Money in Colonial Times

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Author: Barbara Maranzani 1. Nearly years before Sweden issued the first European banknotes inChina released the first generally circulating currency.

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In fact, usage of paper notes dates backs even who earned the first money how, to the 7th century Tang Dynasty. In order to carry large amounts of cash, people hefted around an ever-increasing number of these coins—not the easiest, or safest, thing to do over long distances. The paper was certainly lighter. The use of paper money remained in place for the next years, until a copper shortage and inflation from overproduction of the bills forced merchants and Song Dynasty government officials alike to issue and accept paper notes backed by gold reserves—the first legal tender in the world.

The Inca built a great empire—without the use of money at all.

Money in Colonial Times

So, how did they manage to create the largest—and wealthiest—empire in South America? They built public buildings and palaces, as well as an extensive system of roads 14, miles in allwhich linked the empire together and allowed for its ongoing expansion.

In return, the government provided all the basic necessities of life; food, clothing, tools, housing, etc.

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No money changed hands. Indeed, even if there had been money, there was simply nowhere for an Incan to spend it—no shops, no markets, no malls. Medieval merchants developed an early version of the credit card.

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In this early version of financial record keeping, notches were made on a wooden stick to indicate the amount lent—and owed. The sticks were then split down the middle; the creditor kept one half and the debtor the other. When a payment was made, the sticks were paired up, and the payment was marked on the stick. The tally stick system also had another built-in benefit: It was nearly impossible to counterfeit, as the shape, size and grain of the wooden halves had to match up perfectly.

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Tally sticks were used in much of Europe, but probably nowhere as extensively as in England. For more than years, tally sticks were used to collect taxes from local citizens, until the system was finally abandoned in Eight years later, when the British parliament finally decided to get rid of the thousands of leftover tally sticks being kept in storage, they decided to burn them in an underground furnace that heated the House of Lords, resulting in a massive fire that destroyed most of the complex—the worst fire to hit London since the Great Fire of Czarist Russia created a tax payable only in animal fur.

who earned the first money how

By the early 17th century, in an attempt to keep up with the massive worldwide demand, they went one step further, imposing a new tax on thousands of Siberian peasants. Paul Revere played a key role in the creation of early American currency. Just months after his exploits near Concord, it was Revere who was tasked with designing the engraving plates for the first Continental currency, or Continentals, produced by Massachusetts to fund the war.

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By the end of the American Revolution, these early paper notes had become worthless, and one of the first projects undertaken by the U. Mint and regulating coin production. The first gold rush in American history took place in North Carolina, not California. Inthe year old son of a Cabarrus County farmer named John Reed discovered a gold nugget weighing how i made my first money online estimated 17 pounds, so large that his family used it as doorstop.

Scientists have tracked exchange and trade through the archaeological record, starting in Upper Paleolithic when groups of hunters traded for the best flint weapons and other tools. First, people bartered, making direct deals between two parties of desirable objects.

When more gold was discovered in neighboring counties, it kicked off the first prospecting boom in American history, drawing thousands of people to the area, many of them newly arrived immigrants. By the early 19th century, more than 30, North Carolinians were mining for gold, making it the second largest profession in the state after agriculture.

who earned the first money how

The prospect of financial reward was so high that professional mining companies soon entered the scene, bringing with them workers and engineers with years of experience extracting precious metals from South American mines. For more than 30 years, all gold used in U.

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Mint was opened in the city of Charlotte in Counterfeiting was rampant during the American Real reviews about binary options War. Money tampering has been around nearly as long as money itself has existed. Early coins were shaved around the edges, with the perpetrator pocketing the excess precious metals. Rome, among other ancient civilizations, made who earned the first money how a crime punishable by death.

The U.

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Despite these efforts, the problem continued, likely reaching its apex during the American Civil War. With dozens of different notes and coins being issued by state, local and federal governments on both sides, it was nearly impossible to detect the real from the fake.

In fact, the U.

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Secret Service was created in —not to protect the president—but to combat counterfeiting. The phrase was derived from the intricate green ink designs used on the reverse side of Civil War-era banknotes, which the U.

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Treasury Department hoped would prevent counterfeiting. Few people know that a tiny facility in New York State once rivaled Knox in the wealth department, and was home to the largest concentration of silver in the United States. Military Academy at West Point.

who earned the first money how

Though it did not achieve official status as a U. Mint untilit had begun striking pennies and gold medallions decades earlier.

who earned the first money how

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who earned the first money how