Good Money
Good Money is a fascinating story of the important yet virtually unknown episode in the history of money. It chronicles the British manufacturers’ challenge to the Crown’s monopoly on coinage. 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 and funds transfer. Economist George Selgin presents a lively tale of enterprising manufacturers, technological innovations, alternative currencies, and struggles over the right to coin legal money.
This is the true and remarkable story of private coinage and banking in Britain in the early years of the Industrial Revolution.
Good Money provides strong evidence to support the idea that if we want a monetary system that is not only sound but gets healthier over time, we need to have the private sector doing it.
As the currency shortage threatened to derail industrial progress, manufacturers began to mint custom-made coins, called "tradesmen's tokens."
Table of Contents
Abbreviations
Foreword
Preface
Prologue
Britain's Big Problem
Druids, Willeys, and Beehives
Soho!
The People's Money
The Boulton Cooper
Their Last Bow
Prerogative Regained
Steam, Hot Air, And Small Change
Conclusion
Epilogue
Appendix
Sources
About the Author