Abstract
Experiments in paper money provide the crucial link in the transition from commodity money systems to modern fiduciary currency. China’s experience ended shortly before Europe began its own experiments. Using paper instead of precious metal was a way to economize on resources but also allowed governments to finance their deficits. The experiments surveyed show how issuance of paper by a central bank, coexisting with coins made of precious metal, came to be the dominant model in the nineteenth century.
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Velde, F.R. (2020). Experiments with Paper Money. In: Battilossi, S., Cassis, Y., Yago, K. (eds) Handbook of the History of Money and Currency. Springer, Singapore. https://doi.org/10.1007/978-981-13-0596-2_17
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DOI: https://doi.org/10.1007/978-981-13-0596-2_17
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