The History of Paper Money - Working out the Kinks - Extra History - Part 5

📜 History of Paper Money! Part 5
The first question of paper money is not how much you can print, nor even what its value is - but who prints the money? When every bank started to print their own bank notes, it caused confusion and frustration. Enter the Central Bank.

*Miss an episode in our History of Paper Money Series?*

#ExtraHistory #Money #History

[grfrjiglstan]

The phrase "The year was XXXX and Britain was massively in debt" pops up a lot in these series.

[williamheayn]

What I've learned is that a large portion of history is driven by "XYZ Country was in debt in the year ____"

[CommissarMitch]

3 banks, for the Russian kings, in lands far and wide.
7, for the Roman lords, in their hall of golds.
9, for the Swedes, doomed to die.
1 bank, for the dark lord, in the land of England, where the money lie.

One bank to rule them all
One bank to buy them
One bank to bring them all
And in the money bind them.

In the lands of England, where the money lie.

[timothymclean]

I'm curious how widely-accepted those non-government bank notes in Scotland and Ireland are.

[jellybean]

I loved the banks huddled around a camp fire and the gold being abandoned on the church steps, its these simple images playing with the words that really get me

[jonathancampbell]

I am Scottish and 30 years old, and this is the first time I've heard that how we print money is just THAT uncommon.
Thanks for the info, +ExtraCredits.

[zacharygustafson]

You know, Dan should keep this look. He looks dapper.

[patronofdragons]

Oh! So, this is why we call paper money "(bank)notes".

[onelowerlight]

Wow. I did not expect this series to become so terrifying.

[Rc]

So when do we review how the US switched to a bottlecap currency?

[KiwiLombax]

Watching this series after just having read Making Money by Terry Pratchett was eye opening. He must have done just as much, if not more, research than you did to write that book. Everything in his novel is covered here, from runs on the bank to what happens when people stop trusting them. Astounding...

[aaronmorton]

As an economics major, this is my second favorite series on extra history. I love it!

[TopShadowman]

It's a pain having to exchange your Irish/Scottish notes in for English ones just so you can travel to England/Wales. They're still usable, it's just that the majority of shops in england rarely come across notes that aren't from the bank of england, so they think it's just monopoly money. Was wondering why here in N.Ireland we have 3 separate banks printing their own money

[pastymccheese]

I've just learned so much about our economy in less than 10 minutes, it's amazing!

[eerolehtonen]

this video was released 2 minutes ago yet there are comments over a day old. loomynary confirmed

[claudiolentini]

I love that at 3:20 "organic-fair trade" is written in current italian, english and chinese for euros, dollars and yuans respectively

[Mitsuraga]

This could very well be the best episode of Extra History, yet. So engaging.

[extrahistory]

The first question of paper money is not how much you can print, nor even what its value is - but who prints the money?

[CommissarMitch]

I think the drawings describing that humans are slow to embrace new ideas in the start is so on point <3

[husavik]

Thanks for another great episode in this series! I also really like the theme song. It's a nice irony to have a 19th century Shaker dance hymn about appreciating the simple things in life be used in a series about money. But it's also a double entendre- living simply could be about the small things in life but it could also be about making things easier for people, as in creating paper money because it is makes it more simple for the average person to buy the things he or she needs.
It´s overall a really thoughtful theme song idea. Very clever.