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0 sats \ 1 reply \ @denlillaapan OP 17 Dec \ parent \ on: Golden Flashback: How to Change "Ownership" Without Taking Custody (JEH 2019) econ
Yeah, I mean no love for FDR of course.
Your first two sentences, tho, aren't quite right: Notes dominate from mid-19th to post-1933 time, and they were always partially backed by reserves.
Even the smallest gold coins were weeeell above most people's everyday expenses -- tokens, copper coins, or the occasional silver more common. (But, bimetallism aside, they are also roughly speaking fractional/non-money)
Well, I did note that redeemable notes were used. The most used coins used to be the half dollar and lesser coins, which were held in the hand. Silver dollars were still given in pay, at least in Colorado, until the mid-50s, so payday was heavy in the pocket. The quarter eagles and $2 gold coins were available when the rate was
20 ounces silver/one ounce gold.
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