Good Money: Birmingham Button Makers, the Royal Mint, and the Beginnings of Modern Coinage, 1775-1821

George Selgin

Good Money: Birmingham Button Makers, the Royal Mint, and the Beginnings of Modern Coinage, 1775-1821
Format
Paperback
Publisher
Independent Institute,U.S.
Country
United States
Published
1 October 2011
Pages
368
ISBN
9781598130430

Good Money: Birmingham Button Makers, the Royal Mint, and the Beginnings of Modern Coinage, 1775-1821

George Selgin

A fascinating story of the important yet virtually unknown episode in the history of money, this history chronicles the British manufacturers’ challenge to the Crown’s monopoly on coinage. In the 1780s, when the Industrial Revolution was gathering momentum, the Royal Mint failed to produce enough small-denomination coinage for factory owners to pay their workers. As the currency shortage threatened to derail industrial progress, manufacturers began to mint custom-made coins, called tradesman’s tokens, which served as the nation’s most popular currency for wages and retail sales until 1821, when the Crown outlawed all moneys except its own. This book not only examines the crucial role of private coinage in fueling Great Britain’s Industrial Revolution, but also sheds light on contemporary private-sector alternatives to government-issued money, such as digital monies, cash cards, electronic funds transfer, and-outside of the United States-spontaneous dollarization.

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