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45

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 ...


44

In that era, 300 pounds weighs 300 pounds, but it's a different pound. Your example of Robin Hood fixes the time period during the reign of King Richard about 1175, though we must remember this is a legend. This is just after the chaotic reign of King Stephen when the centralized minting of coins broke down. His successor, King Henry II, reintroduced the ...


41

Historically, the solution to this was the letter of credit, circular note, traveller's cheque, or similar. Basically, it was an attestation that the bearer of the document had deposited a certain amount of money with the issuing institution. No attempt was made at "atomicity", rather, the goal was "eventual correctness", where the ...


39

Currency restrictions existed between 1939 and 1979. The main goal of these restrictions after 1945 was to insure that enough foreign exchange was available to finance needed imports from non-sterling areas. This meant that sterling currency that could be exchanged to foreign currency was greatly limited. Starting 1945, this was £100 per year. Between 1952 ...


38

This is based on an Estonian radio show, 'Müstiline Venemaa' ('Mystical Russia') by historian David Vseviov, chapters 'The Financing of Bolshevik Activities', which described the pre-1917 financing, and 'Banking. Money Reform' and 'Speculations around Money', which described activities after Bolsheviks formed the government. Summary Answer This is to ...


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 ...


37

Quite simply, they did not guarantee atomicity or synchronicity, they guaranteed eventual consistency. The general principle is simple: it doesn't matter when the money actually gets moved, provided that it's done in a 'reasonable' amount of time and is reserved for the specified transaction. The way you achieve this is very simple too. For this to work, you ...


28

Short Answer Didius Julianus (ruled 28 March to 1 June 193 AD) promised a total of around 200 million sesterces to the Praetorians but apparently did not have sufficient funds to meet this commitment. For context, a legionary foot soldier was paid (annually, before significant deductions) around 2,400 sesterces following the pay rise in 197 AD, and a ...


24

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 ...


24

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 ...


21

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 - ...


18

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 ...


18

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 (...


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

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 ...


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 ...


14

I have to agree with the comments. Most coins have always been round but maybe some Asian countries have had more non-round coins than other areas of the world. But it also depends on what you want to call a coin. There's Chinese spade money from 650 BC for example. India has a long history of square coins which are definitely coins. This one is from 450 - ...


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-...


12

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 ...


12

Here, from 428 BC, is a rather complicated real estate lease with a 60-year(!) term. 20 talents of dates per year, plus a number of other clauses and considerations. Baga'miri, son of Mitradatu, spoke of his own free-will to Belshum-iddin, son of Murashu, saying: "I will lease my cultivated field and uncultivated land, and the cultivated field and ...


12

Constantinopoli obryzum According to a poorly cited Wikipedia article CON indicates the mint of Constantinople and OB is an abbreviation of obryzum, and quite literally translates to "1/72 of a pound of pure gold". CONOB, Wikipedia CONOB is a legend found in much of Byzantine gold coinage . Sometimes COMOB is found. It was found, for example, in ...


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

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 ...


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

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 ...


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 ...


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