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China has a well developed paper currency with

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China has a well-developed paper currency with increasing security features. The American Colonies have many types of money, including wampum and furs, maize and tobacco, tobacco notes, state coins such as the Massachusetts Pine Tree Shilling, and foreign coins such as the Spanish dollar and British pound. wampum source: Federal Reserve Bank of Richmond We will pick up the story when we look at the history of American banking. The impact of money From class today I hope you have gained an appreciation of the importance of money in the development of civilization. Without money trade is more 39
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Econ 350 U.S. Financial Systems, Markets and Institutions Class 4 difficult, so people are forced to be more self-sufficient. There is little time for leisure. The government must raise its taxes in-kind through the taking of tribute, or taking a portion of the farmer’s product. Transfer of wealth and property is difficult except through heredity. Money facilitates trade and fosters commerce, allowing markets to develop, a merchant class to arise, leisure to become possible, and arts and culture to prosper. We have seen this throughout history, from Lydia, Greece, Rome, Venice, Amsterdam, to the American Colonies. It is hard to underestimate the impact of money on society. And it’s not all bad! To help you visualize some of this, let’s go on a virtual field trip to the Money Museum at the Federal Reserve Bank of Richmond. Go to www.rich.frb.org click on About Us click on Visit Us click on click on Virtual Money Museum Tour http://richmondfed.org/about_us/visit_us/tours/money_museum/index.cfm Look at different exhibits, especially “primitive money” and “coins of early origin.” Have fun! 40
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