, and intended for use in various occupied British and ...


9

During the American Civil War, the Union attacked the Confederacy in this fashion. While this was work of a private Union citizen; the work was tacitly permitted by the government. Considering the technological advantage the North had over the South; they could have done industrialised this strand of economic warfare with great ease. They only refrained ...


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 ...


9

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 ...


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

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

The reason for this involves the difference between wholesale and retail trade. Wholesale trade and banking was conducted in gold (guineas), retail in silver (pounds sterling). The reason for the price difference was to provide a commission. A common practice in England was to conduct wholesale business in trade auctions. The price would be quoted in ...


7

Most was circulated back into the community through Church charities and hospitals (scroll down to 'History of charity in the Church'). Some was taken by the state and thus became eventually owned by people (see Dissolution of the Monasteries: Continental Precedents for example). Some was converted into buildings, icons, frescos, statues and other forms of ...


5

In present time, Pakistan is waging a proxy war with India, which includes destablising the Indian economy by printing large sums of fake currency. Just search Google with 'Pakistan Face currency Racket' and you will be presented with both reputable and not so reputable links. After a massive loss of people and land in 1971 Bangladesh Liberation War, and ...


5

First imagine a world without any coinage, where all purchases and sales must be achieved through barter. Further imagine that there are well accepted equivalencies, between all goods so that an average ox is understood to be worth 10 average sheep, 8 average goats, etc. Three of those goods will of course be copper, silver and gold, so that there will be ...


4

I won't pretend that this is a comprehensive answer (or close to one) but I can offer some expenditure figures for Great Britain for the period 1803-1815. These are taken from The Foundations of British Maritime Ascendancy: Resources, Logistics and the State 1755-1815, Roger Morriss (Cambridge UP, 2011) which in turn took them from Abstract of British ...


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 ...


4

Let's look at inflation first. "when the coins are too much altered, the result is inflation." When coins are altered, they are almost always debased - other metals are mixed with silver to allow the government to mint more coins with the same amount of specie. So if I have enough silver to produce 1000 coins, and I mix in 50% tin, I can now ...


3

Historically, the supply of gold has grown at the rate of 2% a year (through mining, new discoveries, etc.). That is too low a rate of growth to allow the world to grow at its desired pace of 3% or higher, and still maintain the price of goods at stable, to rising. (If gold, your "money supply" is growing at 2% a year, and goods at 3%, the price of goods ...


3

There may be differnet reasons. An extract from the German Wikipedia article about German gold reserves: Die Bundesbank hatte das Edelmetall an den führenden Goldhandelsplätzen New York, London und Paris gekauft und dort belassen Germany (or better the Bundesbank) bought the gold at the leading markets (NY, London, Paris) and never transported it ...


3

It varied from one place to another. Some of the common possibilities: In relatively civilized areas with good access to British commerce, like Boston, New York and Philadelphia prices and rents were often denominated in terms of the penny sterling. In farming areas bushels of wheat were commonly used to pay rents and bills Privately coined "tokens" were ...


3

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 ...


2

In 17th century England there was a shortage of copper coins. Even lumps of copper were accepted since the value of coins were effectively their bullion weight so trade tokens or outright fakes were perfectly acceptable, provided they were copper. However, if you faked silver or gold coins you were hanged, drawn & quartered (or burnt if you were a ...


2

The answer depends on dozens of different factors. If you did a quick review of wikipedia and google before asking the question, you could have answered most of your questions, identified the factors and been able to ask a far better question. Most of the time taxes were paid in kind (chickens, grain, etc.) Other taxes were paid in labor - time spent ...


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 quotation "fino al '600 riprodurre monete altrui fu considerato legale" actually means that it was legal to counterfeit other people's [i. e. foreign] money, in fact, aristocrats, churchmen, traders, and guild engaged in such counterfeiting, and it was usual for official mints to counterfeit their own currency (thus producing debased coins) — but a ...


1

Some accounts, such as military ones, could only be settled in specie. In exchange for a note of hand, a banking house or network offers a more fluid form of cash. The note of hand is discounted: for every £100 of face value, only £85 are supplied. The note becomes due in a certain number of years. (Say 3 years). The bankers have to be paid in specie or ...



Only top voted, non community-wiki answers of a minimum length are eligible