Japanese Pesos

           If you were shown a paper banknote with ‘The Japanese Government’ printed on top, albeit in English, and was for a sum of 500 pesos, you would probably be left scratching your head wondering from where this strange money came. A sensible person would presume it was just some kind of novelty; in a sense,

France’s Land Backed Banknotes

        In 1789, France overthrew its government, the replacement for which would be a work in progress for years. The various regimes established in the French Revolution faced daunting fiscal challenges, the very tremors that brought down the old regime. As with many states in financial distress, France turned to the debt markets first and the

China’s Currency Revolution

           Over the past two thousand years, commerce has transitioned from using metal coins as the principal medium of exchange to using paper banknotes. Paper currencies started off as peculiar local institutions, often conceived as a type of debt obligation, and served as stand-ins for actual coins. Today, they have become the universal norm and are

The 19th Century Eurozone

           In 1992, the Maastricht Treaty committed the European Union to adopting a single currency, the euro. The most immediate precursor to the euro in existence then was the Exchange Rate Mechanism (ERM) which pegged several European currencies to each other, creating a system of fixed exchange rates. The ERM was established in 1979 and disintegrated

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