1131:"Suppose that the Bank of France did not rest on a metallic base, and that other countries were willing to accept the French currency or its capital in any form, not only in the specific form of the precious metals. Would the bank not have been equally forced to raise the terms of its discounting precisely at the moment when its "public" clamoured most eagerly for its services? The notes with which it discounts the bills of exchange of this public are at present nothing more than drafts on gold and silver. In our hypothetical case, they would be drafts on the nation's stock of products and on its directly employable labour force: the former is limited, the latter can be increased only within very positive limits, and in certain amounts of time. The printing press, on the other hand, is inexhaustible and works like a stroke of magic."
33:
1225:, about the 10th century CE. Although the notes were valued at a certain exchange rate for gold, silver, or silk, conversion was never allowed in practice. The notes were initially to be redeemed after three years' service, to be replaced by new notes for a 3% service charge, but, as more of them were printed without notes being retired, inflation became evident. The government made several attempts to maintain the value of the paper money by demanding taxes partly in currency and making other laws, but the damage had been done, and the notes became disfavored.
2246:
64:
4042:
2260:
891:
2232:
879:
1140:
materials and labour’ (inflation) alongside a ‘decrease in price of bank drafts’ (ever-falling rates of interest)." Harvey notes the accuracy of the modern economy in this way, save for "...the rising prices of labor and means of production (low inflation except for assets such as stocks and shares, land and property and resources such as water rights)." The latter point can be explained by the private exportation of
1584:." Provincial governments produced notes which were fiat currency, with the promise to allow holders to pay taxes with those notes. The notes were issued to pay current obligations and could be used for taxes levied at a later time. Since the notes were denominated in the local unit of account, they were circulated from person to person in non-tax transactions. These types of notes were issued particularly in
1859:(CPMI). A red book summary of the value of banknotes and coins in circulation is shown in the table below where the local currency is converted to US dollars using the end of the year rates. The value of this physical currency as a percentage of GDP ranges from a maximum of 19.4% in Japan to a minimum of 1.7% in Sweden with the overall average for all countries in the table being 8.9% (7.9% for the US).
1204:
1370:. He confiscated all the playing cards in the colony, had them cut into pieces, wrote denominations on the pieces, signed them, and issued them to the soldiers as pay in lieu of gold and silver. Because of the chronic shortages of money of all types in the colonies, these cards were accepted readily by merchants and the public and circulated freely at
987:, which is money that has intrinsic value because it is backed by and can be converted into a precious metal or another commodity. Fiat money can look similar to representative money (such as paper bills), but the former has no backing, while the latter represents a claim on a commodity (which can be redeemed to a greater or lesser extent).
4367:
2615:
something the intrinsic value of the material substance of which is divorced from its monetary face value) – now generally made of paper except in the case of small denominations – which is created and issued by the State, but is not convertible by law into anything other than itself, and has no
1261:
All these pieces of paper are issued with as much solemnity and authority as if they were of pure gold or silver... and indeed everybody takes them readily, for wheresoever a person may go throughout the Great Kaan's dominions he shall find these pieces of paper current, and shall be able to transact
1070:
Most of the money in the economy is created, not by printing presses at the central bank, but by banks when they provide loans. This also means as you pay off the loan, the electronic money your bank created is 'deleted' – it no longer exists. So essentially, banks create money, not
1386:
As the finances of the French government deteriorated because of
European wars, it reduced its financial assistance to its colonies, so the colonial authorities in Canada relied more and more on card money. By 1757, the government had discontinued all payments in coin and payments were made in paper
1291:
would issue notes to pilgrims. Pilgrims would deposit valuables with a local
Templar preceptory before embarking for the Holy Land and receive a document indicating the value of their deposit. They would then use that document upon arrival in the Holy Land to receive funds from the treasury of equal
1599:
Bills of credit have generated some controversy from their inception. Those who have wanted to emphasize the dangers of inflation have emphasized the colonies where the bills of credit depreciated most dramatically: New
England and the Carolinas. Those who have wanted to defend the use of bills of
1378:
was recognized. The first issue of playing card money occurred during June 1685 and was redeemed three months later. However, the shortages of coinage reoccurred and more issues of card money were made during subsequent years. Because of their wide acceptance as money and the general shortage of
1139:
writes that "he consequence, as Marx saw it, would be that "the directly exchangeable wealth of the nation" would be ‘absolutely diminished’ alongside of ‘an unlimited increase of bank drafts’ (i.e., accelerating indebtedness) with the direct consequence of ‘increase in the price of products, raw
1426:
still issues
Playing Card Money in commemoration of its history, but now in 92.5% silver form with gold plate on the edge. It therefore has an intrinsic value which considerably exceeds its fiat value. The Bank of Canada and Canadian economists often use this early form of paper currency to
2149:
from stabilizing the economy. However, money supply growth does not always cause nominal increases of price. Money supply growth may instead result in stable prices at a time in which they would otherwise be decreasing. Some economists maintain that with the conditions of a
1314:, but acceptance was mandated by the government. This fiat currency depreciated so rapidly that by 1776 it was returned to a silver standard. Fiat money also has other beginnings in 17th-century Europe, having been introduced by the Bank of Amsterdam in 1683.
4374:
3356:
The
Bretton Woods arrangement collapsed in 1971 when U.S. President Richard Nixon suspended the convertibility of the dollar into gold. Since then, the world has lived in a system of national fiat monies, with flexible exchange rates between the major
1346:
pelt. As the colony expanded, coins from France came to be used widely, but there was usually a shortage of French coins. In 1685, the colonial authorities in New France found themselves seriously short of money. A military expedition against the
1615:. The repeated cycle of deflationary hard money, followed by inflationary paper money continued through much of the 18th and 19th centuries. Often nations would have dual currencies, with paper trading at some discount to money which represented
1351:
had gone badly and tax revenues were down, reducing government money reserves. Typically, when short of funds, the government would simply delay paying merchants for purchases, but it was not safe to delay payment to soldiers due to the risk of
1712:
of gold. Other currencies were calibrated with the U.S. dollar at fixed rates. The U.S. promised to redeem dollars with gold transferred to other national banks. Trade imbalances were corrected by gold reserve exchanges or by loans from the
1689:, typically gold) on demand. However, the costs of the war and the required repairs and economic growth based on government borrowing afterward made governments suspend redemption by specie. Some governments were careful of avoiding
1839:
of broad money supply (M2), only $ 915.7 billion (about 10%) consisted of physical coins and paper money. The manufacturing of new physical money is usually the responsibility of the national bank, or sometimes, the government's
4360:
1094:
when they have more money. In a model by Lagos and Wright, fiat money does not have an intrinsic worth but agents get more of the goods they want when they trade assuming fiat money is valuable. Fiat money's value is
1669:, a form of paper fiat currency known popularly as 'greenbacks'. Their issue was limited by Congress at slightly more than $ 340 million. During the 1870s, withdrawal of the notes from circulation was opposed by the
1192:. During the 11th century, the government established a monopoly on its issuance, and about the end of the 12th century, convertibility was suspended. The use of such money became widespread during the subsequent
2567:
1087:, fiat money is an intrinsically valueless object or record that is accepted widely as a means of payment. Accordingly, the value of fiat money is greater than the value of its metal or paper content.
1310:. While this private paper currency was largely a failure, the Swedish parliament eventually assumed control of the issue of paper money in the country. By 1745, its paper money was inconvertible to
2821:
3675:"Death and Taxes, Including Inflation: The Public versus Economists · Econ Journal Watch : Inflation, deadweight loss, deficit, money, national debt, seigniorage, taxation, velocity"
2111:
The adoption of fiat currency by many countries, from the 18th century onwards, made much larger variations in the supply of money possible. Since then, huge increases in the supply of
1379:
money in the colony, many of the playing cards were not redeemed but continued to circulate, acting as a useful substitute for scarce gold and silver coins from France. Eventually, the
1171:
where agents settle on stable behavior. In a model by
Kiyotaki and Wright, an object with no intrinsic worth can have value during trade in one (or more) of the Nash Equilibria.
3017:
The
Travels of Marco Polo, a Venetian, in the Thirteenth Century: Being a Description, by that Early Traveller, of Remarkable Places and Things, in the Eastern Parts of the World
983:, which is a currency that has intrinsic value because it contains, for example, a precious metal such as gold or silver which is embedded in the coin. Fiat also differs from
4508:
3674:
4503:
1114:: "Paper money has had the effect in your State that it ever will have, to ruin commerce—oppress the honest, and open a door to every species of fraud and injustice."
2115:
have occurred in a number of countries, producing hyperinflations – episodes of extreme inflation rates much greater than those observed during earlier periods of
1693:
but not wary of the consequences of paying debts by consigning newly printed cash not associated with a metal standard to their creditors, which resulted in
1407:
in 1760, the paper money became almost worthless, but business did not end because gold and silver that had been hoarded came back into circulation. By the
3222:
3252:
3761:
3434:
1835:
In modern economies, relatively little of the supply of broad money is physical currency. For example, in
December 2010 in the U.S., of the $ 8,853.4
3772:
1856:
2189:
either lose the ability to, or refuse to, continue to guarantee its value. The usual consequence is hyperinflation. Some examples of this are the
4731:
4387:
4383:
3704:
3193:
2967:
1855:) countries in 1985, in the first of a series that has become known as "red books". Currently the red books cover the participating countries on
1611:) to mobilise economic resources in their new possessions, at least as a transitional arrangement. The purpose of such taxes was later served by
976: – agree on its value. They trust that it will be accepted by merchants and other people as a means of payment for liabilities.
4485:
2661:
4497:
4635:
3887:
3153:
1449:
921:
853:
3729:
3286:
3404:
3852:
4230:
1780:
until 1996, was removed from circulation altogether during the autumn of 2012 due to the cost of production relative to face value.
4515:
1740:. Since then, a system of national fiat monies has been used globally, with variable exchange rates between the major currencies.
3678:
3490:
1127:
considered the modern economic ramifications of a historical switch to fiat money from the gold or silver-commodity. Marx writes:
4521:
4435:
2683:
2551:
4847:
3322:
2212:
This need not necessarily occur, especially if a currency continues to be the most easily available; for example, the pre-1990
1596:. Such money was sold at a discount of silver, which the government would then spend, and would expire at a fixed date later.
1306:
issued the first regular paper money in the West, by royal charter from the
Kingdom of Sweden, through a new institution, the
4467:
3798:
3520:
3129:
3069:
2998:
2790:
2534:
2509:
2477:
2198:
2120:
1698:
1232:
was the first dynasty of China to use paper currency as the predominant circulating medium. The founder of the Yuan dynasty,
972:. It has value only because the individuals who use it as a unit of account – or, in the case of currency, a
4403:
1240:
during his reign. The original notes during the Yuan dynasty were restricted in area and duration as in the Song dynasty.
1685:, governments and banks generally still promised to convert notes and coins into their nominal commodity (redemption by
4859:
3349:
3096:
1848:
1288:
4352:
4551:
3660:
2637:
2584:
2561:
4743:
4591:
4024:
2273:
1284:, small pieces of cloth were used as a means of trade, with these cloths having a set exchange rate versus silver.
3550:
4749:
4534:
4528:
3880:
914:
4760:
4568:
4473:
3218:
1329:
2822:"Millions Will Fall Into Extreme Poverty If The U.S. And China Can't Come Together On The African Debt Crisis"
4885:
4841:
4586:
4181:
4086:
3736:
3672:
Hummel, Jeffrey Rogers. "Death and Taxes, Including
Inflation: the Public versus Economists" (January 2007).
3244:
2217:
1670:
252:
17:
3602:
3426:
2850:
2723:
Lagos, Ricardo & Wright, Randall (2005). "A Unified Framework for Monetary Theory and Policy Analysis".
2288:
514:
4903:
4787:
4580:
4287:
2877:
2806:
2129:
generally believe that high rates of inflation and hyperinflation are caused by an excessive growth of the
1374:. It was intended to be purely a temporary expedient, and it was not until years later that its role as a
4879:
4461:
3765:
3627:
2202:
1714:
1600:
credit in the colonies have emphasized the middle colonies, where inflation was practically nonexistent.
863:
83:
73:
1090:
One justification for fiat money comes from a micro-founded model. In most economic models, agents are
3873:
2302:
1821:
1631:
1096:
907:
857:
387:
377:
3182:
2975:
2133:. Presently, most economists favor a small and steady rate of inflation. Small (as opposed to zero or
4777:
2705:
1404:
1253:
965:
267:
32:
3701:
3457:
2737:
1790:
and sold five of them. In 2015, the gold in the coins was worth more than 3.5 times the face value.
1772:
from circulating dimes and quarter dollars, and most other countries did the same with their coins.
4936:
4897:
4270:
4208:
1852:
1323:
836:
574:
529:
382:
151:
95:
2572:
Fiat Money. Money which a government declares shall be accepted as legal tender at its face value;
1262:
all sales and purchases of goods by means of them just as well as if they were coins of pure gold.
589:
4817:
4772:
539:
347:
337:
297:
287:
194:
117:
2141:
by enabling the labor market to adjust more quickly to a recession, and reduces the risk that a
4429:
4329:
4258:
4218:
3815:
2732:
2317:
1623:
1408:
1380:
709:
554:
292:
232:
189:
136:
3145:
3015:
2467:
4872:
4865:
4853:
4725:
4604:
4491:
4451:
4413:
4312:
3740:
3283:
2220:
even after its legal tender status was ended by the Iraqi government which issued the notes.
2170:
1773:
1490:
1185:
843:
524:
499:
484:
342:
282:
262:
257:
3396:
2484:
fiat money: money without intrinsic value that is used as money because of government decree
4941:
4812:
4663:
4479:
4191:
4011:
3856:
2174:
1733:
1705:
1655:
984:
958:
594:
416:
367:
332:
272:
237:
141:
131:
78:
8:
4909:
4831:
4805:
4755:
4713:
4691:
4680:
4669:
4657:
4623:
4540:
4391:
4339:
3370:
2206:
1765:
1651:
1423:
1396:
1299:
1149:
1091:
820:
629:
451:
392:
317:
307:
277:
204:
112:
489:
4798:
4737:
4707:
4702:
4685:
4611:
4545:
4382:
4101:
3896:
3482:
3338:
2932:
2894:
2800:
2750:
2655:
2498:
2440:
2432:
2367:
2251:
2158:
1666:
1662:
1375:
1359:
1339:
1111:
1084:
973:
848:
804:
609:
446:
441:
421:
372:
312:
302:
247:
242:
214:
209:
179:
47:
4931:
4891:
4766:
4719:
4674:
4334:
4280:
4243:
4128:
4091:
3794:
3656:
3345:
3125:
3102:
3092:
3086:
3065:
3061:
2994:
2936:
2898:
2868:
2786:
2754:
2675:
2643:
2633:
2557:
2530:
2505:
2473:
2463:
2213:
2194:
2190:
1690:
1577:
1416:
1388:
1366:
solution – the temporary issuance of paper money to pay the soldiers, in the form of
1295:
1281:
1221:
1103:
739:
714:
624:
504:
461:
397:
362:
352:
184:
146:
102:
3318:
2444:
1033:
An otherwise non-valuable object that serves as a medium of exchange (also known as
664:
4317:
4302:
4247:
4198:
4160:
4150:
3830:
3576:
3057:
2922:
2886:
2768:
2742:
2424:
2237:
1647:
1307:
1303:
1168:
789:
734:
719:
704:
689:
619:
599:
579:
534:
407:
357:
327:
322:
1099:
by the community and, at equilibrium, makes otherwise infeasible trades possible.
1020:, meaning that it must be accepted in payment of a debt in specific circumstances.
669:
4651:
4563:
4423:
4297:
4225:
4155:
4133:
4106:
3932:
3904:
3708:
3512:
3290:
2709:
2347:
2312:
2292:
2146:
2116:
2094:
1817:
1813:
1803:
1616:
1542:
1532:
1141:
1076:
980:
883:
794:
759:
724:
659:
584:
569:
456:
431:
426:
402:
174:
169:
1851:
published a detailed review of payment system developments in the Group of Ten (
1060:, meaning "let it be done" used in the sense of an order, decree or resolution.
4324:
4307:
4292:
3938:
3178:
2872:
2846:
2332:
2322:
2296:
2278:
2185:
A fiat-money currency greatly loses its value should the issuing government or
2157:
The task of keeping the rate of inflation small and stable is usually given to
2151:
2142:
1829:
1799:
1757:
1729:
1694:
1581:
1400:
1153:
814:
799:
764:
749:
729:
699:
519:
436:
126:
122:
3628:"Hyperinflation in the Weimar Republic | Description & Facts | Britannica"
2706:"Most of the money in the economy is created by banks when they provide loans"
2632:. Palgrave Macmillan (Firm) (Living Reference Work ed.). United Kingdom.
2387:
1603:
Colonial powers consciously introduced fiat currencies backed by taxes (e.g.,
1298:
records an emergency use of paper money by the Spanish for a siege during the
549:
4925:
3982:
3835:
3725:
2913:
Selgin, George (2003), "Adaptive Learning and the Transition to Fiat Money",
2647:
2527:
Monetary Regimes and Inflation: History, Economic and Political Relationships
2307:
2166:
1725:
1627:
1593:
1560:
1475:
999:
779:
769:
744:
684:
679:
674:
654:
644:
614:
604:
509:
412:
3106:
2927:
1163:
Another mathematical model that explains the value of fiat money comes from
63:
4645:
4597:
4440:
4213:
4203:
4140:
4047:
3814:
Foote, Christopher; Block, William; Crane, Keith & Gray, Simon (2004).
3757:
3397:"ARCHIVED – Eliminating the penny from Canada's coinage system - Canada.ca"
2851:"Countries Tried to Curb Trade in Plastic Waste. The U.S. Is Shipping More"
2327:
2265:
2186:
2162:
2130:
1809:
1787:
1612:
1608:
1585:
1367:
1311:
1248:
1229:
1216:
1197:
1193:
1167:. In a game where agents produce and trade objects, there can be multiple
1136:
1102:
Objections to fiat money can be traced back to at least the 1700s. In 1787
1024:
1017:
954:
895:
809:
754:
649:
639:
634:
559:
107:
36:
3766:"Debt, Deleveraging, and the liquidity trap: A Fisher-Minsky-Koo approach"
3702:
Escaping from a Liquidity Trap and Deflation: The Foolproof Way and Others
3088:
The Knights Templar: The History and Myths of the Legendary Military Order
2428:
1650:, which produced bank notes not representing sufficient reserves; and the
1411:, the French government agreed to convert the outstanding card money into
1055:
4836:
4824:
4696:
4113:
4067:
4019:
3966:
3961:
2971:
2628:
Blume, Lawrence E; (Firm), Palgrave Macmillan; Durlauf, Steven N (2019).
2342:
2337:
2112:
1825:
1761:
1749:
1721:
1682:
1233:
1164:
1157:
1107:
1003:
784:
774:
564:
199:
953:. Fiat currency is typically designated by the issuing government to be
4574:
4275:
4263:
3920:
3914:
3542:
2436:
2283:
2138:
2126:
1753:
1709:
1371:
1335:
1244:
1189:
1119:
1027:
to anything else nor fixed in value in terms of any objective standard.
694:
494:
1820:
then redeploy or repurpose this base money by credit creation through
1006:
in 1971, a system of national fiat currencies has been used globally.
4557:
4253:
3865:
3319:""Bretton Woods" Federal Research Division Country Studies (Austria)"
2134:
2106:
1412:
1145:
1124:
1035:
969:
950:
544:
475:
55:
2093:
The most notable currency not included in this table is the Chinese
1383:
acknowledged their useful role as a circulating medium of exchange.
4617:
4123:
4081:
4076:
3943:
3483:"FRB: H.6 Release--Money Stock and Debt Measures--January 27, 2011"
2890:
2785:. 388 Atlantic Avenue, Brooklyn, NY, 11217: Verso. pp. 41–42.
2746:
2145:(a reluctance to lend money due to low rates of interest) prevents
1890:
1841:
1639:
1589:
1479:
1436:
Adoption of 'Gold Standard' (Paper currency convertible into gold)
1392:
1348:
1237:
998:. Fiat money started to predominate during the 20th century. Since
991:
957:, and is authorized by government regulation. Since the end of the
938:
2952:
Fountain of Fortune: Money and Monetary Policy in China, 1000–1700
1728:
in 1971. These changes included unilaterally canceling the direct
1836:
1604:
1564:
3335:
1395:
gold and silver, and used paper money instead. The costs of the
4186:
4145:
4096:
3988:
3955:
2602:
John Maynard Keynes (1965) . "1. The Classification of Money".
2231:
1777:
1769:
1720:
The Bretton Woods system was ended by what became known as the
1643:
1363:
1353:
1343:
946:
878:
1419:, these bonds were defaulted and by 1771 they were worthless.
4058:
3994:
1635:
1049:
995:
3458:"Is the Money in Your Checking Account Yours or the Bank's?"
3122:
Fiat Paper Money – The History and Evolution of Our Currency
2154:, large monetary injections are like "pushing on a string".
1135:
Commenting on the passage, Marxist economist and geographer
1016:
Money declared by a person, institution or government to be
4165:
4118:
3949:
3926:
3124:. Berkeley, California: Foster Publishing. pp. 59–60.
2384:
is the third-person singular present active subjunctive of
1784:
1783:
In 2007, the Royal Canadian Mint produced a million dollar
1737:
1686:
961:
in 1971, the major currencies in the world are fiat money.
942:
2097:, for which the statistics are listed as "not available".
1724:, a series of economic changes by United States President
1673:. It was termed 'fiat money' in an 1878 party convention.
1203:
1023:
State-issued money which is neither convertible through a
4000:
1280:
According to a travelogue of a visit to Prague in 960 by
3756:
3603:"Commodity Prices and Inflation: What's the Connection?"
2988:
2415:
Goldberg, Dror (2005). "Famous Myths of "Fiat Money"".
1863:
Banknotes and coins in circulation (as of 31/12/2015)
1646:, where paper often traded at 100:1 against gold; the
3855:. The Coalition Provisional Authority. Archived from
4037:
3666:
2227:
2203:
currency instability in Venezuela that began in 2016
1148:, and figurative and/or literal waste to the global
3813:
3311:
2991:
Macroeconomics: Understanding the Wealth of Nations
2601:
1812:introduces new money into an economy by purchasing
1708:fixed the value of 35 United States dollars to one
1427:illustrate the true nature of money for Canadians.
1362:, the Intendant of Finance, conceived an ingenious
3850:
3337:
2676:"The Four Different Types of Money – Quickonomics"
2627:
2606:. Vol. 1. Macmillan & Co Ltd. p. 7.
2549:
2497:
3293:." EH.Net Encyclopedia, edited by Robert Whaples.
2462:
4923:
2161:. Generally, these monetary authorities are the
1857:Committee on Payments and Market Infrastructures
1793:
941:that is not backed by a precious metal, such as
3371:"Silver as Money: A History of US Silver Coins"
3278:
3276:
3274:
3272:
3270:
2585:"Legal Tender Guidelines | The Royal Mint"
2165:that control monetary policy by the setting of
1338:, now part of Canada, the universally accepted
3177:
2989:David Miles; Andrew Scott (January 14, 2005).
2867:
2616:fixed value in terms of an objective standard.
2524:
4368:
3881:
2968:"A Very Short History of Chinese Paper Money"
2137:) inflation reduces the severity of economic
1219:in China was the first to issue paper money,
915:
3267:
3173:
3171:
2875:(1989). "On Money as a Medium of Exchange".
1816:or lending money to financial institutions.
1013:Any money that is not backed by a commodity.
39:banknotes are a medieval form of fiat money.
3600:
3574:
2722:
2385:
2379:
1053:
994:were used first during the 13th century in
949:, or backed by any other tangible asset or
4375:
4361:
3888:
3874:
3724:
3715:, Volume 17, Issue 4 Fall 2003, pp. 145–66
3013:
3007:
2982:
2954:, Berkeley: University of California Press
2660:: CS1 maint: location missing publisher (
2410:
2408:
2207:ongoing socioeconomic and political crisis
1756:of the coin was less than the cost of the
922:
908:
3834:
3651:Robert Barro and Vittorio Grilli (1994),
3336:Jeffrey D. Sachs, Felipe Larrain (1992).
3168:
3051:
3042:. Medieval Seminar, All Souls, 2012, p. 8
2949:
2926:
2736:
2489:
1743:
1063:
3730:"Bernanke Battles U.S. Deflation Threat"
3395:Agency, Canada Revenue (June 22, 2017).
2630:The new Palgrave dictionary of economics
2570:from the original on December 27, 2016.
2458:
2456:
2454:
2414:
1430:
1202:
1030:Money used because of government decree.
1004:suspend US dollar convertibility to gold
31:
4436:Maryland Tobacco Inspection Act of 1747
3816:"Economic Policy and Prospects in Iraq"
3778:from the original on December 17, 2013.
3543:"CPMI - BIS - Red Book: CPMI countries"
2965:
2845:
2595:
2529:. Edward Elgar Publishing. p. 53.
2518:
2405:
1317:
14:
4924:
3895:
3788:
3782:
3655:, Ch. 8, p. 139, Fig. 8.1. Macmillan,
3394:
3325:from the original on December 2, 2010.
3156:from the original on November 10, 2013
3119:
3084:
2993:. John Wiley & Sons. p. 273.
2912:
2780:
2686:from the original on February 13, 2018
1576:An early form of fiat currency in the
4356:
4254:Commodity theory of money (Metallism)
3869:
3807:
3570:
3568:
3553:from the original on October 20, 2017
2495:
2451:
2121:hyperinflation in the Weimar Republic
1824:, which expands the total supply of "
1699:hyperinflation in the Weimar Republic
1391:– bad money drives out good – people
4404:Monetary policy of the United States
4388:central banking in the United States
3823:The Journal of Economic Perspectives
3523:from the original on October 4, 2017
3455:
3368:
3245:"Rise and fall of the Gold Standard"
3225:from the original on August 15, 2016
3199:from the original on October 2, 2013
2611:is Representative (or token) Money (
2417:Journal of Money, Credit and Banking
27:Currency not backed by any commodity
4686:New York Clearing House Association
3340:Macroeconomics for Global Economies
3091:. New York: Thunder's Mouth Press.
2577:
964:Fiat money generally does not have
24:
4498:Article I of the U.S. Constitution
3575:kanopiadmin (September 21, 2004).
3565:
3493:from the original on July 10, 2017
3437:from the original on March 9, 2015
2199:Weimar Republic's mark during 1923
2180:
1849:Bank for International Settlements
25:
4953:
4231:Akkadian standards of measurement
3407:from the original on May 17, 2017
2819:
2472:. Cengage Learning. p. 220.
2216:continued to retain value in the
2123:of Germany is a notable example.
1415:, but with the French government
1211:the world's earliest paper money.
4592:Second Bank of the United States
4040:
3713:Journal of Economic Perspectives
3255:from the original on May 4, 2017
3190:A History of the Canadian Dollar
3062:10.1163/1877-5888_rpp_com_125078
2783:A Companion to Marx's Grundrisse
2274:Criticism of the Federal Reserve
2258:
2244:
2230:
2173:, and by the setting of banking
1762:it had been greater historically
1752:for circulation ceased when the
1748:During the 1960s, production of
1665:, the Federal Government issued
1247:described the fiat money of the
979:Fiat money is an alternative to
889:
877:
62:
4750:Compound interest treasury note
4535:First Bank of the United States
3917:(W. Mesoamerica & N. Andes)
3844:
3750:
3718:
3694:
3645:
3620:
3594:
3535:
3505:
3475:
3449:
3419:
3388:
3362:
3329:
3296:
3237:
3211:
3138:
3113:
3078:
3045:
3032:
2974:Financial Sense. Archived from
2959:
2943:
2906:
2861:
2839:
2813:
2774:
2762:
2716:
2698:
2668:
2556:. George Routledge & Sons.
2373:
2201:. A more recent example is the
1676:
1188:, beginning in the 7th century
164:Concepts, theory and techniques
4474:Continental currency banknotes
3284:Money in the American Colonies
3146:"How Amsterdam Got Fiat Money"
2621:
2543:
2360:
1387:instead. In an application of
1330:History of the Canadian dollar
1236:, issued paper money known as
13:
1:
4842:Specie Payment Resumption Act
4587:Banking in the Jacksonian Era
4234:
4182:List of historical currencies
4087:Central bank digital currency
3601:kanopiadmin (June 16, 2008).
3221:. Royal Canadian Mint. 2014.
2399:
2218:Kurdistan Regional Government
1794:Money creation and regulation
1764:). In the United States, the
1671:United States Greenback Party
990:Government-issued fiat money
4904:National Monetary Commission
4288:Standard of deferred payment
3183:"New France (ca. 1600–1770)"
2878:Journal of Political Economy
2725:Journal of Political Economy
2100:
7:
4880:Sherman Silver Purchase Act
4612:New York Safety Fund System
4486:U.S. Finance Superintendent
4462:Second Continental Congress
3851:Budget and Finance (2003).
3456:Bill (September 12, 2023).
2950:Von Glahn, Richard (1996),
2550:Montgomery Rollins (1917).
2223:
1715:International Monetary Fund
10:
4958:
3707:February 26, 2014, at the
3289:February 21, 2015, at the
3052:Sarnowsky, Jürgen (2011).
2500:Monetary Theory and Policy
2392:("I become", "I am made").
2303:Fractional-reserve banking
2289:Debt based monetary system
2104:
1822:fractional reserve banking
1797:
1632:United States Constitution
1327:
1321:
1174:
4788:2nd Industrial Revolution
4786:
4778:Public Credit Act of 1869
4664:Independent U.S. Treasury
4634:
4452:1st Industrial Revolution
4450:
4412:
4399:
4174:
4057:
4035:
4010:
3975:
3903:
3120:Foster, Ralph T. (2010).
2195:China's money during 1945
1403:in New France. After the
1275:
1269:The Travels of Marco Polo
1254:The Travels of Marco Polo
1243:During the 13th century,
4703:Legal Tender Act of 1862
4516:U.S. Treasury Department
4271:Quantity theory of money
4092:Chattel/movable property
3853:"Iraq Currency Exchange"
3836:10.1257/0895330042162395
3789:Taylor, Timothy (2008).
3577:"Weimar and Wall Street"
3369:Dave (August 22, 2014).
3219:"Playing Card Money Set"
2805:: CS1 maint: location (
2353:
1324:Card money in New France
1186:history with paper money
1179:
152:JEL classification codes
4818:National Gold Bank Note
4773:Contraction Act of 1866
4522:U.S. Treasury Secretary
3791:Principles of Economics
3711:" Lars E.O. Svensson,
3653:European Macroeconomics
3321:. Library of Congress.
3282:Michener, Ron (2003). "
2928:10.1111/1468-0297.00094
2525:Peter Bernholz (2003).
2496:Walsh, Carl E. (2003).
2469:Principles of Economics
2370:for further discussion.
2295:where commercial banks
1706:Bretton Woods agreement
1704:From 1944 to 1971, the
1152:, a concept related to
1000:President Richard Nixon
338:Industrial organization
195:Computational economics
4529:U.S. Treasury security
4430:Tobacco Inspection Act
4330:Complementary currency
4259:Credit theory of money
4219:Depository institution
3487:www.federalreserve.gov
2966:Ramsden, Dave (2004).
2781:Harvey, David (2023).
2682:. September 17, 2016.
2386:
2380:
2318:Modern monetary theory
2171:open market operations
1760:it contained (whereas
1744:Precious metal coinage
1626:" bills issued by the
1622:Examples include the "
1409:Treaty of Paris (1763)
1381:Governor of New France
1302:(1482–1492). In 1661,
1273:
1212:
1133:
1073:
1064:Treatment in economics
1054:
190:Experimental economics
40:
4873:Juilliard v. Greenman
4866:Refunding Certificate
4732:National banks system
4726:Interest bearing note
4605:McCulloch v. Maryland
4492:Bank of North America
4468:U.S. dollar banknotes
4414:Commercial Revolution
4313:Digital gold currency
3746:on December 17, 2013.
3427:"Million Dollar Coin"
3305:Chicago Daily Tribune
3085:Martin, Sean (2004).
2769:Letter to Jabez Bowen
2553:Money and Investments
2429:10.1353/mcb.2005.0052
2205:during the country's
1431:18th and 19th century
1259:
1206:
1129:
1092:intrinsically happier
1068:
35:
4898:Aldrich–Vreeland Act
4813:Currency Act of 1870
4480:Bank of Pennsylvania
4192:Coincidence of wants
4012:Representative money
3681:on December 25, 2013
3519:. February 2, 2016.
2915:The Economic Journal
2297:create the new money
2175:reserve requirements
2159:monetary authorities
1871:Billions of dollars
1734:United States dollar
1634:; paper versus gold
1417:essentially bankrupt
1318:New France 1685–1770
985:representative money
959:Bretton Woods system
417:Social choice theory
4910:Federal Reserve Act
4832:Coinage Act of 1873
4806:Hepburn v. Griswold
4756:Coinage Act of 1864
4714:Fractional currency
4692:Coinage Act of 1857
4681:Coinage Act of 1853
4670:Coinage Act of 1849
4624:Coinage Act of 1834
4541:Coinage Act of 1792
4340:Time-based currency
3014:Marco Polo (1818).
2604:A Treatise on Money
1864:
1776:, which was mostly
1766:Coinage Act of 1965
1667:United States Notes
1652:Mississippi Company
1437:
1424:Royal Canadian Mint
1300:Conquest of Granada
1009:Fiat money can be:
884:Business portal
205:Operations research
185:National accounting
4860:Silver certificate
4799:Legal Tender Cases
4738:National Bank Note
4720:National Bank Acts
4708:United States Note
4546:United States Mint
4209:Clearinghouse bank
3897:Medium of exchange
3793:. Freeload Press.
3632:www.britannica.com
3192:. Bank of Canada.
3150:www.frbatlanta.org
3040:Dirhams for slaves
3038:Jankowiak, Marek.
2869:Kiyotaki, Nobuhiro
2855:The New York Times
2849:(March 12, 2021).
2712:. October 1, 2019.
2368:Monetary economics
2252:Numismatics portal
1862:
1774:The Canadian penny
1697:– for example the
1663:American Civil War
1435:
1376:medium of exchange
1360:Jacques de Meulles
1340:medium of exchange
1213:
1112:Rhode Island pound
1097:created internally
1085:monetary economics
974:medium of exchange
968:and does not have
215:Industrial complex
210:Middle income trap
41:
4919:
4918:
4892:Gold Standard Act
4854:Bland–Allison Act
4848:Twenty-cent piece
4767:Three-cent nickel
4675:Three-cent silver
4552:U.S. dollar coins
4350:
4349:
4335:Sectoral currency
4281:Market monetarism
4244:Code of Hammurabi
4033:
4032:
4025:Gold certificates
3800:978-1-930789-05-0
3728:(November 2010).
3401:www.cra-arc.gc.ca
3344:. Prentice-Hall.
3131:978-0-9643066-1-5
3071:978-9-0041-4666-2
3020:. pp. 353–55
3000:978-0-470-01243-7
2792:978-1-80429-098-9
2589:www.royalmint.com
2536:978-1-84376-155-6
2511:978-0-262-23231-9
2504:. The MIT Press.
2479:978-1-285-16592-9
2464:N. Gregory Mankiw
2191:Zimbabwean dollar
2091:
2090:
1691:sovereign default
1578:American Colonies
1574:
1573:
1308:Bank of Stockholm
1296:Washington Irving
1287:Around 1150, the
1282:Ibrahim ibn Yaqub
1184:China has a long
1104:George Washington
1048:derives from the
932:
931:
16:(Redirected from
4949:
4744:Gold certificate
4377:
4370:
4363:
4354:
4353:
4318:Virtual currency
4303:Digital currency
4239:
4236:
4199:Bureau de change
4050:
4045:
4044:
4043:
3976:Domestic animals
3973:
3972:
3890:
3883:
3876:
3867:
3866:
3861:
3860:
3859:on May 15, 2007.
3848:
3842:
3840:
3838:
3820:
3811:
3805:
3804:
3786:
3780:
3779:
3777:
3770:
3762:Gauti Eggertsson
3754:
3748:
3747:
3745:
3739:. Archived from
3734:
3722:
3716:
3698:
3692:
3690:
3688:
3686:
3677:. Archived from
3670:
3664:
3649:
3643:
3642:
3640:
3638:
3624:
3618:
3617:
3615:
3613:
3598:
3592:
3591:
3589:
3587:
3572:
3563:
3562:
3560:
3558:
3539:
3533:
3532:
3530:
3528:
3513:"About the CPMI"
3509:
3503:
3502:
3500:
3498:
3479:
3473:
3472:
3470:
3468:
3453:
3447:
3446:
3444:
3442:
3423:
3417:
3416:
3414:
3412:
3392:
3386:
3385:
3383:
3381:
3366:
3360:
3359:
3343:
3333:
3327:
3326:
3315:
3309:
3308:
3300:
3294:
3280:
3265:
3264:
3262:
3260:
3251:. May 30, 2014.
3241:
3235:
3234:
3232:
3230:
3215:
3209:
3208:
3206:
3204:
3198:
3187:
3175:
3166:
3165:
3163:
3161:
3142:
3136:
3135:
3117:
3111:
3110:
3082:
3076:
3075:
3049:
3043:
3036:
3030:
3029:
3027:
3025:
3011:
3005:
3004:
2986:
2980:
2979:
2978:on June 9, 2008.
2972:James J. Puplava
2963:
2957:
2955:
2947:
2941:
2939:
2930:
2910:
2904:
2902:
2865:
2859:
2858:
2843:
2837:
2836:
2834:
2832:
2820:Smith, Gayle E.
2817:
2811:
2810:
2804:
2796:
2778:
2772:
2771:(9 January 1787)
2766:
2760:
2758:
2740:
2720:
2714:
2713:
2702:
2696:
2695:
2693:
2691:
2672:
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2665:
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2651:
2625:
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2593:
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2581:
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2574:
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2254:
2249:
2248:
2247:
2240:
2238:Economics portal
2235:
2234:
1865:
1861:
1818:Commercial banks
1814:financial assets
1648:South Sea Bubble
1438:
1434:
1405:British conquest
1397:Seven Years' War
1334:In 17th century
1304:Johan Palmstruch
1271:
1110:, regarding the
1079:
1059:
924:
917:
910:
896:Money portal
894:
893:
892:
882:
881:
378:Natural resource
170:Economic systems
66:
43:
42:
21:
4957:
4956:
4952:
4951:
4950:
4948:
4947:
4946:
4937:Monetary reform
4922:
4921:
4920:
4915:
4790:
4782:
4658:Forstall System
4652:Wildcat banking
4638:
4630:
4564:1792 half disme
4454:
4446:
4424:Bills of credit
4416:
4408:
4395:
4384:Monetary policy
4381:
4351:
4346:
4298:Unit of account
4237:
4170:
4156:Promissory note
4134:Deposit account
4107:Cheque clearing
4061:
4053:
4046:
4041:
4039:
4029:
4006:
3971:
3939:Precious metals
3906:
3899:
3894:
3864:
3849:
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3812:
3808:
3801:
3787:
3783:
3775:
3768:
3755:
3751:
3743:
3732:
3723:
3719:
3709:Wayback Machine
3699:
3695:
3684:
3682:
3673:
3671:
3667:
3650:
3646:
3636:
3634:
3626:
3625:
3621:
3611:
3609:
3607:Mises Institute
3599:
3595:
3585:
3583:
3581:Mises Institute
3573:
3566:
3556:
3554:
3541:
3540:
3536:
3526:
3524:
3511:
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3496:
3494:
3481:
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3476:
3466:
3464:
3462:Mises Institute
3454:
3450:
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3425:
3424:
3420:
3410:
3408:
3393:
3389:
3379:
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3367:
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3352:
3334:
3330:
3317:
3316:
3312:
3307:. May 24, 1878.
3302:
3301:
3297:
3291:Wayback Machine
3281:
3268:
3258:
3256:
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3238:
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2921:(484): 147–65,
2911:
2907:
2873:Wright, Randall
2866:
2862:
2847:Tabuchi, Hiroko
2844:
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2828:
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2798:
2797:
2793:
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2767:
2763:
2738:10.1.1.563.3199
2721:
2717:
2710:Bank of England
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2673:
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2348:Silver standard
2313:Inflation hedge
2293:monetary system
2264:
2259:
2257:
2250:
2245:
2243:
2236:
2229:
2226:
2183:
2181:Loss of backing
2147:monetary policy
2117:commodity money
2109:
2103:
1830:demand deposits
1806:
1804:Monetary policy
1798:Main articles:
1796:
1746:
1679:
1582:bills of credit
1533:Austria-Hungary
1433:
1401:rapid inflation
1332:
1326:
1320:
1289:Knights Templar
1278:
1272:
1266:
1228:The succeeding
1182:
1177:
1169:Nash equilibria
1081:
1077:Bank of England
1075:
1066:
1002:'s decision to
981:commodity money
966:intrinsic value
928:
890:
888:
876:
869:
868:
839:
829:
828:
827:
826:
590:von Böhm-Bawerk
478:
467:
466:
228:
220:
219:
175:Economic growth
165:
157:
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98:
96:classifications
28:
23:
22:
15:
12:
11:
5:
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4851:
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4810:
4802:
4794:
4792:
4784:
4783:
4781:
4780:
4775:
4770:
4764:
4761:Two-cent piece
4758:
4753:
4747:
4741:
4740:(1863–c. 1930)
4735:
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4631:
4629:
4628:
4627:
4626:
4621:
4615:
4609:
4601:
4595:
4584:
4578:
4572:
4566:
4561:
4555:
4549:
4543:
4538:
4532:
4531:(1789–present)
4526:
4525:
4524:
4513:
4512:
4511:
4506:
4495:
4489:
4483:
4477:
4471:
4465:
4458:
4456:
4448:
4447:
4445:
4444:
4438:
4433:
4427:
4426:(c. 1690–1750)
4420:
4418:
4410:
4409:
4407:
4406:
4400:
4397:
4396:
4380:
4379:
4372:
4365:
4357:
4348:
4347:
4345:
4344:
4343:
4342:
4337:
4332:
4325:Local currency
4322:
4321:
4320:
4315:
4310:
4308:Cryptocurrency
4300:
4295:
4293:Store of value
4290:
4285:
4284:
4283:
4278:
4268:
4267:
4266:
4256:
4251:
4248:§100; §122–125
4241:
4238: 2150 BC
4228:
4223:
4222:
4221:
4211:
4206:
4201:
4196:
4195:
4194:
4184:
4178:
4176:
4172:
4171:
4169:
4168:
4163:
4158:
4153:
4148:
4143:
4138:
4137:
4136:
4126:
4121:
4116:
4111:
4110:
4109:
4099:
4094:
4089:
4084:
4079:
4073:
4071:
4055:
4054:
4052:
4051:
4036:
4034:
4031:
4030:
4028:
4027:
4022:
4016:
4014:
4008:
4007:
4005:
4004:
4003:(Tibet, China)
3998:
3992:
3986:
3979:
3977:
3970:
3969:
3964:
3959:
3953:
3947:
3946:(cotton cloth)
3941:
3936:
3930:
3924:
3918:
3911:
3909:
3901:
3900:
3893:
3892:
3885:
3878:
3870:
3863:
3862:
3843:
3806:
3799:
3781:
3749:
3717:
3693:
3665:
3644:
3619:
3593:
3564:
3534:
3504:
3474:
3448:
3418:
3387:
3361:
3351:978-0745006086
3350:
3328:
3310:
3303:"Fiat Money".
3295:
3266:
3236:
3210:
3179:Bank of Canada
3167:
3137:
3130:
3112:
3098:978-1560256458
3097:
3077:
3070:
3044:
3031:
3006:
2999:
2981:
2958:
2942:
2905:
2891:10.1086/261634
2860:
2838:
2812:
2791:
2773:
2761:
2747:10.1086/429804
2715:
2697:
2667:
2638:
2620:
2594:
2576:
2562:
2542:
2535:
2517:
2510:
2488:
2478:
2450:
2423:(5): 957–967.
2403:
2401:
2398:
2395:
2394:
2372:
2358:
2357:
2355:
2352:
2351:
2350:
2345:
2340:
2335:
2333:Network effect
2330:
2325:
2323:Money creation
2320:
2315:
2310:
2305:
2300:
2286:
2281:
2279:Cryptocurrency
2276:
2270:
2269:
2255:
2241:
2225:
2222:
2182:
2179:
2167:interest rates
2163:national banks
2152:liquidity trap
2143:liquidity trap
2105:Main article:
2102:
2099:
2089:
2088:
2085:
2082:
2076:
2075:
2072:
2069:
2065:
2064:
2061:
2058:
2054:
2053:
2050:
2047:
2043:
2042:
2039:
2036:
2032:
2031:
2028:
2025:
2021:
2020:
2017:
2014:
2010:
2009:
2006:
2003:
1999:
1998:
1995:
1992:
1988:
1987:
1984:
1981:
1977:
1976:
1973:
1970:
1966:
1965:
1962:
1959:
1955:
1954:
1951:
1948:
1944:
1943:
1940:
1937:
1936:United Kingdom
1933:
1932:
1929:
1926:
1922:
1921:
1918:
1915:
1911:
1910:
1907:
1904:
1900:
1899:
1896:
1893:
1887:
1886:
1883:
1880:
1876:
1875:
1872:
1869:
1800:Money creation
1795:
1792:
1758:precious metal
1745:
1742:
1730:convertibility
1695:hyperinflation
1678:
1675:
1613:property taxes
1572:
1571:
1568:
1557:
1556:
1553:
1549:
1548:
1545:
1539:
1538:
1535:
1529:
1528:
1525:
1521:
1520:
1517:
1513:
1512:
1509:
1505:
1504:
1501:
1497:
1496:
1493:
1487:
1486:
1483:
1472:
1471:
1468:
1464:
1463:
1460:
1456:
1455:
1452:
1450:United Kingdom
1446:
1445:
1442:
1432:
1429:
1322:Main article:
1319:
1316:
1277:
1274:
1264:
1181:
1178:
1176:
1173:
1067:
1065:
1062:
1042:
1041:
1031:
1028:
1021:
1014:
930:
929:
927:
926:
919:
912:
904:
901:
900:
899:
898:
886:
871:
870:
867:
866:
861:
851:
846:
840:
835:
834:
831:
830:
825:
824:
817:
812:
807:
802:
797:
792:
787:
782:
777:
772:
767:
762:
757:
752:
747:
742:
737:
732:
727:
722:
717:
712:
707:
702:
697:
692:
687:
682:
677:
672:
667:
662:
657:
652:
647:
642:
637:
632:
627:
622:
617:
612:
607:
602:
597:
592:
587:
582:
577:
572:
567:
562:
557:
552:
547:
542:
537:
532:
527:
522:
517:
512:
507:
502:
497:
492:
487:
481:
480:
479:
473:
472:
469:
468:
465:
464:
459:
454:
449:
444:
439:
434:
429:
424:
419:
410:
405:
400:
395:
390:
385:
383:Organizational
380:
375:
370:
365:
360:
355:
350:
345:
340:
335:
330:
325:
320:
315:
310:
305:
300:
295:
290:
285:
280:
275:
270:
265:
260:
255:
250:
245:
240:
235:
229:
227:By application
226:
225:
222:
221:
218:
217:
212:
207:
202:
197:
192:
187:
182:
177:
172:
166:
163:
162:
159:
158:
155:
154:
149:
144:
139:
134:
129:
120:
115:
110:
105:
99:
93:
92:
89:
88:
87:
86:
81:
76:
68:
67:
59:
58:
52:
51:
26:
9:
6:
4:
3:
2:
4954:
4943:
4940:
4938:
4935:
4933:
4930:
4929:
4927:
4911:
4908:
4905:
4902:
4899:
4896:
4893:
4890:
4887:
4886:Treasury Note
4884:
4881:
4878:
4875:
4874:
4870:
4867:
4864:
4861:
4858:
4855:
4852:
4849:
4846:
4843:
4840:
4838:
4835:
4833:
4830:
4827:
4826:
4822:
4819:
4816:
4814:
4811:
4808:
4807:
4803:
4801:
4800:
4796:
4795:
4793:
4789:
4785:
4779:
4776:
4774:
4771:
4768:
4765:
4762:
4759:
4757:
4754:
4751:
4748:
4745:
4742:
4739:
4736:
4733:
4730:
4727:
4724:
4721:
4718:
4715:
4712:
4709:
4706:
4704:
4701:
4698:
4695:
4693:
4690:
4687:
4684:
4682:
4679:
4676:
4673:
4671:
4668:
4665:
4662:
4659:
4656:
4653:
4650:
4647:
4644:
4643:
4641:
4637:
4636:Civil War Era
4633:
4625:
4622:
4619:
4616:
4613:
4610:
4607:
4606:
4602:
4599:
4596:
4593:
4590:
4589:
4588:
4585:
4582:
4581:Treasury Note
4579:
4576:
4573:
4570:
4567:
4565:
4562:
4559:
4556:
4553:
4550:
4547:
4544:
4542:
4539:
4536:
4533:
4530:
4527:
4523:
4519:
4518:
4517:
4514:
4510:
4507:
4505:
4501:
4500:
4499:
4496:
4493:
4490:
4487:
4484:
4481:
4478:
4475:
4472:
4469:
4466:
4463:
4460:
4459:
4457:
4453:
4449:
4442:
4441:Currency Acts
4439:
4437:
4434:
4431:
4428:
4425:
4422:
4421:
4419:
4415:
4411:
4405:
4402:
4401:
4398:
4393:
4389:
4385:
4378:
4373:
4371:
4366:
4364:
4359:
4358:
4355:
4341:
4338:
4336:
4333:
4331:
4328:
4327:
4326:
4323:
4319:
4316:
4314:
4311:
4309:
4306:
4305:
4304:
4301:
4299:
4296:
4294:
4291:
4289:
4286:
4282:
4279:
4277:
4274:
4273:
4272:
4269:
4265:
4262:
4261:
4260:
4257:
4255:
4252:
4250:; c. 1750 BC)
4249:
4245:
4242:
4232:
4229:
4227:
4224:
4220:
4217:
4216:
4215:
4212:
4210:
4207:
4205:
4202:
4200:
4197:
4193:
4190:
4189:
4188:
4185:
4183:
4180:
4179:
4177:
4173:
4167:
4164:
4162:
4159:
4157:
4154:
4152:
4149:
4147:
4144:
4142:
4139:
4135:
4132:
4131:
4130:
4127:
4125:
4122:
4120:
4117:
4115:
4112:
4108:
4105:
4104:
4103:
4100:
4098:
4095:
4093:
4090:
4088:
4085:
4083:
4080:
4078:
4075:
4074:
4072:
4069:
4065:
4060:
4056:
4049:
4038:
4026:
4023:
4021:
4018:
4017:
4015:
4013:
4009:
4002:
3999:
3996:
3993:
3990:
3987:
3984:
3983:Water buffalo
3981:
3980:
3978:
3974:
3968:
3965:
3963:
3960:
3957:
3954:
3952:(Roman world)
3951:
3948:
3945:
3942:
3940:
3937:
3934:
3931:
3928:
3925:
3923:(Mesoamerica)
3922:
3919:
3916:
3913:
3912:
3910:
3908:
3902:
3898:
3891:
3886:
3884:
3879:
3877:
3872:
3871:
3868:
3858:
3854:
3847:
3837:
3832:
3828:
3824:
3817:
3810:
3802:
3796:
3792:
3785:
3774:
3767:
3763:
3759:
3753:
3742:
3738:
3731:
3727:
3721:
3714:
3710:
3706:
3703:
3697:
3680:
3676:
3669:
3662:
3661:0-333-57764-7
3658:
3654:
3648:
3633:
3629:
3623:
3608:
3604:
3597:
3582:
3578:
3571:
3569:
3552:
3548:
3544:
3538:
3522:
3518:
3514:
3508:
3492:
3488:
3484:
3478:
3463:
3459:
3452:
3436:
3432:
3428:
3422:
3406:
3402:
3398:
3391:
3376:
3372:
3365:
3358:
3353:
3347:
3342:
3341:
3332:
3324:
3320:
3314:
3306:
3299:
3292:
3288:
3285:
3279:
3277:
3275:
3273:
3271:
3254:
3250:
3246:
3240:
3224:
3220:
3214:
3195:
3191:
3184:
3180:
3174:
3172:
3155:
3151:
3147:
3141:
3133:
3127:
3123:
3116:
3108:
3104:
3100:
3094:
3090:
3089:
3081:
3073:
3067:
3063:
3059:
3055:
3054:Templar Order
3048:
3041:
3035:
3024:September 19,
3019:
3018:
3010:
3002:
2996:
2992:
2985:
2977:
2973:
2969:
2962:
2953:
2946:
2938:
2934:
2929:
2924:
2920:
2916:
2909:
2900:
2896:
2892:
2888:
2885:(4): 927–54.
2884:
2880:
2879:
2874:
2870:
2864:
2856:
2852:
2848:
2842:
2827:
2823:
2816:
2808:
2802:
2794:
2788:
2784:
2777:
2770:
2765:
2756:
2752:
2748:
2744:
2739:
2734:
2731:(3): 463–84.
2730:
2726:
2719:
2711:
2707:
2701:
2685:
2681:
2677:
2671:
2663:
2657:
2649:
2645:
2641:
2639:9781349951215
2635:
2631:
2624:
2617:
2614:
2610:
2605:
2598:
2590:
2586:
2580:
2573:
2569:
2565:
2563:9781358416323
2559:
2555:
2554:
2546:
2538:
2532:
2528:
2521:
2513:
2507:
2502:
2501:
2492:
2485:
2481:
2475:
2471:
2470:
2465:
2459:
2457:
2455:
2446:
2442:
2438:
2434:
2430:
2426:
2422:
2418:
2411:
2409:
2404:
2390:
2389:
2382:
2376:
2369:
2363:
2359:
2349:
2346:
2344:
2341:
2339:
2336:
2334:
2331:
2329:
2326:
2324:
2321:
2319:
2316:
2314:
2311:
2309:
2308:Hard currency
2306:
2304:
2301:
2298:
2294:
2290:
2287:
2285:
2282:
2280:
2277:
2275:
2272:
2271:
2267:
2256:
2253:
2242:
2239:
2233:
2228:
2221:
2219:
2215:
2210:
2208:
2204:
2200:
2196:
2192:
2188:
2178:
2176:
2172:
2168:
2164:
2160:
2155:
2153:
2148:
2144:
2140:
2136:
2132:
2128:
2124:
2122:
2118:
2114:
2108:
2098:
2096:
2086:
2083:
2081:
2080:Total/Average
2078:
2077:
2073:
2070:
2067:
2066:
2062:
2059:
2056:
2055:
2051:
2048:
2045:
2044:
2040:
2037:
2034:
2033:
2029:
2026:
2024:Hong Kong SAR
2023:
2022:
2018:
2015:
2012:
2011:
2007:
2004:
2001:
2000:
1996:
1993:
1990:
1989:
1985:
1982:
1979:
1978:
1974:
1971:
1968:
1967:
1963:
1960:
1957:
1956:
1952:
1949:
1946:
1945:
1941:
1938:
1935:
1934:
1930:
1927:
1924:
1923:
1919:
1916:
1913:
1912:
1908:
1905:
1902:
1901:
1897:
1894:
1892:
1889:
1888:
1884:
1881:
1879:United States
1878:
1877:
1873:
1870:
1867:
1866:
1860:
1858:
1854:
1850:
1845:
1843:
1838:
1833:
1831:
1828:" (cash plus
1827:
1823:
1819:
1815:
1811:
1805:
1801:
1791:
1789:
1786:
1781:
1779:
1775:
1771:
1767:
1763:
1759:
1755:
1751:
1741:
1739:
1735:
1731:
1727:
1726:Richard Nixon
1723:
1718:
1716:
1711:
1707:
1702:
1700:
1696:
1692:
1688:
1684:
1674:
1672:
1668:
1664:
1659:
1657:
1653:
1649:
1645:
1641:
1637:
1633:
1629:
1628:U.S. Congress
1625:
1620:
1618:
1614:
1610:
1606:
1601:
1597:
1595:
1594:Massachusetts
1591:
1587:
1583:
1579:
1569:
1566:
1562:
1561:United States
1559:
1558:
1554:
1551:
1550:
1546:
1544:
1541:
1540:
1536:
1534:
1531:
1530:
1526:
1523:
1522:
1518:
1515:
1514:
1510:
1507:
1506:
1502:
1499:
1498:
1494:
1492:
1489:
1488:
1484:
1481:
1477:
1476:United States
1474:
1473:
1469:
1466:
1465:
1461:
1458:
1457:
1453:
1451:
1448:
1447:
1443:
1440:
1439:
1428:
1425:
1420:
1418:
1414:
1410:
1406:
1402:
1398:
1394:
1390:
1389:Gresham’s Law
1384:
1382:
1377:
1373:
1369:
1368:playing cards
1365:
1361:
1357:
1355:
1350:
1345:
1341:
1337:
1331:
1325:
1315:
1313:
1309:
1305:
1301:
1297:
1293:
1290:
1285:
1283:
1270:
1263:
1258:
1257:
1255:
1250:
1246:
1241:
1239:
1235:
1231:
1226:
1224:
1223:
1218:
1210:
1207:Song dynasty
1205:
1201:
1199:
1195:
1191:
1187:
1172:
1170:
1166:
1161:
1159:
1155:
1151:
1147:
1143:
1138:
1132:
1128:
1126:
1122:
1121:
1115:
1113:
1109:
1105:
1100:
1098:
1093:
1088:
1086:
1080:
1078:
1072:
1061:
1058:
1057:
1051:
1047:
1039:
1037:
1032:
1029:
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986:
982:
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971:
967:
962:
960:
956:
952:
948:
944:
940:
937:is a type of
936:
925:
920:
918:
913:
911:
906:
905:
903:
902:
897:
887:
885:
880:
875:
874:
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865:
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832:
823:
822:
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788:
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766:
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748:
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723:
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531:
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518:
516:
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491:
488:
486:
485:de Mandeville
483:
482:
477:
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463:
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450:
448:
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443:
440:
438:
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428:
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420:
418:
414:
413:Public choice
411:
409:
406:
404:
401:
399:
396:
394:
391:
389:
388:Participation
386:
384:
381:
379:
376:
374:
371:
369:
366:
364:
361:
359:
356:
354:
351:
349:
348:Institutional
346:
344:
341:
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336:
334:
331:
329:
326:
324:
321:
319:
316:
314:
311:
309:
306:
304:
301:
299:
298:Expeditionary
296:
294:
291:
289:
288:Environmental
286:
284:
281:
279:
276:
274:
271:
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266:
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119:
118:International
116:
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109:
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101:
100:
97:
94:Branches and
91:
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80:
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69:
65:
61:
60:
57:
54:
53:
49:
45:
44:
38:
34:
30:
19:
18:Fiat currency
4871:
4823:
4804:
4797:
4722:(1863; 1864)
4646:Free banking
4603:
4598:Suffolk Bank
4504:Section VIII
4443:(1751; 1764)
4214:Savings bank
4204:Central bank
4141:Legal tender
4063:
4048:Money portal
3857:the original
3846:
3829:(3): 47–70.
3826:
3822:
3809:
3790:
3784:
3758:Paul Krugman
3752:
3741:the original
3720:
3712:
3696:
3683:. Retrieved
3679:the original
3668:
3652:
3647:
3635:. Retrieved
3631:
3622:
3610:. Retrieved
3606:
3596:
3584:. Retrieved
3580:
3555:. Retrieved
3546:
3537:
3525:. Retrieved
3516:
3507:
3495:. Retrieved
3486:
3477:
3465:. Retrieved
3461:
3451:
3439:. Retrieved
3430:
3421:
3409:. Retrieved
3400:
3390:
3378:. Retrieved
3375:Silver Coins
3374:
3364:
3355:
3339:
3331:
3313:
3304:
3298:
3257:. Retrieved
3248:
3239:
3227:. Retrieved
3213:
3203:February 12,
3201:. Retrieved
3189:
3158:. Retrieved
3149:
3140:
3121:
3115:
3087:
3080:
3053:
3047:
3039:
3034:
3022:. Retrieved
3016:
3009:
2990:
2984:
2976:the original
2961:
2951:
2945:
2918:
2914:
2908:
2882:
2876:
2863:
2854:
2841:
2831:November 14,
2829:. Retrieved
2825:
2815:
2782:
2776:
2764:
2728:
2724:
2718:
2700:
2690:February 12,
2688:. Retrieved
2680:Quickonomics
2679:
2670:
2629:
2623:
2612:
2608:
2607:
2603:
2597:
2588:
2579:
2571:
2552:
2545:
2526:
2520:
2499:
2491:
2483:
2468:
2420:
2416:
2375:
2362:
2328:Money supply
2266:Money portal
2211:
2187:central bank
2184:
2156:
2131:money supply
2125:
2110:
2092:
2079:
2068:South Africa
2013:Saudi Arabia
1846:
1834:
1810:central bank
1807:
1788:bullion coin
1782:
1750:silver coins
1747:
1719:
1703:
1680:
1677:20th century
1660:
1621:
1602:
1598:
1586:Pennsylvania
1575:
1421:
1399:resulted in
1385:
1358:
1333:
1294:
1286:
1279:
1268:
1267:Marco Polo,
1260:
1252:
1251:in his book
1249:Yuan dynasty
1242:
1230:Yuan dynasty
1227:
1220:
1217:Song dynasty
1214:
1208:
1183:
1162:
1137:David Harvey
1134:
1130:
1118:
1116:
1106:wrote in to
1101:
1089:
1082:
1074:
1069:
1045:
1043:
1034:
1025:central bank
1018:legal tender
1008:
989:
978:
963:
955:legal tender
934:
933:
854:Publications
819:
442:Sociological
415: /
313:Geographical
293:Evolutionary
268:Digitization
233:Agricultural
137:Mathematical
108:Econometrics
37:Yuan dynasty
29:
4942:Numismatics
4906:(1909–1912)
4888:(1890–1891)
4868:(1879–1907)
4862:(1878–1964)
4850:(1875–1878)
4837:Free silver
4825:Knox v. Lee
4820:(1870–1875)
4791:(1870–1914)
4769:(1865–1889)
4763:(1864–1873)
4752:(1863–1864)
4746:(1863–1933)
4734:(1863–1913)
4728:(1863–1865)
4716:(1862–1876)
4710:(1862–1971)
4699:(1861–1862)
4697:Demand Note
4688:(1853–1863)
4677:(1851–1873)
4666:(1846–1913)
4660:(1842–1865)
4654:(1836–1865)
4648:(1836–1865)
4639:(1840–1870)
4620:, 1832–1836
4614:, 1829–1842
4600:, 1818–1858
4594:, 1816–1836
4583:(1812–1913)
4577:(1793–1857)
4571:(1793–1857)
4560:(1792–1873)
4548:(1792–1873)
4537:(1791–1811)
4520:1789–1913;
4502:1787–1788;
4494:(1781–1791)
4488:(1781–1785)
4482:(1780–1781)
4476:(1775–1779)
4464:(1776–1780)
4455:(1760–1840)
4417:(1607–1760)
4166:Safekeeping
4020:Bimetallism
3935:(W. Africa)
3547:www.bis.org
3517:www.bis.org
3431:www.mint.ca
2343:Silver coin
2338:Seigniorage
2214:Iraqi dinar
2113:paper money
1947:Switzerland
1874:Per capita
1826:broad money
1768:eliminated
1722:Nixon shock
1683:World War I
1661:During the
1630:before the
1624:Continental
1524:Netherlands
1516:Switzerland
1234:Kublai Khan
1200:dynasties.
1165:game theory
1158:carbon rift
1123:(1857-58),
1108:Jabez Bowen
690:von Neumann
343:Information
283:Engineering
263:Development
258:Demographic
200:Game theory
142:Methodology
4926:Categories
4575:Large cent
4276:Monetarism
4264:Chartalism
4161:Redemption
4151:Possession
4114:Clay token
3967:Trade bead
3921:Cocoa bean
3905:Commodity
3726:John Makin
3637:October 6,
3612:October 6,
3586:October 6,
3467:October 6,
3357:currencies
3249:news24.com
2609:Fiat Money
2400:References
2284:Debasement
2139:recessions
2127:Economists
1754:face value
1710:troy ounce
1654:scheme of
1640:Napoleonic
1609:poll taxes
1413:debentures
1372:face value
1336:New France
1328:See also:
1245:Marco Polo
1120:Grundrisse
935:Fiat money
849:Economists
720:Schumacher
625:Schumpeter
595:von Wieser
515:von Thünen
476:economists
452:Statistics
447:Solidarity
368:Managerial
333:Humanistic
328:Historical
273:Ecological
238:Behavioral
132:Mainstream
4569:Half cent
4558:Half dime
4509:Section X
3985:(SE Asia)
3915:Axe-money
3685:March 30,
2937:153964856
2899:154872512
2801:cite book
2755:154851073
2733:CiteSeerX
2656:cite book
2648:968345651
2107:Inflation
2101:Inflation
2046:Singapore
2002:Australia
1605:hut taxes
1154:metabolic
1150:periphery
1125:Karl Marx
1044:The term
1036:fiduciary
992:banknotes
970:use value
951:commodity
765:Greenspan
730:Samuelson
710:Galbraith
680:Tinbergen
620:von Mises
615:Heckscher
575:Edgeworth
393:Personnel
353:Knowledge
318:Happiness
308:Financial
278:Education
253:Democracy
147:Political
113:Heterodox
56:Economics
4932:Currency
4618:Bank War
4392:pre–1913
4124:Currency
4102:Clearing
4082:Banknote
4077:Bailment
3997:(Arabia)
3958:(barley)
3944:Quachtli
3773:Archived
3705:Archived
3551:Archived
3521:Archived
3491:Archived
3435:Archived
3405:Archived
3380:March 7,
3323:Archived
3287:Archived
3253:Archived
3223:Archived
3194:Archived
3181:(2010).
3154:Archived
3107:57175151
2684:Archived
2568:Archived
2466:(2014).
2445:54713138
2224:See also
2197:and the
2135:negative
2087:$ 1,558
2052:$ 4,911
2030:$ 6,550
2019:$ 1,708
2008:$ 2,320
1986:$ 1,641
1964:$ 1,460
1953:$ 9,213
1942:$ 1,583
1909:$ 6,739
1898:$ 3,571
1891:Eurozone
1885:$ 4,433
1868:Country
1842:treasury
1656:John Law
1590:Virginia
1480:de facto
1441:Country
1349:Iroquois
1342:was the
1265:—
1238:Jiaochao
1071:wealth.
939:currency
858:journals
844:Glossary
795:Stiglitz
760:Rothbard
740:Buchanan
725:Friedman
715:Koopmans
705:Leontief
685:Robinson
570:Marshall
474:Notable
422:Regional
398:Planning
373:Monetary
303:Feminist
248:Cultural
243:Business
48:a series
46:Part of
4554:(1792–)
4470:(1775–)
4175:General
4129:Deposit
4119:Coinage
3991:(Hindu)
3933:Manilla
3229:July 6,
2437:3839155
2299:as debt
2084:$ 4,536
1895:$ 1,210
1882:$ 1,425
1837:billion
1732:of the
1717:(IMF).
1565:de jure
1500:Belgium
1459:Germany
1393:hoarded
1292:value.
1209:Jiaozi,
1175:History
1117:In the
864:Schools
856: (
815:Piketty
810:Krugman
675:Kuznets
665:Kalecki
640:Polanyi
530:Cournot
525:Bastiat
510:Ricardo
500:Malthus
490:Quesnay
462:Welfare
432:Service
103:Applied
79:Outline
74:History
4912:(1913)
4900:(1908)
4894:(1900)
4882:(1890)
4876:(1884)
4856:(1878)
4844:(1875)
4828:(1871)
4809:(1870)
4608:, 1819
4432:(1730)
4187:Barter
4146:Notary
4097:Cheque
3962:Shells
3956:Shekel
3929:(rice)
3797:
3659:
3557:May 8,
3527:May 8,
3497:May 8,
3441:May 8,
3411:May 8,
3348:
3259:May 8,
3160:May 8,
3128:
3105:
3095:
3068:
2997:
2935:
2897:
2871:&
2826:Forbes
2789:
2753:
2735:
2646:
2636:
2560:
2533:
2508:
2476:
2443:
2435:
2119:. The
2074:$ 113
2063:$ 872
2057:Sweden
2041:$ 458
2035:Turkey
1997:$ 282
1991:Brazil
1980:Canada
1975:$ 599
1969:Mexico
1931:$ 799
1925:Russia
1920:$ 195
1778:copper
1770:silver
1687:specie
1681:After
1644:Vienna
1636:ducats
1617:specie
1552:Russia
1491:France
1467:Sweden
1364:ad hoc
1354:mutiny
1344:beaver
1312:specie
1276:Europe
1222:jiaozi
1146:labour
947:silver
800:Thaler
780:Ostrom
775:Becker
770:Sowell
750:Baumol
655:Myrdal
650:Sraffa
645:Frisch
635:Knight
630:Keynes
605:Fisher
600:Veblen
585:Pareto
565:Menger
560:George
555:Jevons
550:Walras
540:Gossen
408:Public
403:Policy
358:Labour
323:Health
180:Market
4068:Token
4059:Money
3995:Camel
3907:money
3819:(PDF)
3776:(PDF)
3769:(PDF)
3744:(PDF)
3733:(PDF)
3691:p. 56
3197:(PDF)
3186:(PDF)
2933:S2CID
2895:S2CID
2751:S2CID
2441:S2CID
2433:JSTOR
2354:Notes
2169:, by
1958:Korea
1939:$ 103
1928:$ 117
1917:$ 251
1914:India
1906:$ 857
1903:Japan
1580:was "
1570:1900
1555:1898
1547:1897
1543:Japan
1537:1892
1527:1875
1519:1874
1511:1874
1508:Italy
1503:1874
1495:1874
1485:1873
1470:1873
1462:1871
1454:1821
1444:Year
1180:China
1052:word
1050:Latin
1038:money
996:China
837:Lists
805:Hoppe
790:Lucas
755:Solow
745:Arrow
735:Simon
700:Lange
695:Hicks
670:Röpke
660:Hayek
610:Pigou
580:Clark
495:Smith
457:Urban
437:Socio
427:Rural
127:Macro
123:Micro
84:Index
4386:and
4226:Mint
4064:Fiat
3950:Salt
3927:Koku
3795:ISBN
3687:2014
3657:ISBN
3639:2023
3614:2023
3588:2023
3559:2018
3529:2018
3499:2018
3469:2023
3443:2018
3413:2018
3382:2019
3346:ISBN
3261:2018
3231:2016
3205:2014
3162:2018
3126:ISBN
3103:OCLC
3093:ISBN
3066:ISBN
3026:2012
2995:ISBN
2833:2023
2807:link
2787:ISBN
2692:2018
2662:link
2644:OCLC
2634:ISBN
2613:i.e.
2558:ISBN
2531:ISBN
2506:ISBN
2474:ISBN
2381:Fīat
2366:See
2095:yuan
2049:$ 27
2038:$ 36
2027:$ 48
2016:$ 53
2005:$ 55
1994:$ 58
1983:$ 59
1972:$ 72
1961:$ 74
1950:$ 76
1847:The
1802:and
1785:gold
1738:gold
1642:era
1592:and
1422:The
1215:The
1198:Ming
1196:and
1194:Yuan
1156:and
1142:debt
1056:fiat
1046:fiat
943:gold
821:more
545:Marx
535:Mill
520:List
4001:Yak
3989:Cow
3831:doi
3737:AEI
3058:doi
2923:doi
2919:113
2887:doi
2743:doi
2729:113
2425:doi
2388:fiō
2071:$ 6
2060:$ 9
1853:G10
1832:).
1736:to
1638:in
1607:or
1083:In
945:or
785:Sen
505:Say
363:Law
4928::
4235:c.
3827:18
3825:.
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3771:.
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