![]() Section VIII contains concluding remarks. Section VII raises a few issues relating to the issuance of coins. Section VI analyzes various options that can be taken as emergency measures if the country does not have sufficient time to properly prepare and issue a new bank note series from the outset. Section V discusses the need for an educational campaign when issuing a new bank note series. Section IV reviews production issues such as what entity should be responsible for printing notes, whether a private printer should be used, and the time and cost of production and delivery. Section III examines issues relating to the initial value of the currency, the denominations to use, and the broadest considerations regarding the quantity of bank notes to print. Section II covers issues relating to the design of bank notes, including design selection and philosophy colors, texts, and subjects user needs security features and durability. The body of the paper is in seven sections. Professional outside assistance may also be needed when attempting such an undertaking. However, it should not be forgotten that many of the issues in this process are deep and complex. The paper is intended to help those charged with designing, producing, and printing a new currency to proceed in an orderly and informed manner, including helping to ensure that key items are not overlooked and that the job is done in a cost-effective manner. 2/ While the main source material is published documents, information, and discussions with experts in the field, the paper also draws upon material produced by the Monetary and Exchange Affairs Department of the IMF in connection with its technical assistance work in a number of countries that have been confronted with this problem. This paper seeks to help ameliorate part of this problem by discussing the main issues in designing, producing, and printing a new currency. However, this task is made difficult by the lack of consistent, published information of the various aspects of this process. In addition, many countries that already have their own currency wish to enhance the currency’s attractiveness, usefulness, durability, and/or security. In fact, at times it is a necessity, either because the currency of an earlier union is being demonetized or because the former dominant member is making it difficult for the newly formed-or freed-country to use the country’s former currency. There isn't an official statement from Baum saying that this was his real intention, but as far as I know most scholars think it's too telling to be coincidence and take the theory as fact.Newly independent or structurally transforming countries often feel a pressing need to introduce their own national currency. In the end she realizes that the silver slippers were her way out of trouble the whole time.Īll the characters represent various politicians (which makes the fact that, for example, the lion is described as cowardly, a bit more vicious). So, in The Wonderful Wizard of Oz Dorothy wears silver slippers (not ruby) and walks along the yellow (or gold) brick road. Baum, the author of the original novel really wanted them to switch to silver. You see, that book was written at a time when the US government was deciding whether they should continue to only issue money that was able to be backed up by actual gold that they had in reserves, or if they should begin to include silver as well.įrank L. The reason I know about the fact that they used to back up bank notes with gold and/or silver is from an interesting theory I read recently about The Wizard of Oz. They are still just a contract with the bank and the government that they are worth a certain amount of money.īut, it was still a surprise to see them like that. I mean that makes sense, since that's basically what bank notes evolved from. They looked more like certificates or contracts than what I would think of as cash. They were old style, what would now be obsolete bank notes. I was watching an episode of Downton Abbey which is set less than a hundred years ago and at one point a character fished out twenty pounds to give to someone. ![]() It was actually a bit of a surprise to realize how much bank notes have changed over the years, even fairly recently. They would have wanted all their colonies to follow the same system they had at home. May 16, - I believe that bank notes in India originated with the British.
0 Comments
Leave a Reply. |