The History of Money Quotes

“Chocolate, like all other types of money, has no inherent value outside of a cultural context.”
― Jack Weatherford, The History of Money

“As nineteenth-century economist David Ricardo noted, “neither a State nor a bank ever has had the unrestricted power of issuing paper money, without abusing that power; in all States, therefore, the issue of paper money ought to be under some check and control; and none seems so proper as that of subjecting the issuers of paper money to the obligation of paying their notes, either in gold coin or in bullion.”4 Throughout the Victorian era, the gold standard imposed the needed discipline on politicians.”
― Jack Weatherford, The History of Money

“Following the tour, the guides usher the visitors into a cavernous hall where interactive displays invite them to press buttons to learn about the different parts of the dollar or to hear about its history. Children press the buttons, but the lights do not go on, and so none of the questions are answered. They rush to the next interactive display only to find that it too no longer interacts. The large room also offers souvenirs for sale, such as a souvenir pen filled with shredded money. In a corner, Japanese tourists buy sheets of uncut American currency from women behind security windows of thick glass. They take the money home with them to use as novelty wrapping paper for gifts and flowers. The twentieth century became the era of paper money. Never before had so much of it been manufactured in so many countries and in so many denominations. Behind the perpetually operating machines of the U.S. Treasury lay a long process whereby paper money won the confidence of ordinary people.”
― Jack Weatherford, The History of Money

“Approximately three thousand people work for the Bureau of Engraving. It takes 490 notes to make a pound, and it would require 14.5 million notes to make a stack one mile high. Coin and paper account for only about 8 percent of all the dollars in the world. The rest are merely numbers in a ledger or tiny electronic blips on a computer chip. At the end of the process, the workers bundle the bills into packages of 100, which they then stack into bricks of 4,000. These bricks are loaded onto a pallet for transport to the basement from where they will be sent to the various Federal Reserve offices around the nation for distribution to banks and the public. Along the way, the curious visitors pepper the guides with questions:
Q. Why are so many employees listening to music on headphones? A. To block the loud sound of the printing, cutting, and stacking machines. Q. Why are some of them eating? A. They are on break. Q. Why are all of the checkers so fat? A. Because they sit all day and watch money go by with little chance for exercise.”
― Jack Weatherford, The History of Money

“vice president, and secretary of the treasury beam down from the walls. Visitors pass a sequence of photographs and paintings detailing the history of paper money in the United States and culminating with a life-size re-creation of President Lincoln signing the legislation authorizing the federal government to print money. At the end of the long corridor, visitors watch a short video on the history of paper money, after which guides divide them into small groups before they enter the work area. These small groups wend their way through the carefully marked visitors’ corridors past glass-enclosed galleries from which they can watch the sheets of dollars being printed, examined, cut, and stacked as the guides dispense a constant flow of facts about America’s money: The dollar is printed on textile paper made by the Crane Company using a mixture of 75 percent cotton and 25 percent linen with a polyester security thread. The printing machines are made by Germans and Italians. Nearly half of the bills printed in a day are one-dollar notes, and 95 percent of the bills are used to replace worn-out bills. The average life span of a bill varies from eighteen months for the one-dollar note to an ancient nine years for a one-hundred-dollar note. A bill can be folded four thousand times before it tears.”
― Jack Weatherford, The History of Money

“AT ONE END OF FOURTEENTH STREET IN WASHINGton, D.C., prostitutes and drug dealers brazenly ply their trade night and day. At the other end, near the White House and the bridge into Virginia, the federal government prints money night and day in the workrooms of the Bureau of Engraving and Printing, a part of the Treasury Department that advertises itself to tourists as “the money factory.” On weekday mornings tourists begin lining up well before the opening hour of 9:00 A.M. to see how America prints its paper money. The visitors enter the building through a sequence of security checks leading into a dilapidated wooden corridor. Large color portraits of the president,”
― Jack Weatherford, The History of Money

“As money grows in importance, a new struggle is beginning for the control of it in the coming century. We are likely to see a prolonged era of competition during which many kinds of money will appear, proliferate, and disappear in rapidly crashing waves. In the quest to control the new money, many contenders are struggling to become the primary money institution of the new era.”
― Jack Weatherford, The History of Money