A Money Changer’s Paradise

           Through much of the history of paper money, banknotes were issued by private entities operating in a decentralized system of money and finance. In whatever country and whatever their denomination, banknotes even traded at discounts to their face value that varied according to their liquidity and the health of the issuing bank. In the 19th

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,

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

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