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May 25, 2010 Reading Time: < 1 minute

“This is the true and remarkable story of private coinage and banking in Britain in the early years of the Industrial Revolution (1775-1850). Making money was a business in demand. The needs of business for small denominations were changing. Merchants needed small denomination coins in copper and silver.

The Royal Mint couldn’t be bothered. It made coins to serve the elites, not the new and burgeoning working class. Free enterprise stepped in with a new industry that truly saved the day—before the Crown cruelly stamped it out and ended one of the most beautiful experiences with private money in world history.

It is very likely you have never heard of this episode. You can read dozens of histories of the early years of capitalism and know nothing of this spectacular industry – to say nothing of its lessons for today.” Get it here.

 Good Money
George Selgin
Via the Ludwig von Mises Institute.

Tom Duncan

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