Download A History of Money: From AD 800 by John F Chown, Forrest Capie PDF

April 5, 2017 | Money Monetary Policy | By admin | 0 Comments

By John F Chown, Forrest Capie

This booklet offers an in depth and superb historical past of cash from Charlemagne's reform in nearly AD800 to the tip of the Silver Wars in 1896. It additionally summarizes 20th century advancements and areas them of their ancient context.

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Even the French royal coinages lost twothirds of their silver value within a century. The situation was much the same in Italy, where coinage rights typically vested in the trading cities. It was very important, in drawing up contracts, to indicate clearly which currency was meant. The quality of coinage survived rather longer in the Ottonian Empire (very roughly modern Germany), while some countries in Eastern Europe continued to regard coinage as a royal prerogative. Stefan I (997–1088) of Hungary, for instance, established a sound silver currency.

Unfortunately for students (whether enthusiasts, or opponents) of monetarism, the Popular Party was defeated the following year and the measures were never implemented. The laboratory was destroyed before the experiment had really begun. 3 MONEY IN EUROPE TO 1250 THE CAROLINGIAN REFORM Twelve pence make one shilling Twenty shillings make one pound. Every British schoolboy knew this—until 1971. This system went back a long, long way, to the effective founder of the Western European monetary system, King Pepin the Short of France (751–68), the father of Charlemagne.

The periodical recoinage to take account of this was five or ten years overdue. The long cross coinage (1279–1544) This took place in 1279. The two previous recoinages had maintained the de jure, and restored the de facto, weight standards, but at a substantial cost to the King (in 1205) or the public (in 1247). 2 grains: this was certainly more than the actual weight of the old coins in circulation but was a tentative move’ to the perhaps obvious solution of simply bringing the de jure standard into line with the de facto bullion content of the worn coins actually circulating.

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