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46

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 ...


38

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 ...


37

A real "Gold mark" it is not. Real leather it is, originally intended for shoe soles. This is Notgeld or Ersatz-money, issued after the Great War during the period known as hyperinflation and was one of the last tries to combat the consequences of inflation on a local level. Although most of these were printed on fancy papers, intended for local ...


27

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 ...


24

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 ...


22

It appears that the author, Margrit Kennedy, has either misunderstood or is deliberately misrepresenting the situation with Medieval bracteates. Medieval bracteates (a form of pennies) are pieces of thin silver sheet embossed on one side. They typically have a diameter of between 22 and 45 mm. Because it is struck on only one side, the coin image appears in ...


21

Edit 2: If symbols and punches count as a means of communicating a coin's denomination, then this article by Koray Konuk, which was published in the Oxford Handbook of Greek and Roman coinage, would suggest that Lydian coins (i.e. the very first coins to ever use gold and silver according to Herodotus), which were minted circa 700 BCE to 550 BCE, had a ...


20

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 ...


19

According to Jamila's Coins and Notes Collection blog, this is a modern iraqi coin from 1981. Here's a photo showing the front and back of that coin: I've found it on on Jamila's blog, with an overview of iraqi coins. There, it's described as follows: IRAQ - 10 Fils (Year 1981) (AH 1401) Description: Under President: Saddam Hussein (16 Jul 1979 - ...


17

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 ...


16

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 ...


15

The top picture is quite obviously a coin with a crude depiction of a seventh century "byzantine" emperor holding a globe with a cross on top. The early Muslim coins issued in former Roman territories were obviously based on Roman coins which the subject people were more familiar with, or else made with reused and modified Roman coin dies. In 636 the ...


14

I have always understood they were free, paid for by the rich elite to woo/placate the general populace - hence the phrase "bread and circuses". According to the Wikipedia article you cite, the various levels were based on rank, not price. And IIRC, women were relegated to the topmost tier in case they got too... friendly.. with the gladiators - women were ...


13

This coin is from Nepal and belongs to King of Nepal Sri Mahendra Bir Bikram Shah Dev and came in existence in Vikrami Samvat 2012 (Gregorian calendar-1955). letters inscribed are:- श्री महेन्द्र वीर विक्रम शाहदेव 2012. i.e in English Sri Mahendra Bir Bikram Shah Dev 2012 Coin Sri Mahendra Bir Bikram Shah Dev, Vikrami Samvat 2012 (Gregorian calendar-...


11

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 industrialised this strand of economic warfare with great ease. They only refrained from (...


11

Lifting the contents of the very helpful link provided by @gvk into an answer: Source: Fiat Money in 17th Century Castile, by François R. Velde, Federal Reserve Bank of Chicago, and Warren E. Weber, Federal Reserve Bank of Minneapolis and University of Minnesota. Footnote 1 states: The ducat disappeared as a coin in 1537 but remained as a unit of ...


11

Question: Where did all the money go? What are the causes that prevented us from being infinitely richer today than we actually are? Short Answer 2% compounded growth over 2000 years is not a conservative number but rather an unreasonable and profoundly optimistic number. Average 2% growth for just the last 150 years was experienced by just 1 economy. ...


10

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 ...


10

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 ...


10

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 ...


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

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 ...


9

The short answer is that there was little in the way of pre-defined tools, but the government could rely on its governing and legislative powers to intervene on an ad-hoc basis. There was no coherent banking system in 1933 China. The concept of "reserve requirements" as we know it today did not exist - banks maintained a specie reserve to back their private ...


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

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 guineas,...


8

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 ...


8

SHORT ANSWER Entrance to the Colosseum was most likely free. Spectators were sometimes given free food and gifts. Tickets were probably distributed through patronage and / or were obtained through membership of a club or society. Tickets had seat numbers. Seating was according to social status. WERE THE GAMES FREE? The general consensus among historians ...


8

As almost always: Large money transfers were done in medieval Europe just in the manner this was done since Sumerian times. By transferring debt. These obligations were not only transferrable but also transmutable. From the concrete "400 barrels of wine" to 2000 bushels of grain", or even weirder, "400 barrels of wine" to "some metal with primitive pictures ...


7

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 ...


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