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Following the Mongol invasion of China, the Yuan (1260–1368) dynasty was the first political regime to introduce a precious metal standard and deploy paper money as the sole legal tender. Drawing on a new dataset on money issues, prices, warfare, imperial grants, taxation, natural disasters, and population, we find that a silver standard initially consolidated the Chinese currency market. However, persistent fiscal pressures eventually compelled rulers to ease the monetary standard, and a fiat standard was adopted. We show that inflation was high in the early and late periods of the dynasty but remained moderate for nearly half a century. We find that military pressure, particularly civil war, generated fiscal demands that led to the over‐issuance of money. By contrast, natural disasters and imperial grants did not trigger the over‐issue of money. Warfare was much more likely to increase paper money issues under the fiat standard than during the silver standard period. [ABSTRACT FROM AUTHOR]

This article explores the conception and execution of paper currency schemes in Tokugawa Japan (1603–1868). Paper currency was widely used as a form of local money in early modern Japan, but has received close to no attention in Anglophone scholarship even amid a recent upsurge in interest in the global history of money. From the perspective of monetary history, Tokugawa paper currency presents an intriguing puzzle. Even as paper currencies repeatedly collapsed in value, they remained in common use as an essential component of the early modern monetary system. Using the case of Sendai domain, a large fiefdom in northeastern Japan, the article argues that the monetary practices and expectations of ordinary subjects transformed paper money, created through partnerships between the samurai ruling class and powerful merchant financiers, from a tool meant to serve the interests of state finances into a low‐denomination currency convenient for everyday transactions, resulting in the bills' surprising longevity as a form of small change. Drawing on approaches that centre the role of non‐state and marginal actors in the making of money, it sheds new light on the political economy of late Tokugawa Japan and offers new insights into the global history of money. [ABSTRACT FROM AUTHOR]

Cambodia is one of the first two countries that adopted a retail central bank digital currency (CBDC) in October 2020. The design of the CBDC, called the Bakong, is a bit unique. We find a few design flaws that could potentially damage the central bank and then the Cambodian economy as a whole. We show some key statistics from our own survey in 2022 to support our arguments. The Bakong is offered in two currencies, the Khmer Riel (KHR) and the US dollar (USD), as Cambodia has been highly dollarized. We discuss theoretical predictions for the CBDC based on three kinds of substitutes: paper money, bank deposits, and foreign currencies. The third one is specific to the Bakong. Unlike a typical local currency CBDC, the USD Bakong may substitute for the KHR more. Moreover, it has been announced that the retail Bakong is legally not a liability of the central bank, but from the viewpoint of the underlying technology and economics, it is a central bank liability. [ABSTRACT FROM AUTHOR]

In this article, I study the effect of the Money Market Fund Liquidity Facility (MMLF) on corporate short‐term borrowing costs. Although MMLF loans accept a broader range of collateral acquired from money market funds (MMFs) than Asset‐Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF) loans, their higher loan rates could make the intervention less effective. I find the average yield has decreased by 20–24 basis points. The yield‐decreasing effects of the MMLF are stronger for securities issued by eligible non‐US firms, non‐asset‐backed commercial paper securities that are newly accepted as collateral under the MMLF, and securities held by affiliated MMFs. However, I do not find an additional yield‐decreasing effect of the MMLF on lower rated securities or nonfinancial sector securities. After the implementation of the MMLF, domestic MMFs seem to increase the weight of nonfinancial sector securities, which helps them achieve a higher return. [ABSTRACT FROM AUTHOR]

How people pay is critically important to consumers and businesses alike. Many consumers are choosing to pay for goods and services from an increasing number of options. Tech‐savvy urbanites buy coffee by tapping their phone on a reader. Parents returning from a night out use peer‐to‐peer payment apps, such as Venmo, to pay the sitter. The recent explosion of financial innovations promises faster, more efficient, and cheaper transactions. These increasing digital payment options coincide with decreased number and volume of cash transactions. However, vulnerable populations face more constrained payment choices and often rely exclusively on cash. Without experience, devices, or acceptable credit histories, vulnerable populations may have little access to digital transactions. The advantages of falling digital costs and other benefits thus accrue to the digitally connected. At the same time, those who must transact in coins and paper money are likely to find their relative costs increasing. This paper highlights payment trends and the potential impact on vulnerable populations in the United States as we move toward a cashless society. This paper should stimulate discussions of public policy initiatives to mitigate digital payment issues for vulnerable people. [ABSTRACT FROM AUTHOR]

The present paper derives a money demand function that explicitly takes the costs of storing money into account. This function is then used to examine the consequences of the large‐scale money injection conducted by the Bank of Japan since April 2013. The main findings are as follows. First, the opportunity cost of holding money calculated using 1‐year government bond yields has been negative since the fourth quarter of 2014 and most recently (2020:Q2) was −0.2%. Second, the marginal cost of storing money, which was 0.3% in the most recent quarter, exceeds the marginal utility of money, which was 0.1%. Third, the optimal quantity of money, measured by the ratio of M1 to nominal gross domestic product, is 1.2. In contrast, the actual money‐income ratio in the most recent quarter was 1.8. The welfare loss relative to the maximum welfare obtained under the optimal quantity of money in the most recent quarter was 0.2% of nominal gross domestic product. The findings imply that the Bank of Japan needs to reduce M1 by more than 30%, for example through measures that impose a penalty on holding money. [ABSTRACT FROM AUTHOR]

In the 18th century, a fierce political debate broke out in Sweden about the causes of an extraordinary depreciation of the currency. More specifically, the deteriorating value of the Swedish currency was blamed arbitrarily on monetary causes (e.g., the overissuing of banknotes) and on non‐monetary causes (such as balance‐of‐payments deficits). This paper provides a comprehensive empirical assessment of this so‐called "Swedish Bullionist Controversy". The results of vector autoregressions suggest that increasing amounts of paper money did give rise to inflation and a depreciation of the exchange rate. Conversely, non‐monetary factors were probably less important for these developments. [ABSTRACT FROM AUTHOR]

Shariah money is gold and silver, supplied by the market on profit criterion. Everywhere, government inconvertible paper money arose from bankruptcy. A government with balanced budgets would never need it. Imposed by force, inconvertible paper is a taxation mean, highly inflationary, and causes impoverishment. Unjust and bankrupt governments will continue to force this despotic money. Islamic Monetary Economics refutes the idea of money as a policy tool. Fully convertible paper is Shariah compliant. Shariah requires a just government to balance its budgets and restore fully gold and silver as lawful money. [ABSTRACT FROM AUTHOR]

The article presents the front cover of the periodical; a table of contents for the issue; along with the copyright information of the periodical.

We consider the role of money as a means of payment, store of value and medium of exchange. I outline a number of quantitative and qualitative experiences of monetary management. Successful regimes have sprung up in a variety of surprising places, and been sustained with state (centralised) interventions. Although the link between state and money, and its standard of identity and account may be clear, particularly in earlier stages of economic development, the extent to which the state is widely felt to hold responsibility for ‘sound money’ is less clear in modern democracies, where there are many other public responsibilities implying ongoing trade‐offs. [ABSTRACT FROM AUTHOR]

In this article, Maryland's non-legal-tender paper money emissions between 1765 and 1775 are reconstructed to determine quantities outstanding and redemption dates, providing a substantial correction to the literature. Over 80 per cent of this paper money's current market value was expected real asset present value and under 20 per cent was liquidity premium. It was primarily a real barter asset and not a fiat currency. The liquidity premium was positively related to the amount of paper money per capita in circulation. This paper money traded below face value due to time-discounting, rather than depreciation. Past scholars have simply confused depreciation with time-discounting. [ABSTRACT FROM AUTHOR]

According to the dictionary of the Royal Academy of the Spanish Language, numismatics is the discipline that studies coins and medals, mainly ancient ones. In other places, this definition includes the study and collection of paper money or banknotes. The information we can obtain from coins with a minimum study of the aspects that appear on them is surprising. In relation to vision and ophthalmology, they show us important figures in the field, ocular symbology, they tell us about mythology and religion and curious stories that we would hardly have known without looking at the coins. Finally, we will talk about an important 19th century Valencian ophthalmologist, Rafael Cervera y Royo, and the collection of ancient coins that bears his name. This work is not intended to be an exhaustive description of all the coins and medals that speak of vision, but rather a sample of the valuable information that numismatics contributes to our speciality and to stimulate the public's curiosity about this fascinating science. [ABSTRACT FROM AUTHOR]

In the late eighteenth and early nineteenth century, communities across England used country bankers' notes almost as much as they used coins and Bank of England notes. Accounting for the relative success of these alternative currencies is challenging, however, due to the frequency of financial crisis during the period. If, during a crisis, all note holders attempted to enforce the promise to pay in gold coin against the issuing banker, the 'law-finance paradox' would leave some note holders with gold coin, but would leave many more with merely 'country rags' or worthless pieces of paper. Building on both the credit approach to money and the relational approach to contract, this article shows note-using communities successfully responding to financial crisis. They frequently did so by formalizing the bonds of reciprocity and trust tying the community to its note-issuing banker - bonds sometimes made all the stronger by legal enforceability. [ABSTRACT FROM AUTHOR]

Sierra Leone on July 1st introduced a new family of banknotes, stripping three zeros off the leone, in a bid to restore confidence in the inflation-hit national currency. "We have removed three zeros from our banknotes, but the money yesterday is the same value as today", President Julius Maada Bio said at ceremonies at the central bank where the new bills were unveiled. "Our current currency is too big to fit into a wallet and we spend too much money printing oversized banknotes", Kelfala Murana Kallon, the central bank governor, told reporters in August 2021 as he announced the move. [Extracted from the article]

The distinction between the 'classical' monetary theory and 'quantity' theory has been proposed in literature on money and banking. The overall feature of the classical theory of money is that it holds one principle of regulation for each kind of issue (metallic money, bank issues and paper money) whereas the quantity theory applied the causality and proportionality postulates for all kinds of monies. Without claiming to adjudicate the validity of such a distinction, the paper investigates the foundation of each tradition. In this respect, this paper, respectively, examines, and provides a survey of the secondary literature on, Cantillon's Essai and the Hume's Discourses. [ABSTRACT FROM AUTHOR]

This article examines the success of paper-based alternative currencies in facilitating convivial, sustainable localised economies. Based on fieldwork in the United States, the United Kingdom and Germany, it discusses the capacity of activists to create alternative forms of currency that communicate the organisers' visions of a localised economy, before examining material practices: for whom do the currencies work, and who struggles to use them? Using insights from a diverse economies perspective, the article argues that we cannot read off the likelihood of an economic actor using the currency from the extent of their local economic embeddedness: economic actors in similar positions respond to the same stimuli in different ways, and local business owners and activists can form productive alliances to develop their shared project. The article concludes by arguing that local currencies should be used more proactively to stimulate new forms of concrete local production to meet locally identified needs. [ABSTRACT FROM AUTHOR]

In the summer of 1861, the United States embarked on its first widespread use of paper money: the Demand Notes of 1861. Although their convertibility into gold ended at the end of that year, they remained acceptable for tariff payment at a par with gold coin while they were gradually replaced with paper money that did not share this provision, the Greenbacks. We present daily observations of exchange rates between the Notes, Greenbacks, and gold for the extended period during which they simultaneously circulated. These exchange rates substantiate our revisionist notion that the Notes were replaced because the tariff provision prevented them from generating sufficient seigniorage for wartime needs. ( JEL E42, N12, N22) [ABSTRACT FROM AUTHOR]

Focuses on the political parties and paper money inflation in Sweden during the 18th century. Accountability of the trading partners; Existence of political regime between the Hats and the Caps parties; Combination on the economic facts of inflation and political factors.

The article describes the colonial monetary standard in Massachusetts in the 1600s. It discusses the establishment of a commodity standard in 1640 and the official prices of commodities in Massachusetts during the 1600s. The article details the development of the paper-money standard in 1690. It comments on the topics covered by most recent studies of the monetary system of the American colonies. The establishment of a mint in Boston in 1652 is reported. By 1737 the price of silver had risen. In 1750, the Massachusetts Assembly restored specie payments. The article also considers the objections to the continuation of paper-money issues.

The article reports on conversion clause in the United States. American monetary history is full of strange happenings and queer events beginning with the resolution of Massachusetts Bay Colony in 1690 explaining the issue of the first paper money. It referred to "the sundry considerable debts" which had been contracted "for maintaining their Majesties" interests against hostile invasions of their French and Indian enemies," the actual fact being that the colony had sent an expedition against Quebec in the expectation that plunder would pay the costs thereof. It is true that the highest prices at which the five-twenty bonds sold on the New York market never exceeded 14 points above par in 1864 and 12 points above in 1865, whereas at the same time the premiums on gold were in the ranges 77-85 and 98-105, respectively. In the years following the war the gap between the premium on the bonds and on gold steadily narrowed. By late 1869 the gap had disappeared and from 1870 on the advantage clearly lay with the bonds, their market premium over par persistently exceeding the gold premium. Senator John Sherman pointed out on the floor of the Senate, March 6, 1876, that even the government's 5 per cent bonds had been "at par with gold for the past five years" while the greenbacks had been "from 6 to 22 per cent below gold."

ZUSAMMENFASSUNG Die Währungskrise der jüngsten Vergangenheit scheint behoben, doch gleicht der Zustand der EWG bei näherer Betrachtung dem Zustand eines Patienten im Koma: Ein Erwachen zum Leben ist möglich, aber auch ein Hinübergehen in den Tod. Ein Blick in die Geschichte lehrt, dass die Schaffung und Aufrechterhaltung einer Weltwährung vielfach erfolgreich gewesen ist, selbst wenn sich innerhalb der «Weltwährungsunion» Staaten zu Partialunionen zusammengeschlossen haben. Eine neue freiwillige Neuordnung der Paritäten ist notwendig; ihr muss minde-stens eine Verdreifachung des Goldpreises zugrunde gelegt werden. Ob die Staaten der EG dieser Neuordnung zustimmen, bleibt heute fraglich. Doch selbst das Zustandekommen eines diesbezüglichen Abkommens bleibt vergängliches Stück-werk, wenn der weltweiten Inflation, Folge eines globalen Übermasses an Liqui-dität, nicht Einhalt geboten werden kann. Die Notenbanken müssten sich deshalb bereit erklären, einen Teil der durch die Erhöhung des Goldpreises erzielten Buchgewinne in Form von Papiergeld an den IWF abzuführen. SUMMARY The last monetary crisis seems to be managed; but regarding the situation of the European Community one can compare it with a fainting patient. There are two possibilities, either to wake up or to die. History shows that in many cases the creation and maintenance of a world currency were successful, although there had been some states within the 'world monetary union' which formed partial unions. A new voluntary order of the parities is necessary. It must be based on a gold price which should at least be trebled. The question today is whether the member states of the EC agree to this reform. Even if this agreement is realized it can never be successful as long as the world-wide inflation, caused by the international liquidity excess, cannot be stopped. Therefore central banks should be willing to hand over a part of the book-profit, realized by the higher gold price, to the IMF in form of paper money. RÉSUMÉ La dernière crise monétaire semble parée; la situation de la CEE reste pourtant comparable à celle d'un agonisant: et la vie et la mort sont possibles. L'histoire prouve qu'on a souvent créé et maintenu avec succès un système monétaire mondial, quoique plusieurs états attachés à ce système formaient entre eux des unions partielles. II faut faire un effort volontaire pour arriver à un nouvel ordre des parités, basé sur le prix de l'or qu'il faudra au moins tripler. Les états membres de la CE accepteraient-ils une telle réforme? Même si c'était le cas, elle ne pourrait être efficace, à moins qu'on ne réussisse à arrêter l'inflation universelle, causée par un excès de liquidité international. Les banques centrales devraient remettre une partie de leurs gains comptables - réalisés par la hausse du prix de l'or - au FIM en forme de papier-monnaie. [ABSTRACT FROM AUTHOR]

Presents a case of fingerprint detection on counterfeit banknotes in the U.S. Means of processing latent fingerprints; Difference in surface free energy of the banknotes; Determination of common paper properties.

Discusses the demonetarization to be carried out in eight nations in the Franc Zone of West Africa between September and December 2003. Introduction of a new design of banknotes; Proliferation of dirty money in circulation.

This article focuses on the metal content of Indian coins. Contact allergy to metals in coins is known to occur. Two patients whose occupation required constant handling of coins, while giving change in coins for paper money and earning commission. Patch test was positive to nickel. In 5, 10 and 20 paise coins, Aluminum content was found to be maximum of 95% and Magnesium was found to be 3.5% to 4%. There were certain impurities,such as, Silicon 0.6%, Iron 0.4%, Copper 0.15% and Manganese 0.50%.

The article offers information on the money printing in the modern banking system. It mentions that printing money is considered as pejorative and inflationary, while the creation of money in tangible form including coin is considered responsible and anti-inflationary. It informs that printed money can be legalized only when the quality of money which is hard and tangible assets is maintained and to be condemned.

The article reports that the central bank of Zimbabwe has introduced three new higher denomination bank notes as the country battles record inflation rate of more than 230 million percent. The new 100,000 Zim dollar (Z$), Z$500,000 and Z$1,000,000 would enter circulation to make it easier and more convenient for the public to trade.

The article reports that the Zimbabwe Central bank has introduced a new Z$500 million bank note and put into circulation special checks for farmers up to $50 billion. The central bank's move was made in response to raging inflation, which stood at 165,000 percent in February 2008. The farmer's checks in Z$5-billion, Z$25-billion and Z$50-billion denominations launched in the form of bank notes would be used in the same way as cash in daily transactions. Ministry of Finance sources were quoted predicting annual inflation to reach 1,200,000 percent in may 2008.

The article presents a report on new currency in Sudan. Sudan is replacing its dinar currency with Sundanese pound which will cost the country one hundred fifty million dollars. The pound was introduced on January 10, 2007 and the use of the dinar was stopped on June 30, 2007. The replacement of the dinar came after peace settlements between north and south Sudan. The dinar was replaced due to its perceived relation to the Islamist government of Khartoum. One Sundanese pound is equivalent to one hundred dinar and comes in six denominations.

Reports on the introduction of two new banknotes in Mozambique in September 2003.