Money was historically an emergent market phenomenon that possessed intrinsic value as a commodity; nearly all contemporary money systems are based on unbacked fiat money without use value. Its value is consequently derived by social convention, having been declared by a government or regulatory entity to be legal tender; that is, it must be accepted as a form of payment within the boundaries of the country, for "all debts, public and private", in the case of the United States dollar.
The
bank accounts). Bank money, whose value exists on the books of financial institutions and can be converted into physical notes or used for cashless payment, forms by far the largest part of broad money in developed countries. (Full article...
U.S. federal government from 1792 to 1980. Its function was to supervise the annual testing of the gold, silver, and (in its final years) base metal coins produced by the United States Mint to ensure that they met specifications. Although some members were designated by statute, for the most part the commission, which was freshly appointed each year, consisted of prominent Americans, including numismatists
. Appointment to the Assay Commission was eagerly sought after, in part because commissioners received a commemorative medal. These medals, different each year, are extremely rare, with the exception of the 1977 issue, which was sold to the general public.
The
Mint Act of 1792 authorized the Assay Commission. Beginning in 1797, it met in most years at the Philadelphia Mint. Each year, the president appointed unpaid members, who would gather in Philadelphia to ensure the weight and fineness of silver and gold coins issued the previous year were to specifications. In 1971, the commission met, but for the first time had no gold or silver to test, with the end of silver coinage. Beginning in 1977, President Jimmy Carter appointed no members of the public to the commission, and in 1980, he signed legislation abolishing it. (Full article...
guinea that was struck until that time. The Master of the Mint, William Wellesley Pole had Pistrucci design the new coin; his depiction was also used for other gold coins. Originally, the coin was unpopular because the public preferred the convenience of banknotes but paper currency of value £1 was soon limited by law. With that competition gone, the sovereign became a popular circulating coin, and was used in international trade and overseas, being trusted as a coin containing a known quantity of gold. (Full article...
and asked him: "I would like to go to Harvard; do you have any money?"
... that two hagiographic documents about St. Hunegund of France publicized Hunegund's miracles to create a sense of identity in Homblières and to raise money for the monastery?
... that Zack Kelly received a $500 signing bonus, lost money in his first professional seasons, and was released by two organizations before he made his Major League Baseball debut?
Image 14Banknotes of different currencies with a face value of 5000 (from Money)
Image 15Printing paper money at a printing press in Perm (from Money)
Image 16Paper money from different countries (from Money)
Image 17Athens coin (c. 500/490-485 BC) discovered in Pushkalavati. This coin is the earliest known example of its type to be found so far east. (from Punch-marked coins)
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