“Nationalization of currency is largely taken for granted today, but it shouldn’t be. Adam Smith praised private currency for the benefits it had brought to his native Scotland. Most economists would agree that a legally enforced government monopoly is generally an inefficient way to produce private goods and services. The post office is a prime example; other examples range from state-owned plantations to national railroads. Currency is no exception to the rule.” Read more.
“Why Private Banks and Not Central Banks Should Issue Currency, Especially in Less Developed Countries”
Lawrence H. White and George Selgin
Library of Economics and Liberty, April 19, 2000