Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: Don Lloyd who wrote (11589)	12/1/2001 5:28:40 AM
From: Ilaine	Read Replies (2) of 74559

Hi Don - do Austrians have a theoretical explanation for scrip? That's one of the things that fascinates me. It's clear that, in olden days, at least, from time to time there would be a problem because there was not enough physical money around to effectuate transactions, so people would invent something to act as a marker. The American History Museum has a very extensive collection of early American paper money and scrip, some issued by states, some by banks, some by towns, some by private institutions. One of my fellow students works with the money collection at the Smithsonian. He told me that during the Great Depression, the problem of insufficient physical money was solved, in part, by stores issuing paper money. After the semester is over, I am going to visit his office and he's going to show me some of it.

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