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Good Money

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Tags Money and BanksWorld HistoryMoney and Banking

07/14/2008George A. Selgin

This is the true and remarkable story of private coinage and banking in Britain in the early years of the Industrial Revolution (1775-1850). Making money was a business in demand. The needs of business for small denominations were changing. Merchants needed small denomination coins in copper and silver.

The Royal Mint couldn't be bothered. It made coins to serve the elites, not the new and burgeoning working class. Free enterprise stepped in with a new industry that truly saved the day—before the Crown cruelly stamped it out and ended one of the most beautiful experiences with private money in world history.

 

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