The origin of words
Tracing where the words of money came from.
The Trading Companies That Moved Nations with Invisible Strings
In the 19th century, certain trading companies financed wars and were involved in establishing banks in emerging nations. Born from a system of shared losses, these companies sometimes became powerful enough to move nations, wielding more influence than kings.
Gulden, the Name of a Coin That Was Once an Adjective
Originally an adjective meaning 'golden,' the name Gulden detached from its metallic origin, eventually becoming a unit of account in ledgers and shaping the history of a currency.
A System for Sharing Risk and Sharing Profit
On voyages where some ships might not return, a system for sharing risk was needed. Investing a little in one ship, and spreading investments across many. This idea would later form the backbone of the joint-stock company and grow into a pillar of modern finance.
The Coinage Act as a Standard
Even after the United States was born, the silver coins of other countries continued to be legal tender. A law that has the power to define and change a country's monetary system is a coinage act.
Silver Summoned by the Loom: Woollen Textiles and Coinage of Flanders
Weaving wool that arrived from across the sea, the cities of Flanders grew rapidly. The ceaselessly working looms summoned not only thread but also silver, and eventually, large silver coins were struck.
Money Counted in 12s and 20s
In 1971, a method of counting money that had persisted in Britain for over a thousand years came to an end. One pound was twenty shillings, and one shilling was twelve pence. The origin of this complex system of accounting was on the continent, across the sea.
The Lion Silver Coin that Carried a Name
A landmark of New York, Wall Street. Its name originates from a defensive wall built by the Dutch. The name of the dollar we use also crossed the sea, by way of the Dutch language.
The Crime of Debasement, and the Punishment of Death
The United States Coinage Act stipulated that if a mint official fraudulently debased the coinage, the punishment was death. Why did "fineness"—the proportion of precious metal in an alloy—carry such grave significance?
The Promise of a Pension Received by a King
A pension was paid from the King of France to the King of England. It was a cross-border promise, different from a provision for old age. The same word also appears in history as a financial practice.
The City That Made an Emperor and Was Burned by a King
Antwerp, the place where Portuguese pepper met South German silver. This city mobilized funds for an imperial election, only to suffer plunder by soldiers after a king's suspension of payments.
The Journey of the Daalder, the Silver Coin from a Valley's Name
The daalder was a silver coin born in the Netherlands. Disliked at home, it was circulated for foreign payments, eventually transforming into the "dollar" in English parlance. This is the story of how the name of a single valley became the name of a world currency.
The Currency and Men Bearing the Name Frank
An inscription meaning 'King of the Franks' became the name of a currency. A great king established a silver system that lasted a thousand years, and a printer in a distant land supported the credit of paper money.
The Accounts of a Kingdom Facing South and Beyond the Sea
In the second half of the twelfth century, Castile struck gold coins with inscriptions entirely in Arabic. From this south-facing kingdom would later emerge the tax system imposed on the silver of the New World.
The Unit of Weight Called the Grain
The American silver dollar was defined as three hundred seventy-one and one-quarter grains. The Indian rupee is also described in grains. This is the story of a unit of weight that connects two coins from different countries and eras.
How Inheritance Tax Prevented the Rise of Zaibatsu — 1905, 1945, 1950
A tax created to fund the Russo-Japanese War became, forty-five years later, a tax with a top rate of 90 percent. In between lies the dissolution of the headquarters of four zaibatsu. We will examine this through three key years.
The Gold Coin That Didn't Change for 500 Years
The Italian city-state of Venice did not change the standard of one of its gold coins for over five hundred years. In a period during which multiple dynasties rose and fell, why did this gold coin remain unchanged and see such widespread use?
Tamperers of Scales, Clippers of Coins
“Debasement,” the practice of reminting coins with reduced precious metal content, brings short-term profits to the issuer but invariably leads to price chaos. It is a time when currency, which should represent integrity, becomes an object of anger.
History as Driven by Market Realities
The official value set by laws and agreements, and the true value indicated by the market. The discrepancy between these two can strip people of their wealth or carry precious metals across borders. This article traces the workings of these "market realities"—a force often unmentioned in historical sources.
Gold: A Single Promise
Paper banknotes could always be exchanged for a fixed amount of gold. This promise, believed in by the 19th-century world, was a system based on the premise that not everyone would doubt it at the same time. That premise collapsed with every war.
The phrase "Worth as much as Potosí"
Potosí, a silver mine in South America, became a byword for "immense wealth." Its silver travelled the world and moved history, but for the land where it was mined, it left not riches, but countless deaths.
Those Who Pay in Specie, Those Who Pay in Paper
For the same item, the price differed depending on how you paid. A discount for paying with gold coin, a surcharge for paying with paper. There was a market where this difference fluctuated daily.
When a Nation's Debt Becomes an Investment
At the exchange built in 1531, the rates for loans to monarchs were determined. When did the personal debts of kings become objects of investment? The key lies in the system of public bonds.
The Temple at the Root of Money
The English word "money" and the French "monnaie" both have their roots in the name of a single temple that stood on a Roman hill.
If you would rather read the material itself
Every article leads on to the money histories by country, the money dictionary and the coin and banknote gallery.