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Posts Tagged ‘banknotes

“Money doesn’t talk, it swears”*…

 

In 1858, the United States was an industrializing nation with a banking system stuck in frontier times… Heated battles over ‘the money question’ came to dominate the country’s politics, but no matter how unsatisfied the people, any solution that tended toward centralization was, due to the prevailing prejudice, off the table.

America was a monetary Babel with thousands of currencies; each state regulated its own banks and they collectively provided the country’s money. Officially, America was on a hard-money basis, but the amount of gold in circulation was insignificant…

And therein hangs a terrific tale, “Printing Money,” an excerpt from America’s Bank: The Epic Struggle to Create the Federal Reserve in the always worthy Delancey Street; read it here.

* Bob Dylan

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As we bite our coins, we might recall that it was on this date in 1982 that money market deposit accounts were first offered by banks and S&Ls across the U.S.  Pioneered in the early 70s by brokerage houses, the accounts were a way around the Regulation Q prohibition on interest payments n demand accounts.

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Written by LW

December 14, 2015 at 1:01 am

“Making money is art”*…

 

Back in the 1890s, there was a conscious effort to turn American money into pocket-sized works of art. It resulted in the creation of what is still regarded as the most beautiful set of bank notes ever issued in the United States: the Educational Series of silver certificates…

The Bureau of Engraving and Printing (BEP)—the government agency that controls what designs appear on the nation’s paper currency—was open to the idea of a money makeover. With the United States innovating and industrializing, it seemed an apt time for the nation’s progress to be reflected on the art of its bank notes. And the standard dead-president design was getting a bit tired: a New York Times article from March 3, 1896 acknowledged that “there has been for a long time a desire to make a change in the inartistic and stiff paper currency of the years that have gone.”

In an effort to bring more artistic merit to the silver certificate, the BEP approached Edwin Blashfield, Will H. Low, and Walter Shirlaw, three artists known for their elegant allegorical paintings. As muralists, Blashfield and Low were accustomed to working at a much larger scale than the 3.125-by-7.4218-inch dimensions of a silver certificate. But the painters’ flair for eye-pleasing composition and their ability to translate principles of national character into gorgeous tableaus of women in flowing robes was paramount. They were encouraged to submit large paintings, which a team of skilled engravers could then translate to currency-compatible format. According to the aforementioned Times article, 15 to 20 engravers worked on each note, each one assigned to a particular section of the design.

The resulting three artworks formed the basis for the $1, $2, and $5 silver certificates that came to be known as the 1896 Educational Series…

Flip through them at “Object of Intrigue: the Most Beautiful Banknote in U.S. History.”

* Andy Warhol

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As we consider the corporate logos on our credit cards, we might recall that it was since this date in 1908 that the motto “In God We Trust” has been stamped onto all gold coins and silver dollar coins, half-dollar coins, and quarter-dollar coins struck by the U.S. Mint.

1908 P Indian Head Gold $2.50 “Quarter Eagle”

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Written by LW

July 1, 2015 at 1:01 am

“Got no checkbooks, got no banks”*…

 

Trinidad and Tobago, the tiny twin-island nation off the coast of Venezuela, has struck gold. Its newly re-released $50 note (TT) earned top billing in this year’s competition convened by the International Bank Note Society (IBNS).

Designed in partnership with the British banknote manufacturer De La Rue to commemorate the 50th (golden) anniversary of the country’s Central Bank, the $50 note shows familiar takes on its national symbols like its coat of arms, a red hibiscus flower, and a red capped cardinal bird, its wings fanned out like a palm tree. The back of the note depicts a smiling carnival dancer, collaged in front of the 22-story Central Bank and Ministry of Finance twin towers, which are the tallest buildings in the entire country…

Read the whole story and see the runners-up at “The world’s best banknotes of the year.”

* Irving Berlin, “I Got the Sun in the Morning”

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As we reach for our wallets, we might recall that it was on this date in 2012 that Facebook went public.  The IPO was the biggest in technology and one of the biggest in Internet history, with a peak market capitalization of over $104 billion.  Some pundits called it a “cultural milestone”; in any case, a great deal of money was “printed.”

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Written by LW

May 18, 2015 at 1:01 am

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