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A History of Money
From Ancient Times to the Present Day
GLYN DAVIES
1 THE NATURE AND ORIGINS OF MONEY AND BARTER 1–33
The importance of money 1
Sovereignty of monetary policy 3
Unprecedented inflation of population 5
Barter: as old as the hills 9
Persistence of gift exchange 11
Money: barter’s disputed paternity 13
Modern barter and countertrading 18
Modern retail barter 21
Primitive money: definitions and early development 23
Economic origins and functions 27
The quality-to-quantity pendulum: a metatheory of money 29
2 FROM PRIMITIVE AND ANCIENT MONEY TO THE
INVENTION OF COINAGE, 3000–600 BC 34–65
Pre-metallic money 34
The ubiquitous cowrie 36
Fijian whales’ teeth and Yap stones 37
Wampum: the favourite American-Indian money 39
Cattle: man’s first working-capital asset 42
Pre-coinage metallic money 45
Money and banking in Mesopotamia 48
Girobanking in early Egypt 52
Coin and cash in early China 55
Coinage and the change from primitive to modern economies 58
The invention of coinage in Lydia and Ionian Greece 61
3 THE DEVELOPMENT OF GREEK AND ROMAN
MONEY, 600 BC–AD 400 66–112
The widening circulation of coins 66
Laurion silver and Athenian coinage 68
Greek and metic private bankers 71
The Attic money standard 74
Banking in Delos 78
Macedonian money and hegemony 79
The financial consequences of Alexander the Great 82
Money and the rise of Rome 87
Roman finance, Augustus to Aurelian, 14 BC–AD 275 94
Diocletian and the world’s first budget, 284–305 100
Finance from Constantine to the Fall of Rome 106
The nature of Graeco-Roman monetary expansion 109
4 THE PENNY AND THE POUND IN MEDIEVAL
EUROPEAN MONEY, 410–1485 113–75
Early Celtic coinage 113
Money in the Dark Ages: its disappearance and re-emergence 117
The Canterbury, Sutton Hoo and Crondall finds 118
From sceattas and stycas to Offa’s silver penny 123
The Vikings and Anglo-Saxon recoinage cycles, 789–978 128
Danegeld and heregeld, 978–1066 131
The Norman Conquest and the Domesday Survey, 1066–1087 134
The pound sterling to 1272 139
Touchstones and trials of the Pyx 144
The Treasury and the tally 147
The Crusades: financial and fiscal effects 153
The Black Death and the Hundred Years War 160
Poll taxes and the Peasants’ Revolt 167
Money and credit at the end of the Middle Ages 169
5 THE EXPANSION OF TRADE AND FINANCE,
1485–1640 176–237
What was new in the new era? 176
x CONTENTS
Printing: a new alternative to minting 178
The rise and fall of the world’s first paper money 181
Bullion’s dearth and plenty 184
Potosi and the silver flood 188
Henry VII: fiscal strength and sound money, 1485–1509 190
The dissolution of the monasteries 194
The Great Debasement 198
Recoinage and after: Gresham’s Law in Action, 1560–1640 203
The so-called price revolution of 1540–1640 212
Usury: a just price for money 218
Bullionism and the quantity theory of money 223
Banking still foreign to Britain? 233
6 THE BIRTH AND EARLY GROWTH OF BRITISH
BANKING, 1640–1789 238–83
Bank money supply first begins to exceed coinage 238
From the seizure of the mint to its mechanization, 1640–1672 240
From the great recoinage to the death of Newton, 1696–1727 245
The rise of the goldsmith-banker, 1633–1672 248
Tally-money and the Stop of the Exchequer 252
Foundation and early years of the Bank of England 255
The national debt and the South Sea Bubble 263
Financial consequences of the Bubble Act 267
Financial developments in Scotland, 1695–1789 272
The money supply and the constitution 279
7 THE ASCENDANCY OF STERLING, 1789–1914 284–366
Gold versus paper . . . finding a successful compromise 284
Country banking and the industrial revolution to 1826 286
Currency, the bullionists and the inconvertible pound,1783–1826 293
The Bank of England and the joint-stock banks, 1826–1850 304
The Banking Acts of 1826 306
The Bank Charter Act 1833 309
Currency School versus Banking School 311
The Bank Charter Act of 1844: rules plus discretion 314
Amalgamation, limited liability and the end of unit banking 316
The rise of working-class financial institutions 323
Friendly societies, unions, co-operatives and collecting societies 323
The building societies 327
CONTENTS xi
The savings banks: TSB and POSB 333
The discount houses, the money market and the bill on London 340
The merchant banks, the capital market and overseas investment 345
The final triumph of the full gold standard, 1850–1914 355
Gold reserves, tallies and the constitution 365
8 BRITISH MONETARY DEVELOPMENT IN THE
TWENTIETH CENTURY 367–456
Introduction: a century of extremes 367
Financing the First World War, 1914–1918 368
The abortive struggle for a new gold standard, 1918–1931 375
Cheap money in recovery, war and reconstruction, 1931–1951 384
Inflation and the integration of an expanding monetary system,
1951–1990 397
A general perspective on unprecedented inflation, 1934–1990 397
Keynesian ‘ratchets’ give a permanent lift to inflation 399
Filling the financial gaps 405
Stronger competition and weaker credit control 408
The American-led invasion and the Eurocurrency markets in
London 414
The monetarist experiment, 1973–1990 421
The secondary banking crisis: causes and consequences 421
Supervising the financial system 425
Thatcher and the medium-term financial strategy 431
EMU: the end of the pound sterling? 443
9 AMERICAN MONETARY DEVELOPMENT SINCE 1700 457–548
Introduction: the economic basis of the dollar 457
Colonial money: the swing from dearth to excess, 1700–1775 458
The official dollar and the growth of banking up to the Civil
War, 1775–1861 466
‘Continental’ debauchery 466
The constitution and the currency 468
The national debt and the bank wars 471
A banking free-for-all, 1833–1861 479
From the Civil War to the founding of the ‘Fed’, 1861–1913 487
Contrasts in financing the Civil War 487
Establishing the national financial framework 490
Bimetallism’s final fling 494
xii CONTENTS
From gold standard to central bank(s), 1900–1913 499
The banks through boom and slump, 1914–1944 504
The ‘Fed’ finds its feet, 1914–1928 504
Feet of clay, 1928–1933 509
Banking reformed and resilient, 1933–1944 512
Bretton Woods: vision and realization, 1944–1991 517
American banks abroad 525
From accord to deregulation, 1951–1980 530
Hazardous deposit insurance for thrifts, banks . . . and
taxpayers 535
From unit banking . . . to balkanized banking 539
Summary and conclusion: from beads to banks without barriers 546
10 ASPECTS OF MONETARY DEVELOPMENT IN EUROPE
AND JAPAN 549–95
Introduction: banking expertise shifts northward 549
The rise of Dutch finance 550
The importance of the Bank of Amsterdam 550
The Dutch tulip mania, 1634–1637 551
Other early public banks 554
France’s hesitant banking progress 555
German monetary development: from insignificance to
cornerstone of the EMS 567
The monetary development of Japan since 1868 582
Introduction: the significance of banks in Japanese
development 582
Westernization and adaption, 1868–1918 583
Depression, recovery and disaster, 1918–1948 587
Resurgence and financial supremacy, 1948–1990 590
Stagnation and the limitations of monetary policy, 1990–2002 594
11 THIRD WORLD MONEY AND DEBT IN THE
TWENTIETH CENTURY 596–641
Introduction: Third World poverty in perspective 596
Stages in the drive for financial independence 601
Stage 1: Laissez-faire and the Currency Board System,
c.1880–1931 603
Stage 2: The sterling area and the sterling balances,
1931–1951 607
CONTENTS xiii
Stage 3: Independence, planning euphoria and banking
mania, 1951–1973 610
Stage 4: Market realism and financial deepening, 1973–1993 616
The Nigerian experience 616
Impact of the Shaw-McKinnon thesis 619
Contrasts in financial deepening 622
Third World debt and development: evolution of the crisis 632
Conclusion: reanchoring the runaway currencies 639
12 GLOBAL MONEY IN HISTORICAL PERSPECTIVE 642–59
Long-term swings in the quality/quantity pendulum 642
The military and developmental money-ratchets 646
Free trade in money in a global, cashless society? 649
Independent multi-state central banking 652
Conclusion: ‘Money is coined liberty’ 655
13 FURTHER TOWARDS A GLOBAL CURRENCY 660–83
The epoch-making euro 660
More coins in an increasingly cashless society 667
The paradox of coin: rising production – falling significance 669
Speculation and the Tobin Tax 674
The end of inflation? 679
Bibliography 684–702
Index 703–20
xiv CONTENTS
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