encyclopedia of money - droppdf1.droppdf.com/files/bschn/encyclopedia-of-money-unknown.pdfsceattas,...
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Pageiv
Copyright©1999byLarryAllen
Allrightsreserved.Nopartofthispublicationmaybereproduced,storedinaretrievalsystem,ortransmitted,inanyformorbyanymeans,electronic,mechanical,photocopying,recording,orotherwise,exceptfortheinclusionofbriefquotationsinareview,withoutpriorpermission
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inwritingfromthepublishers.LibraryofCongress
Cataloging-in-PublicationDataAllen,Larry.Encyclopediaofmoney/
LarryAllen.p.cm.Includesbibliographical
referencesandindex.ISBN1-57607-037-9(alk.
paper)1.MoneyEncyclopedias.I.
Title.HG216.A431999332.4′03—dc2199-38048CIP
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030201001098765432ABC-CLIO,Inc.130CremonaDrive,P.O.Box
1911SantaBarbara,California
93116-1911Thisbookisprintedonacid-
freepaper.ManufacturedintheUnited
StatesofAmerica.
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Pagev
ContentsPreface,ixIntroduction,xi
EncyclopediaofMoneyActforRemedyingtheIll
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StateoftheCoin1AeginetanSilverStandard,2Alchemy,3AlexandertheGreat,4Almonds,6AmericanPenny,6AmericanRevolution
Hyperinflation,7AncientChinesePaper
Money,9ArabDinar,10
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ArgentineHyperinflation,11Assignats,12AthenianOwls,12AtticSilverStandard,12Augustalis,14AugustanMonetarySystem,
15AustrianHyperinflation,16AutomaticTransferService,
16AyrBank,17
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BabylonianGrainandSilverStandard,19
BalanceofPayments,20BancodelPiazzadelRialto,
Il,21Bank,21BankCharterActof1833,21BankCharterActof1844,22BankClearinghouses,23BankofAmsterdam,24BankofDeposit,25
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BankofEngland,26BankofFrance,28BankofJapan,29BankofScotland,30BankofSpain,31BankofVenice,31BankRate,32BankRestrictionActof1797,
32BankingActsof1826,33BankingSchool,34
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BarbadosActof1706,34Barter,35BeerStandardofMarxist
Angola,36BelgianFranc,37BelgianMonetaryReform,37Billon,38BillsofExchange,38Bimetallism,39BisectedPaperMoney,40BlackDeath,40
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Bland-AllisonSilverRepurchaseActof1878,41
BloodMoney,42BolivianHyperinflation,43BrazilianHyperinflation,44BrettonWoodsSystem,44BrideMoney,45BritishGoldSovereign,45BronzeStandardofAncient
Rome,46
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ByzantineDebasement,47Caissed’Escompte,49Calderilla,50Cappadocia,50CarolingianReform,50CaseofMixtMonies,51Cattle,52Cellini,Benvenuto,53CelticCoinage,53CentralBank,54CertificateofDeposit,55
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Check,56ChileanInflation,57ChineseHyperinflation,57ChineseKnifeMoney,58ChineseLeatherMoney,59ChineseSilverStandard,60Clipping,61Cloth,62CocoaBeanCurrency,63
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Pagei
EncyclopediaofMoney
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Pageiii
EncyclopediaofMoney
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LarryAllen
SantaBarbara,California
Denver,ColoradoOxford,England
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Pagevi
CoconutStandardofNicobars,63
CodeofHammurabi,64CoinageActof1792,64CoinageActof1834,65CoinageActof1853,66CoinageActof1965,67CommodityMonetary
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Standard,68CommodityMoney,69ConfederateHyperinflation,
70ConstantineI,71ConsumerPriceIndex,73Copper,73CorinthianSilverStandard,
74CornBanksofEgypt,75CorsoForzoso,76
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CounterfeitMoney,76Cowrie,77CreditUnionShareDrafts
(CUSD),78CredoleandTratte,78Crimeof’73,79CroeseanReform,79CrossCoinage,80“CrossofGold”Speech,81CultureofMoney,82Cupro-Nickel,84
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CurrencyActof1751,84CurrencyActof1764,85CurrencyActof1773,86CurrencySchool,86DaVinci,Leonardo,89Daric,90DeaOchoReales,91DebitCard,92DecimalSystem,93Denarius,94DepositoryInstitution
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DeregulationandMonetaryControlActof1980,94
DeutscheBundesbank,95DeutscheMark,96DissolutionofMonasteries,
97Dollar,98DollarCrisisof1971,99Drachma,99DrumMoney,100
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DuodecimalSystem,100EdictofPricesofA.D.301,
101EgyptianCopperStandard,
102Electrum,102EnglishPenny,102EquationofExchange,103EuroCurrency,104Eurodollars,105EuropeanCurrencyUnit,105
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EuropeanMonetaryUnion(EMU),106
ExchequerBills,106ExchequerOrderstoPay,106Faust,109FeatherMoneyofSantaCruz,
110FederalDepositInsurance
Corporation(FDIC),111
FederalReserveSystem,111FiatMoney,112
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FirstBankoftheUnitedStates,112
Fishhooks,113Fleetwood,William,114FlorentineFlorin,114FoodStamps,115ForcedSavings,116ForeignExchangeMarkets,
117ForestallSystem,118FortKnox,119
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FractionalReserveSystemofBanking,120
Franklin,Benjamin,120FreeBanking,120FreeSilverMovement,123FrenchFranc,125FrenchLivre,126FrenchRevolution
Hyperinflation,126FurMoney,126GDPDeflator,131
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GermanHyperinflation,131GhostMoney,133Glass-SteagallBankingAct
of1933,133GoatStandardofEastAfrica,
134Gold,135GoldBullionStandard,136GoldDust,136GoldExchangeStandard,137GoldMarkofImperial
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Germany,137GoldReserveActof1934,
138GoldRushes,139GoldStandard,141GoldStandardActof1900,
143GoldStandardActof1925,
144GoldStandardAmendment
Actof1931,145GoldsmithBankers,146
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Gold-Specie-FlowMechanism,147
GreatBullionFamine,147GreatDebasement,148GreekMonetaryMaelstrom:
1914–1928,149Greenbacks,150Gresham’sLaw,151GuernseyMarketHouse
PaperMoney,152Guns,153
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High-PoweredMoney,155HouseofSt.George,155HumanHeads,156HungarianPost–WorldWarI
Hyperinflation,157HungarianPost–WorldWar
IIHyperinflation,157
IcelandicSagaMoney,161InconvertiblePaperStandard,
161IndependentTreasury,162
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Indexation,163IndianRupee,164IndianSilverStandard,164InflationandDeflation,165InterestRate,166InternationalMonetary
Conferenceof1878,167
InternationalMonetaryFund,168
IronCurrency,169
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IslamicCoinage,170ItalianLira,170Ivory,170Juilliardv.Greenman,173KnightsoftheTemplars,175LaborNotes,177LandBankSystem,177Larin,178LatinMonetaryUnion,179
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Pagevii
Law,John,180LawoftheMaximum,181LeatherMoney,181Leather-WrappedMoneyof
AncientCarthage,181
LegalReserveRatio,182LegalTender,183
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LexAternia-Tarpeiaof454B.C.,185
LexFlaminiaof217B.C.,186LiquorMoney,187LiverpoolActof1816,187LombardBanks,187LydianCoinage,188MacmillanCommittee,191MahoganyLogs,191Manilla,191Maravedis,192
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MassachusettsBayColonyMint,192
MassachusettsBayColonyPaperIssue,193
MatCurrencyofSamoa,194MediciBank,194Mercantilism,195MexicanPeso,196Milled-EdgeCoinage,196MississippiBubble,197MondexSystem,197
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Monetarism,197MonetaryAggregates,198MonetaryLawof1803,199MonetaryMultiplier,200MonetaryTheory,200MonetaryUnionsofAncient
Greece,201MoneyMarketMutualFund
Accounts,201MoneySuperstitions,202Moneyer,203
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Montesquieu,204MosaicSilverStandard,205MughalCoinage,206Nails,207NationalBankActof1864,
207NegotiableOrderof
WithdrawalAccounts,208
NewYorkSafetyFundSystem,209
OedipusTyrannus,211
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OpenMarketOperations,212OperationBernhard,213OptimalCurrencyArea,214OptionalClause,215OttomanEmpireCurrency,
215PacificCoastGoldStandard,
217PapalCoinage,218PhoenicianWeightStandard,
219
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PigStandardofNewHebrides,220
Plato,221Playing-CardCurrencyof
FrenchCanada,222PolishHyperinflation,223Pontiac’sBarkMoney,223PostageStamps,224Potin,225PotosiSilverMines,225PoundSterling,226
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POWCigaretteStandard,227PriceRevolutioninLate
RenaissanceEurope,228
PrivatePaperMoneyinColonialPennsylvania,228
PromissoryNotesActof1704,229
PropagandaMoney,230QuattriniAffair,231RadcliffeReport,233
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RealBillsDoctrine,234RegulationQ,234Reichmark,234Rentenmark,234ReportfromtheSelect
CommitteeontheHighPriceofBullion,235
Reserves,236ResumptionActof1875,236ReturntoGold:1300–1350,
237
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RiceCurrency,238Riksbank,239RomanAes,239RomanandByzantineLaw,
239RomanEmpireInflation,240RosselIslandMonetary
System,241RoyalBankofScotland,242RumCurrency,243RussianPaperMoney,243
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RussianRevolutionHyperinflation,243
RussianRuble,244SaltCurrency,245Sandalwood,246SavingsandLoanBailout,
246Sceattas,247ScottishBankingActof
1765,247SealedCoinPurses,248
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SecondBankoftheUnitedStates,248
Seigniorage,250SeizureoftheMint,250Shekels,251ShermanSilverActof1890,
251Shillings,252Shinplasters,252SiegeMoney,254Silver,254
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SilverCertificates,255SilverPlate,255SilverPurchaseActof1934,
256SlaveCurrency,257SlaveCurrencyofAncient
Ireland,258Snake,258SocialDividendMoneyof
Maryland,259Solidus,260
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Solon,260SpanishInconvertiblePaper
Standard,261SpanishInflationofthe
SeventeenthCentury,262
SpartanIronCurrency,262SpecieCircular,264StandardDrawingRights,
264StateNotes,264StopoftheExchequer,264
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SuffolkSystem,265SugarStandardoftheWest
Indies,266SuspensionofPaymentsin
Warof1812,267Sweden’sCopperStandard,
267Sweden’sFirstPaper
Standard,269
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Pageviii
Sweden’sPaperStandardofWorldWarI,270
SwissBanks,271SwissFranc,272Symmetallism,272TabularStandardin
MassachusettsBayColony,275
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Taler,276Tallies,277Tea,278TempleCoinageinAncient
Greece,278TempleMoneychangers,279TempleofJunoMoneta,280TobaccoNotes,281Touchstone,281TradeDollar,281TrapesiteBanking,283
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TreasuryNotes,283TrialofthePyx,284TzaristRussia’sPaper
Money,285UnitedStatesEagle,287UsuryLaws,287Vales,289ValueofMoney,290VariableCommodity
Standard,290Vellon,291
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VelocityofMoney,292VenetianDucat,293VirginiaColonialPaper
Currency,294VirginiaTobaccoActof
1713,295WageandPriceControls,297Wampumpeag,298WendishMonetaryUnion,
299WhaleToothMoneyinFiji,
300
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WildcatBanks,301WizardofOz,301WorldBank,303YapMoney,305Yeltsen’sMonetaryReform
inRussia,306Yen,307Yuan,308Bibliography,309Index,317
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Pageix
Preface
Thisbookiswrittenforthegeneralreader,whomayuseitasareferencesourcetotheimportantmonetaryexperiencesthathaveeither
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shapedtheevolutionofmoneyandbankingsystemsorthatforotherreasonsareregardedasinterestingmonetaryexperiments.Thereaderwhodoesnotknowwheretostartmaywanttoreadthebookfrombeginningtoend.Inthespiritoftheadagethatallsidesofanissuecannotbeseenfromjustoneangle,thisbookapproachesthesubjectofmoneyasseenfromevery
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anglerepresentedbyimportantmonetarysystemsandexperimentsinhistory.
Innovationsinmonetarysystemsinvariablyentailaredistributionofincome,andthereforethesubjectofmoneyisnotoneweexpecttoseehandledwithoutprejudice.Thisbook,however,strivestotreatthesubjectwithouttryingtoproveordisprovecurrenttheoriesinmonetary
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economics.Somevaluejudgmentscanhardlybeavoidedindescriptionsofepisodesofhyperinflation,whichremindusofthemonetaryinsanitythatlurksbeneaththesurfaceoffiatmoneysystems.Also,complexscenariosofmonetarydebaclesoftenseemclearerwhenseenthroughthetrainedeyesoftheleadingeconomistsinhistoryandtheoriescanlendorganization
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toanotherwisechaoticseriesofevents.Inthisbooktheoriesareadvancedonlytobringtolighttheorderthatexistswherethereappearstobenoorder,andtoenliventhediscussionwiththought-provokingideas.Themainorganizingprincipleinthisbookconsistsinthecommoncharacteristicssharedbyvarioustypesofmoneyandmonetarysystems,ratherthanunifyingtheoreticalthreads
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thatcanbetracedfromthefirstpagetothelast.
Thisbookpresentsthesubjectofmoneyintheformofmorethan300topicsrangingfromwhaletoothmoney,furmoney,andtobaccomoneytothemechanismsofthemoderninternationalmonetarysystem.Individualtopicsareintendedtostandontheirownmerits,eachstrivingtopenetrateasarovingspotlight
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allthenooksandcranniesofmonetarysystems,lingeringovertheidiosyncrasies,andlookingforarchaicrelicsinmodernsystemsandmoderntraitsinancientsystems.
Theprofessionallytrainedeconomistswillmissinthisbookmuchofthetechnicaljargonandsophisticatedmathematicalandstatisticalanalysisassociatedwiththescienceofmonetaryeconomics.Perhaps
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theabsenceoftheoryandjargonwillberepaidintherevelationofthealmostendlessvarietyofmonetarysystemsandexperimentsthatdeserveourattention,andcanteachussomethingaboutthenatureofmoney.
ThecompositionofthisbookwasenrichedsubstantiallybyconversationswithDr.RonFritze,professorofhistoryatLamarUniversity,whosefar-flung
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knowledgeofhistoryandancientsocietiesgavememanycluesconcerningthewhereaboutsofuniquemonetaryexperiences.Indiscussingthetreatmentofvarioussubjects,Ialwaysbenefitedfromtheclarificationthatanyissuereceivedathishands.TheheartycooperationofthelibrariansattheMaryandJohnGrayLibraryontheLamarUniversitycampus
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impressedmeduringtheprocessof