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In Palmstruch We Trust

Scandinavian review, 2007-10, Vol.95 (1), p.60 [Peer Reviewed Journal]

Copyright American Scandinavian Foundation Autumn 2007 ;ISSN: 0098-857X

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  • Title:
    In Palmstruch We Trust
  • Author: Dewey, Donald
  • Subjects: Central banks ; Silver
  • Is Part Of: Scandinavian review, 2007-10, Vol.95 (1), p.60
  • Description: HARD AS IT MIGHT BE TO GRASP TODAY, THERE WAS A vast monetary history between the first time a caveman reached under his animal skin to get to a clamshell and the last time we pressed a computer key to authorize an electronic payment. The first recorded European response to the non-coin of the realm in China came from Marco Polo, who reported in his journal: . . . this paper money is authenticated with as much form and ceremony as if it were actually of pure gold or silver; for to each note a number of officers, specially appointed, not only subscribe their names, but affix their signets also; and when this has been regularly done by the whole of them, the main officer, deputed by his majesty, having dipped into vermilion the royal seal committed to his custody, stamps with it the piece of paper, so that the form of the seal tinged with the vermilion remains impressed upon it, by which it receives fill authenticity as current money, and the act of counterfeiting it is punished as a capital offense.
  • Publisher: New York: American Scandinavian Foundation
  • Language: English
  • Identifier: ISSN: 0098-857X
  • Source: ProQuest Central
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