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paper money

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Guests Quote  Post ReplyReply Direct Link To This Post Posted: 24 Jun 2012 at 07:21
I remember when I worked in Manchukuo. the printing press there for their money templates was very out-dated and very cumbersome to use. It ade me want to use the Franklin printing press. I still often make paper for my calligraphy, butt I normally add a special mark of boiled seeds  to prevent counterfeiting.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Captain Vancouver Quote  Post ReplyReply Direct Link To This Post Posted: 24 Jun 2012 at 08:31
Manchukuo? You've been around for a long while Lao Tse!
 
Canada, like Australia, is giving up on paper, and making plastic bank notes. They don't tear and last a lot longer.
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Post Options Post Options   Thanks (1) Thanks(1)   Quote Guests Quote  Post ReplyReply Direct Link To This Post Posted: 24 Jun 2012 at 08:46
I have a few small pictures that shows where I worked.
 
This is a 1 Yuan note from Manchukuo. Value in 1934:50cents in American money, value of exchange now: 3 cents. Value of note: 4 dollars.
I used to walk from my house to this building every day. It is the State office of the puppet anex to Japan.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Omar al Hashim Quote  Post ReplyReply Direct Link To This Post Posted: 25 Jun 2012 at 20:06
Originally posted by Cywr Cywr wrote:

Quote By the way I also heard that paper money is not actually paper but cotton. İs that true? Ermm


Paper is made from the pulp of various plant fibres, wood, grasses and reeds, and sometimes even from scraps of plant fibre based fabric. So yes, cotton, hemp, and any form of common plant fibre can be used.
As it happens cotton fibre is a popular choice for paper money, as it is quite durable and doesn't fade or discolour easily. Its also used in legal paper and other important documents.
For well over 30 years "paper" money has been made on durable plastics in Australia and many other countries.
 
Money however, has nothing to do with the medium in which it is represented. That Australia uses colourful plastics, or America uses paper, or we once used Gold or Cowries, doesn't tell you anything about money.
 
Money is an imaginary concept or more accurately an abstraction, exchanged through virtual concepts that everyone accepts. The vast majority of money today is in the form of bits. Digital transactions and storage. Cash is well on the way to dieing out.


Edited by Omar al Hashim - 25 Jun 2012 at 20:11
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Post Options Post Options   Thanks (0) Thanks(0)   Quote gcle2003 Quote  Post ReplyReply Direct Link To This Post Posted: 29 Jun 2012 at 23:48
Money is an abstraction, yes. It is debt seen from the other side. 

Whether the debt is recorded on paper, metal, plastic, disks, microfiche, solid-state devices doesn't make any difference to anything (except I suppose to the manufacturers of the media used).
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Post Options Post Options   Thanks (0) Thanks(0)   Quote David Greenwich Quote  Post ReplyReply Direct Link To This Post Posted: 30 Jul 2012 at 03:42
How did it get accepted? Like most things (getting a tan, divorcing, taking a bath etc) , rich people started doing it first and then people further down the scale found it socially acceptable.
 
I believe initially they were little more than promissory notes, backed by a gentleman's word.
What is past is not necessarily settled.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote gcle2003 Quote  Post ReplyReply Direct Link To This Post Posted: 30 Jul 2012 at 06:06
Paper money was first developed as a meas of paying taxes. In fact money n general was largely developed for paying taxes (since the state wasn't interested in collecting all sorts of barterable goods.)

Promissory notes aren't really money since they're not backed by the state. 

Anyway both money and promissory notes were around before paper was invented. Clay was good enough for Sumer. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Guests Quote  Post ReplyReply Direct Link To This Post Posted: 30 Jul 2012 at 06:18
Originally posted by Lao Tse Lao Tse wrote:

I have a few small pictures that shows where I worked.
 
This is a 1 Yuan note from Manchukuo. Value in 1934:50cents in American money, value of exchange now: 3 cents. Value of note: 4 dollars.
I used to walk from my house to this building every day. It is the State office of the puppet anex to Japan.


wow that's neat thanks for posting the bank note!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Styrbiorn Quote  Post ReplyReply Direct Link To This Post Posted: 30 Jul 2012 at 07:36
Originally posted by gcle2003 gcle2003 wrote:

Paper money was first developed as a meas of paying taxes. In fact money n general was largely developed for paying taxes (since the state wasn't interested in collecting all sorts of barterable goods.)

The main reason the Swedish bank Stockholm Banco started with paper money in the 1660s was a national liquidity crisis and the sheer weight of the metal money: it was a copper standard with rather unwieldy "coins" weighing up to 20 kg. Unfortunately the initial success turned disaster when the over-enthusiastic bank managers printed too much money, causing inflation (although at the time no one connected the decrease in value with printing of more money) and eventually a bank run - and Stockholm Banco went bust. In the aftermath one of the estates - the Yeomanry - had lost trust in capitalism and refused to take part in the foundation of the central bank a couple of years later, while banknotes were officially banned and stayed so until the following century.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote David Greenwich Quote  Post ReplyReply Direct Link To This Post Posted: 30 Jul 2012 at 07:49
That's a very narrow definition of money - being backed by the state.  There are plenty of currencies that are not backed by a state as such e.g.cigarettes after WW2 and money can be created as credit by banks.
What is past is not necessarily settled.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote ralfy Quote  Post ReplyReply Direct Link To This Post Posted: 02 Aug 2012 at 05:18
There's a very interesting docu found online entitled "Money as Debt" that one might consider.

The shocking thing that one realizes is that currencies don't make up most of total money supply. The largest component is actually unregulated derivatives, now estimated at over one quadrillion dollars (although the notional value is obviously lower).

Also, almost all of total money supply isn't backed by any physical assets.

Most of total money supply are not created by governments or central banks but by commercial banks each time loans are made. This is one reason why most money is essentially debt.

Gold and other precious metals are usually considered money that has real value, but gold and silver have very little practical value.

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Post Options Post Options   Thanks (0) Thanks(0)   Quote gcle2003 Quote  Post ReplyReply Direct Link To This Post Posted: 02 Aug 2012 at 06:16
Have you read Debt: the first 5,000 years by David Graeber? You'd probably find it interesting
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Post Options Post Options   Thanks (0) Thanks(0)   Quote ralfy Quote  Post ReplyReply Direct Link To This Post Posted: 03 Aug 2012 at 02:52
Definitely Graeber!

From here, forum members may look at this issue in light of the current economic crisis.

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