Cover image for Encyclopedia of money
Encyclopedia of money
Allen, Larry.
Personal Author:
Publication Information:
Santa Barbara, CA : ABC-CLIO, [1999]

Physical Description:
xiii, 328 pages : illustrations ; 26 cm
Format :


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Material Type
Home Location
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HG216 .A43 1999 Adult Non-Fiction Central Closed Stacks-Non circulating

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From the ancient barter system to cyber credit, this reference work is an investment in fiscal literacy.

* Over 300 A-Z entries describe the major innovations, experiments, triumphs, and disasters in the development of a viable medium of exchange

Author Notes

Larry Allen is professor of economics at Lamar University in Beaumont, TX.

Reviews 4

Choice Review

Allen's encyclopedia covers money from the various angles represented by the important monetary policies, monetary systems, and monetary experiments that have existed throughout history. Allen (Lamar Univ.) intends to explain these subjects briefly without making value judgments about them. Some of the more interesting entries treat monetary policy allusions in The Wizard of Oz, Icelandic saga money, whole tooth money in Fiji, and Samoan mat currency. The 350 unsigned entries all run less than three-quarters of a page. Each entry has see also references to related entries and a bibliography. There is also a bibliography of sources consulted. The use of jargon and of theoretical, mathematical, and statistical analysis in the definitions is minimal. Recommended for general readers. D. G. Ernsthausen; University of North Carolina at Chapel Hill

Booklist Review

Here is an engaging and highly readable treatment of money. Created more for the general reader or casual student than for the academic researcher or professional economist, it approaches its subject from every conceivable angle. However, it does not cover the technical definitions, mathematical models, and sophisticated jargon on which the science of monetary economics relies. Many of the 350-plus entries, which generally vary in length from one-half to two pages, discuss types of money and various monetary systems, both commonplace and highly unusual. The less eye-catching entries talk about such topics as Barter, Certificates of deposit, Fiat money, Interest rates, and Swiss banks. However, also included are such entries as Beer standard of Marxist Angola, Blood money, Pig standard of New Hebrides, and Wizard of Oz. (Frank Baum's The Wonderful Wizard of Oz "incorporated allegorically an important monetary debate in the U.S. of the 1890's." Dorothy, representing traditional American values, is carried by the cyclone, representing the free silver movement, to the land of Oz--oz. as in ounce of gold.) Along with its detailed explanations of monetary systems and types of money, Encyclopedia of Money provides a tremendous amount of information on the legal and institutional history of money. For example, there are entries for American Revolution hyperinflation, Coinage Act of 1834 (United States), and Juilliard v. Greenman (in which the Supreme Court ruled that Congress had the right to issue notes to be legal tender for the payment of public and private debt). The volume is not heavily illustrated, and it should not be purchased if a source for identifying coins and paper money is required. An eight-page bibliography follows the entries, and each entry also includes its own list of references. The major difference between Encyclopedia of Money and other encyclopedias, like the three-volume New Palgrave Dictionary of Money and Finance (Stockton Press, 1992), is that it is not designed as a professional reference for students of economics or working economists. Rather, it will work well for high-school and lower-level undergraduate students. Also, it will be appreciated by casual readers with an interest in money, its history, and variety. Recommended for high-school, public, and undergraduate library collections.

Library Journal Review

Providing more than 350 entries--ranging from the Babylonian grain and silver standard to the monetary reforms enacted by Boris Yeltsin--this work portrays the common characteristics shared by various types of money and monetary systems. Readers looking for in-depth writing laden with financial formulas will find this source lacking. Instead, Allen, an economics professor and author of The ABC-CLIO World History Companion to Capitalism, has created an excellent reference source for the general reader. Alphabetically arranged and written in a clear, accessible fashion, entries cover the many forms that money has assumed throughout history (for instance, large stone wheels called fei serve as currency on the island of Yap), the history of more common coins and currencies, and events that have shaped world attitudes toward money. The book, which includes numerous cross references, a useful index, and a brief bibliography at the end of each entry, will be a preferred starting point for librarians seeking to address general reference questions. An excellent addition to all business and economics collections.--Richard Paustenbaugh, Oklahoma State Univ. Lib., Stillwater (c) Copyright 2010. Library Journals LLC, a wholly owned subsidiary of Media Source, Inc. No redistribution permitted.

School Library Journal Review

Gr 10 Up-This concise, alphabetically arranged resource contains more than 300 entries on topics related to currency, banking, and the economy from ancient times to today's international monetary systems. Allen also includes laws, bills, acts, theories, speeches, and biographies of people who made an impact on world economy. The language is nontechnical and the author clearly explains the terminology. Each well-documented article concludes with see-also references and a bibliography. The pages are formatted in two columns with an easily read font; captioned black-and-white photographs and reproductions appear throughout. The alphabetical table of contents serves as a chronological list of the entries. An extensive bibliography and a detailed index conclude this useful resource.-Linda Zoppa, South Bronx High School, NY (c) Copyright 2010. Library Journals LLC, a wholly owned subsidiary of Media Source, Inc. No redistribution permitted.



Developments and innovations in monetary systems represent more than a mere chronicle of financial history; they also convey the social, political, and economic upheavals that have taken place throughout history. The Encyclopedia of Money tells the international story of currency from the earliest barter commodities to the widely used credit cards of today. More than 300 entries describe the major changes, experiments, triumphs, and disasters in the development of a viable medium of exchange. Written for students, budding economists, historians, and general readers, the book avoids technical jargon and complicated mathematics as it explains the intricacies of one of the world's most fascinating subjects. Sample entries include: Decimal System: first popularized by the Russians, this number system became the distinguishing characteristic of most currency systems during the nineteenth and twentieth centuries Gold standard: the definition of the value of a unit of currency in terms of a fixed weight of gold John Law: a Scottish financier who founded Banque General, the first financial institution to issue legal-tender paper money Labor notes: a unique experiment in nineteenth-century England; the currency bore a face value equivalent to a certain number of hours of work Wage and price controls: the practice of freezing wages and prices, particularly during periods of war and inflation. Excerpted from Encyclopedia of Money by Larry Allen All rights reserved by the original copyright owners. Excerpts are provided for display purposes only and may not be reproduced, reprinted or distributed without the written permission of the publisher.

Table of Contents

Prefacep. ix
Introductionp. xi
Act for Remedying the Ill State of the Coinp. 1
Aeginetan Silver Standardp. 2
Alchemyp. 3
Alexander the Greatp. 4
Almondsp. 6
American Pennyp. 6
American Revolution Hyperinflationp. 7
Ancient Chinese Paper Moneyp. 9
Arab Dinarp. 10
Argentine Hyperinflationp. 11
Assignatsp. 12
Athenian Owlsp. 12
Attic Silver Standardp. 12
Augustalisp. 14
Augustan Monetary Systemp. 15
Austrian Hyperinflationp. 16
Automatic Transfer Servicep. 16
Ayr Bankp. 17
Babylonian Grain and Silver Standardp. 19
Balance of Paymentsp. 20
Banco del Piazza del Rialto, Ilp. 21
Bankp. 21
Bank Charter Act of 1833p. 21
Bank Charter Act of 1844p. 22
Bank Clearinghousesp. 23
Bank of Amsterdamp. 24
Bank of Depositp. 25
Bank of Englandp. 26
Bank of Francep. 28
Bank of Japanp. 29
Bank of Scotlandp. 30
Bank of Spainp. 31
Bank of Venicep. 31
Bank Ratep. 32
Bank Restriction Act of 1797p. 32
Banking Acts of 1826p. 33
Banking Schoolp. 34
Barbados Act of 1706p. 34
Barterp. 35
Beer Standard of Marxist Angolap. 36
Belgian Francp. 37
Belgian Monetary Reformp. 37
Billonp. 38
Bills of Exchangep. 38
Bimetallismp. 39
Bisected Paper Moneyp. 40
Black Deathp. 40
Bland-Allison Silver Repurchase Act of 1878p. 41
Blood Moneyp. 42
Bolivian Hyperinflationp. 43
Brazilian Hyperinflationp. 44
Bretton Woods Systemp. 44
Bride Moneyp. 45
British Gold Sovereignp. 45
Bronze Standard of Ancient Romep. 46
Byzantine Debasementp. 47
Caisse d'Escomptep. 49
Calderillap. 50
Cappadociap. 50
Carolingian Reformp. 50
Case of Mixt Moniesp. 51
Cattlep. 52
Cellini, Benvenutop. 53
Celtic Coinagep. 53
Central Bankp. 54
Certificate of Depositp. 55
Checkp. 56
Chilean Inflationp. 57
Chinese Hyperinflationp. 57
Chinese Knife Moneyp. 58
Chinese Leather Moneyp. 59
Chinese Silver Standardp. 60
Clippingp. 61
Clothp. 62
Cocoa Bean Currencyp. 63
Coconut Standard of Nicobarsp. 63
Code of Hammurabip. 64
Coinage Act of 1792p. 64
Coinage Act of 1834p. 65
Coinage Act of 1853p. 66
Coinage Act of 1965p. 67
Commodity Monetary Standardp. 68
Commodity Moneyp. 69
Confederate Hyperinflationp. 70
Constantine Ip. 71
Consumer Price Indexp. 73
Copperp. 73
Corinthian Silver Standardp. 74
Corn Banks of Egyptp. 75
Corso Forzosop. 76
Counterfeit Moneyp. 76
Cowriep. 77
Credit Union Share Drafts (CUSD)p. 78
Credole and Trattep. 78
Crime of '73p. 79
Croesean Reformp. 79
Cross Coinagep. 80
"Cross of Gold" Speechp. 81
Culture of Moneyp. 82
Cupro-Nickelp. 84
Currency Act of 1751p. 84
Currency Act of 1764p. 85
Currency Act of 1773p. 86
Currency Schoolp. 86
Da Vinci, Leonardop. 89
Daricp. 90
De a Ocho Realesp. 91
Debit Cardp. 92
Decimal Systemp. 93
Denariusp. 94
Depository Institution Deregulation and Monetary Control Act of 1980p. 94
Deutsche Bundesbankp. 95
Deutsche Markp. 96
Dissolution of Monasteriesp. 97
Dollarp. 98
Dollar Crisis of 1971p. 99
Drachmap. 99
Drum Moneyp. 100
Duodecimal Systemp. 100
Edict of Prices of a.d. 301p. 101
Egyptian Copper Standardp. 102
Electrump. 102
English Pennyp. 102
Equation of Exchangep. 103
Euro Currencyp. 104
Eurodollarsp. 105
European Currency Unitp. 105
European Monetary Union (EMU)p. 106
Exchequer Billsp. 106
Exchequer Orders to Payp. 106
Faustp. 109
Feather Money of Santa Cruzp. 110
Federal Deposit Insurance Corporation (FDIC)p. 111
Federal Reserve Systemp. 111
Fiat Moneyp. 112
First Bank of the United Statesp. 112
Fishhooksp. 113
Fleetwood, Williamp. 114
Florentine Florinp. 114
Food Stampsp. 115
Forced Savingsp. 116
Foreign Exchange Marketsp. 117
Forestall Systemp. 118
Fort Knoxp. 119
Fractional Reserve System of Bankingp. 120
Franklin, Benjaminp. 120
Free Bankingp. 120
Free Silver Movementp. 123
French Francp. 125
French Livrep. 000
French Revolution Hyperinflationp. 126
Fur Moneyp. 126
GDP Deflatorp. 131
German Hyperinflationp. 131
Ghost Moneyp. 133
Glass-Steagall Banking Act of 1933p. 133
Goat Standard of East Africap. 134
Goldp. 135
Gold Bullion Standardp. 136
Gold Dustp. 136
Gold Exchange Standardp. 137
Gold Mark of Imperial Germanyp. 137
Gold Reserve Act of 1934p. 138
Gold Rushesp. 139
Gold Standardp. 141
Gold Standard Act of 1900p. 143
Gold Standard Act of 1925p. 144
Gold Standard Amendment Act of 1931p. 145
Goldsmith Bankersp. 146
Gold-Specie-Flow Mechanismp. 147
Great Bullion Faminep. 147
Great Debasementp. 148
Greek Monetary Maelstrom: 1914-1928p. 149
Greenbacksp. 150
Gresham's Lawp. 151
Guernsey Market House Paper Moneyp. 152
Gunsp. 153
High-Powered Moneyp. 155
House of St. Georgep. 155
Human Headsp. 156
Hungarian Post-World War I Hyperinflationp. 157
Hungarian Post-World War II Hyperinflationp. 157
Icelandic Saga Moneyp. 161
Inconvertible Paper Standardp. 161
Independent Treasuryp. 162
Indexationp. 163
Indian Rupeep. 164
Indian Silver Standardp. 164
Inflation and Deflationp. 165
Interest Ratep. 166
International Monetary Conference of 1878p. 167
International Monetary Fundp. 168
Iron Currencyp. 169
Islamic Coinagep. 170
Italian Lirap. 170
Ivoryp. 170
Juilliard v. Greenmanp. 173
Knights of the Templarsp. 175
Labor Notesp. 177
Land Bank Systemp. 177
Larinp. 178
Latin Monetary Unionp. 179
Law, Johnp. 180
Law of the Maximump. 181
Leather Moneyp. 181
Leather-Wrapped Money of Ancient Carthagep. 181
Legal Reserve Ratiop. 182
Legal Tenderp. 183
Lex Aternia-Tarpeia of 454 B.C.p. 185
Lex Flaminia of 217 B.C.p. 186
Liquor Moneyp. 187
Liverpool Act of 1816p. 187
Lombard Banksp. 187
Lydian Coinagep. 188
Macmillan Committeep. 191
Mahogany Logsp. 191
Manillap. 191
Maravedisp. 192
Massachusetts Bay Colony Mintp. 192
Massachusetts Bay Colony Paper Issuep. 193
Mat Currency of Samoap. 194
Medici Bankp. 194
Mercantilismp. 195
Mexican Pesop. 196
Milled-Edge Coinagep. 196
Mississippi Bubblep. 197
Mondex Systemp. 197
Monetarismp. 197
Monetary Aggregatesp. 198
Monetary Law of 1803p. 199
Monetary Multiplierp. 200
Monetary Theoryp. 200
Monetary Unions of Ancient Greecep. 000
Money Market Mutual Fund Accountsp. 201
Money Superstitionsp. 202
Moneyerp. 203
Montesquieup. 204
Mosaic Silver Standardp. 205
Mughal Coinagep. 206
Nailsp. 207
National Bank Act of 1864p. 207
Negotiable Order of Withdrawal Accountsp. 208
New York Safety Fund Systemp. 209
Oedipus Tyrannusp. 211
Open Market Operationsp. 212
Operation Bernhardp. 213
Optimal Currency Areap. 214
Optional Clausep. 215
Ottoman Empire Currencyp. 215
Pacific Coast Gold Standardp. 217
Papal Coinagep. 218
Phoenician Weight Standardp. 219
Pig Standard of New Hebridesp. 220
Platop. 221
Playing-Card Currency of French Canadap. 222
Polish Hyperinflationp. 223
Pontiac's Bark Moneyp. 223
Postage Stampsp. 224
Potinp. 225
Potosi Silver Minesp. 225
Pound Sterlingp. 226
POW Cigarette Standardp. 227
Price Revolution in Late Renaissance Europep. 228
Private Paper Money in Colonial Pennsylvaniap. 228
Promissory Notes Act of 1704p. 229
Propaganda Moneyp. 230
Quattrini Affairp. 231
Radcliffe Reportp. 233
Real Bills Doctrinep. 234
Regulation Qp. 234
Reichmarkp. 234
Rentenmarkp. 234
Report from the Select Committee on the High Price of Bullionp. 235
Reservesp. 000
Resumption Act of 1875p. 236
Return to Gold: 1300-1350p. 237
Rice Currencyp. 238
Riksbankp. 239
Roman Aesp. 239
Roman and Byzantine Lawp. 239
Roman Empire Inflationp. 240
Rossel Island Monetary Systemp. 241
Royal Bank of Scotlandp. 242
Rum Currencyp. 243
Russian Paper Moneyp. 243
Russian Revolution Hyperinflationp. 243
Russian Rublep. 244
Salt Currencyp. 245
Sandalwoodp. 246
Savings and Loan Bailoutp. 246
Sceattasp. 247
Scottish Banking Act of 1765p. 247
Sealed Coin Pursesp. 248
Second Bank of the United Statesp. 248
Seignioragep. 250
Seizure of the Mintp. 250
Shekelsp. 251
Sherman Silver Act of 1890p. 251
Shillingsp. 252
Shinplastersp. 252
Siege Moneyp. 254
Silverp. 254
Silver Certificatesp. 255
Silver Platep. 255
Silver Purchase Act of 1934p. 256
Slave Currencyp. 257
Slave Currency of Ancient Irelandp. 258
Snakep. 258
Social Dividend Money of Marylandp. 259
Solidusp. 260
Solonp. 260
Spanish Inconvertible Paper Standardp. 261
Spanish Inflation of the Seventeenth Centuryp. 262
Spartan Iron Currencyp. 262
Specie Circularp. 264
Standard Drawing Rightsp. 264
State Notesp. 264
Stop of the Exchequerp. 264
Suffolk Systemp. 265
Sugar Standard of the West Indiesp. 266
Suspension of Payments in War of 1812p. 267
Sweden's Copper Standardp. 267
Sweden's First Paper Standardp. 269
Sweden's Paper Standard of World War Ip. 270
Swiss Banksp. 271
Swiss Francp. 272
Symmetallismp. 272
Tabular Standard in Massachusetts Bay Colonyp. 275
Talerp. 276
Talliesp. 277
Teap. 278
Temple Coinage in Ancient Greecep. 278
Temple Moneychangersp. 279
Temple of Juno Monetap. 280
Tobacco Notesp. 281
Touchstonep. 281
Trade Dollarp. 281
Trapesite Bankingp. 283
Treasury Notesp. 283
Trial of the Pyxp. 284
Tzarist Russia's Paper Moneyp. 285
United States Eaglep. 287
Usury Lawsp. 287
Valesp. 289
Value of Moneyp. 290
Variable Commodity Standardp. 290
Vellonp. 291
Velocity of Moneyp. 292
Venetian Ducatp. 293
Virginia Colonial Paper Currencyp. 294
Virginia Tobacco Act of 1713p. 295
Wage and Price Controlsp. 297
Wampumpeagp. 298
Wendish Monetary Unionp. 299
Whale Tooth Money in Fijip. 300
Wildcat Banksp. 301
Wizard of Ozp. 301
World Bankp. 303
Yap Moneyp. 305
Yeltsen's Monetary Reform in Russiap. 306
Yenp. 307
Yuanp. 308
Bibliographyp. 309
Indexp. 317