Sunday, July 10, 2011

Changing faces of currency?

A rumor?
Or, fact?
Is our government really looking at changing the faces on our paper currency?  Or, adding additional coins like the Susan B. Anthony dollars?

Why?

Could you imagine...


Or would it be Reagan? Ted Kennedy? Obama?  And, not Osama. 

We could take it back to the days of livestock, particularly cattle, and plant products such as grain, when they were used as money in many different societies at different periods. Cattle are probably the oldest of all forms of money, as domestication of animals tended to precede the cultivation of crops, and were still used for that purpose in parts of Africa in the middle of the 20th century.
Going back to:

405 BC Aristophanes' comedy The Frogs is produced
In the play Aristophanes refers to how the new, inferior coins have displaced the old superior ones from circulation - probably the world's first statement of Gresham's law, that bad money drives out good.  



 
 
390 BC The Gauls attack Rome
The cackling of geese in the capitol, where the city's reserves of money are kept, alerts the defenders. The grateful Romans build a shrine to Moneta, the goddess of warning, and from Moneta the words money and mint are derived.
313 Christianity becomes the official faith of the Roman Empire
Constantine adopts Christianity and following his conversion, he confiscates the enormous treasures amassed over the centuries in the pagan temples throughout the empire. Consequently, unlike Diocletian, he has easily enough bullion to replace the earlier debased gold coinage. However he continues to produce debased silver and copper coins. Thus the poor, unlike the rich, are left with an inflation-ridden currency.
c. 435 Coins cease to be used in Britain as a medium of exchange
As a result of the Anglo-Saxon invasions Britain, uniquely among the former Roman provinces, ceases to use coins as money for nearly 200 years. When they are re-introduced from the Continent they are used initially for ornament.
























So, what does this all mean? You tell me.  With the advent of the iPhone, auto payments, etc. Money transfer will be the No. 1 consumer application in year 2012, according to Nov. 18 report from consultant Gartner. The app is expected to have more revenue potential than mobile search and browsing, mobile health monitoring and mobile music. In fact, mobile transfers are expected to be an even bigger business than various types of mobile payments, such as using cell phones to pay for produce at grocery stores or for your favorite experiences.  The bigger question, do we still need money?































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