End of the Gold Standard - March 3, 1933 - August 15, 1971 - Deepstash
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End of the Gold Standard - March 3, 1933 - August 15, 1971

End of the Gold Standard - March 3, 1933 - August 15, 1971

On March 3rd 1933, President Franklin D. Roosevelt closed all the banks in the U.S.A. 

Banks held large amounts of Gold which were backing all the available U.S dollars. At those times there was a fixed exchange rate between U.S dollars and Gold.

Gold standard ended officially when president Richard Nixon on August 15 1971 announced that the U.S would no longer convert dollars to gold at a fixed value, that’s how the gold standard ended.

Nowadays, fiat money is no longer dependent on gold but rather on governmental policy.

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1.15K reads

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The First Official Currency - Lydian Lion Around 600 B.C

The First Official Currency - Lydian Lion Around 600 B.C

Around 600 B.C King Alyattes minted what would become the first official currency ever recorded.

Each coin was made from electrum alloy which is a mixture of silver and gold.

A very fun thing that we never managed to understand is, why lions were sculpted or depicted with two possible...

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1.37K reads

The First Paper Money - Around 700 A.D

The First Paper Money - Around 700 A.D

Around 700 A.D during the Tang Dynasty in China there were already some forms of paper money like bills and credit notes. The Government realised that it was far more convenient to use credit notes to conduct transactions instead of carrying a whole load of coins.

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Barter and Gift Economies - 9000 B.C

Barter and Gift Economies - 9000 B.C

Bartering is the act of exchanging goods or services without using money, so an example would be: give me 2 arrows and I’ll give you a cow.

Despite the fact that a lot of sources claim that Barter was the first way in which we conducted economical transactions, there is no clear evidence th...

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Conclusion

Money has come a long way, from gift economies to blockchain powered currencies running over the Internet, it’s all quite impressive.

Humans are always looking for ways to improve systems, the reason people evolved from commodity money into miniature replicas, coins and then banknotes was t...

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979 reads

Paypal and Digital Money - Around 1990

Paypal and Digital Money - Around 1990

In the 1990’s there were 2 different businesses known as confinity.com and x.com, both were diving into the online banking world separately through several innovative ideas.

At some point both companies decided to merge and gave birth to Paypal, the online payments giant.

Fun ...

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The Babylonian civilisation

One of the most interesting parts about this segment of history is that the Babylonian civilisation was already implementing some primitive economic systems where they had contracts, laws, rules of private property and debt.

It was only a matter of time until a universally defined medium of...

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The Timeline we’ll use for the History of money

The Timeline we’ll use for the History of money

In case you’re not familiar, this is the timeline of history we’ll be using.

  • BC stands for: Before Christ
  • AD stands for: Anno Domini

It can get a little confusing because everyone is writing different timelines, using different code...

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Countries currencies used to be backed by gold long ago

Countries currencies used to be backed by gold long ago, nowadays they’re only backed by governmental policy so we could agree that:

  • Good government equals to: good monetary policy and valuable currency
  • Bad Government equals to: bad monetary policy and currency losing value

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Bitcoin

In terms of the history of money, Bitcoin is relevant because it presents the following changes:

  • Fiat money is backed by governments, Bitcoin is decentralised and the power lies on the whole network, not one person that can make decisions.

343

994 reads

Bronze Age - Commodity Money - 3000 B.C

In several places around the world commodity money was gaining traction, now, what do we mean by this?

Well, commodity money are objects that are valuable by themselves and are also valuable when using them as money.

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Europe - Paper money

Europe - Paper money

Paper money arrived in Europe thanks to the travels of the great explorer Marco Polo around the year 1200 A.D.

It was not until the year 1661 that the first Banknote was issued in Sweden.

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Bitcoin and the Crypto Revolution - Around 2009

Bitcoin and the Crypto Revolution - Around 2009

Around 2009, a mysterious developer known by the Alias "Satoshi Nakamoto" created Bitcoin.

Bitcoin grew with no official employees, no marketing and no investors to become the world’s largest digital currency.

342

1.11K reads

What is money?

What is money?

Money is a WIDELY ACCEPTED medium of EXCHANGE. Lets analyse each word, they really have a huge importance:

  • Widely: it has to be accepted by many people, otherwise it can’t work.
  • Accepted: It ha...

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Every time a new technology comes by, another one can go down.

It’s up to us to sit down, try to think of what could be the next future steps for humanity so we can use this information to make decisions.

If you’re an investor or trader in the stock market, then you know that if a particular company is providing certain technology that could be a game ...

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815 reads

The First Bank Issued Card - Around 1946

The First Bank Issued Card - Around 1946

The creator of the first bank issued card was Mr. John Biggins of the Flatbush National Bank of Brooklyn in New York around 1946.

Biggins created the “Charge-It” program.  Merchants could send sales slips into the bank after a customer used the card with them and the bank would then go and ...

338

1.13K reads

Chinese Miniature Replicas - Around 1100 B.C

Chinese Miniature Replicas - Around 1100 B.C

Around the year 1100 B.C in certain parts of China miniature bronze replicas of goods were being used, so if you had wanted to get a sword, you would have likely needed to have a miniature bronze sword as the equivalent currency to get one.

Bear in mind that the fact that miniature replicas...

342

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The Invention of the U.S Dollar - April 2, 1792

The Invention of the U.S Dollar - April 2, 1792

The term "Dollar" already existed before the U.S adopted it as its official currency name. It was very common during the colonial period when referring to the Spanish Real coin.

In the year 1775 the Continental Congress of the United States authorised the issuance of Contin...

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Why is money valuable?

The reason money is valuable is because we all have FAITH in it, and this faith is operating in present and future times.

Think about it, the reason we believe in money is because we know that if we save some amount of it, we can use it in the future to buy something as this money will stil...

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Frank Macnamara and the Diners Club Card - Around 1950

Frank Macnamara and the Diners Club Card - Around 1950

Frank Macnamara had an idea, to create a card that allowed you to dine in restaurants and the Diners Club would pay your bill and you would pay them later.

The card was originally intended for a very small and exclusive group of 200 people belonging to the club, but the idea caught on fire ...

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1K reads

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“I like to challenge myself and give myself a timeline. It pushes me to be more creative and actually do these things, not just dream about them.”

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A history of the US fiat currency

A history of the US fiat currency

1933 - President Franklin D. Roosevelt had gold confiscated and people were forced to accept paper money for their gold. The government needed people to adopt the inflated paper and they used force. 

1940s ...

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