History has an interesting way of repeating itself. While many people believe that Cryptocurrency is new and will be the money of the future, more than 150 years ago there was a surprisingly similar monetary system in the United States. Between 1837 and 1862 there were as many as 8,370 different currencies in use with differing values, many created by private individuals or companies – does this sound familiar?
During this period, sometimes called the era of free banking, anyone who wanted to buy or sell with different currencies had to consult a bank note reporter. Bank note reporters were periodicals published to identify counterfeit bank notes and determine the discount rate for notes from distant banks. These lists were surprisingly similar to the lists on cryptocurrency exchanges we see today.
We are going to take a deeper look at how money has changed over time to better understand the advantages and disadvantages of different types of currencies. Interestingly, change in money systems has been constant throughout history, and often multiple forms of money have competed with each other. Sometimes something new replaced the old, and sometimes, tried-and-true moneys were the safest bet.
The past shows us that current investors should be skeptical of any claim about “the future of money.” Many times, throughout history, people have invested in certain systems of money, only to see that system fail, and their money become worthless. Informed skepticism, based in history, will help guide good investment choices.
“Will Cryptocurrency be the Money of the Future?”
- Listen to Cryptocurrency e-book podcast – read by Keith Dunford, Voice Over Productions
- Cryptocurrency ebook by Morgan Franklin Fellowship
- Read blog series – “Cryptocurrency – Money of the Future”
A Journey to Personal Financial Success
At Morgan Franklin Fellowship (MFF), we support the concept of financial freedom – by teaching participants how to save by paying themselves first, invest for their future and grow their net worth.
Learning how money works and how to talk about money with others are the first steps towards recognizing an individual’s lifelong financial goals. Our online programs, podcasts, blogs, and book reviews and resources are designed to help you learn the concepts, rules and vocabulary of money, finance and investing.
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Our Standards of Financial Literacy – Learning about money series is engaging, full of interesting information, and easy to navigate. Adapted from the National Standards for Personal Financial Education developed by the Council for Economic Education (CEE), this robust curriculum features six short lessons on such important topics as earning income, understanding the value of saving and using credit. When completed, this program lays the foundation for becoming an MFF Fellow.
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