Timeline of Money

Beads made from shells of the pea-sized snail Nassarius kraussianus, that lived in a nearby estuary.

In the late 1990s archaeologist Stanley Ambrose discovered, in a rock-shelter in the Rift Valley of Kenya, a cache of beads made of ostrich eggshell, blanks, and shell fragments. They are dated using the argon-argon (40Ar/39Ar) ratio to at least 40,000 years old.

Interlocking and interchangeable beads. Each mammoth ivory bead may have required one to two hours of labor to manufacture

(known as a Bulla) with a cluster of accountancy tokens, Uruk period

Proto-Elamite script in clay, Susa, Uruk period

Tokens represent the first stage in the 9000-year continuous Near Eastern tradition of data processing. They led to writing. The change in communication that occurred on envelopes when the three-dimensional tokens were replaced by their two-dimensional impressions is considered the beginning of writing. (fig.3) Clay tablets bearing impressed signs replaced the tokens enclosed in envelopes. (fig.4) In turn, the impressed markings were followed by pictographs, or sketches of tokens and other items traced with a stylus.

Note the standard size of cross-sections. Many of the pieces had a standard weight, ranging from one-twelfth of a shekel to sixty shekels. To assay a ring or coil, it could be weighed and cut at random locations. (Courtesy Oriental Institute, University of Chicago)

Adopting the fom older forms of money with gold as the base material ?

Obverse: Land Chelone / Reverse: ΑΙΓ(INA) and dolphin. The oldest Aegina chelone coins depicted sea turtles and were minted ca. 700–550 BC.

The ancient kingdom of Lydia, located in the western part of Anatolia in modern-day Turkey, is considered to be the origin of the first gold coins. Initially, the metal used was the naturally occurring electrum found in river beds and consisting of approximately 80-90% gold and 10-20% silver. However, the early Lydian coins had a much lower gold content, of around 55%, suggesting that the Lydian metallurgists were able to separate silver from electrum and then add extra silver to the coinage alloy before casting the coins. The earliest coins, like these shown above, date from the late seventh century BCE, i.e., 600-625 BCE. The only markings consist of the punch marks on one side. By the middle of the sixth century BCE, the Lydians were producing pure gold coins such as the renowned Croesus Stater with a design on one side and punch marks on the other.

A group of seafaring people called the Lydians were the first in the Western World to make coins. King Alyattes standardized the weight and design of coins. The Lydian unit of weight was the stater, and this coin, produced during his reign, has the "denomination" of 1/3 stater. It is made of electrum, a natural alloy of gold and silver.

Ancient Qi State Knife Money Spring And Autumn Period

The Croesus Stater, produced in Lydia (modern-day Turkey) in the middle of the sixth century BCE, was the world's first minted gold coin. It featured as Episode 25 of the BBC's landmark series "A History of the World in 100 Objects" in which the director of the British Museum, Neil MacGregor, described the historical and economic importance of the coin.

The mix of gold and silver in the electrum stater made value inconsistent. King Croesus, successor to Alyattes, stabilized the stater by minting one of pure gold. The Lydian government’s endorsement of its weight and quality made it widely acceptable and very useful in simplifying trade.

Heraldic type" from the time of Peisistratos, 545–510 BC. Obverse: Four-spoked wheel. Reverse: Incuse square, divided diagonally.

With effigy of Athena on the obverse, and olive sprig, owl and αθε, initials of "Athens" on the reverse. Circa 510–500/490 BC

Coinage towards the end of the reign of Amyntas I, under the Achaemenids, Aegae, circa 510-480 BC. Goat kneeling right, head reverted; pellet above and before / Quadripartite incuse square.

Probably the wife of Amyntas I, king of Macedon. 5th Century B.C., Aigai, Greece. Βuried with a gold mask over her face, gold earrings, a headband over her hair and a necklace of gold beads. Her dress was fastened with silver pins, terminating in gold orbs in the shape of poppy capsules. Rosettes and other gold ornaments were sewn on various places of her dress. Also buried with her were a large number of clay figurines, a silver phiale and bronze vessels.

So-called Demaretéion is a silver coin of ancient Syracuse (weighing around 43 g) rather rare and worth 10 drachmas. It is also known as a pentekontalitron because it was equivalent to 50 litrae (the litra was a silver Sicels coin weighing about 0.87 g). Until recently it was believed that it was the famous coin ordered by Demarete (wife of the tyrant Gelon) after the Syracusan victory of Himera (480 BCE).

According to a statement released by Louisiana State University, a 2,500-year-old mural at Calakmul, a Maya site located on Mexico’s Yucatan Peninsula, is the oldest-known record of salt being sold in a Maya marketplace. A person thought to be a salt vendor is shown holding what may be a salt cake wrapped in leaves, while a second person holds a spoon over a basket thought to be filled with granular salt.

Among the earliest known currency from the area, including what the museum has identified as the world’s oldest Jewish coin. The coins, dated to the 5th and 4th centuries BCE when the region was controlled by the Persian Empire, constitute “the largest collection in the world of Persian-period coins.” The collection includes a number of previously unknown varieties, the museum said. Chief among the rare artifacts is a silver drachm, an ancient coin based upon the Greek drachma, which, in clearly legible Aramaic script, bears the word yehud, or Judea.

The spread of Greek-style coinage shows many interesting features of cultural admixture. At Tarsus, for instance, several Persian satraps during the 4th century minted coins for their military expenses. One of them was Mazaios (361-334 BC), the minting prerogative of this stater. While on Greek coins Zeus sits on the obverse, it is the god of fertility Baal Tars on this stater. This is suggested by the Aramaic legend "baal tarz" (Baal of Tarsos). The vine and the corn also allude to a vegetation deity. The eagle, on the other hand, is a typical attribute of Zeus. The reverse depicts a lion slaying a bull. This motif went back to an astrological symbolism and was common in Persian art.

Sound money defined as: Durable, Transferrable, Divisible, Intrinsically Valuable Aristotle (384 B.C.- 322 B.C.)

A bronze Roman coin from Canusium depicting a laureate Janus (209–208 BCE or later). Photo from Classical Numismatic Group.

The reverse of this coin depicts a horse and rider in stylized geometric forms. From the British Museum in London.

Official Jewish Temple sanctuary coin. It was also one of the most widely circulated coins during the life and crucifixion of Jesus Christ. Tyre, a port city of ancient Phoenicia, was a center of commerce in the ancient world. Many of the coins it produced made their way to Jerusalem. The high-purity silver coins were minted between 126 B.C. and 56 A.D. as full and half shekels. Although their value was different, the design of the coins was the same.

This silver drachm that weighs around 2.28g was issued during his rule in Indo-Greek. The obverse of this coin is inscribed as ‘Bust of the ruler facing right, wearing Kausia an ancient Macedonian flat hat, with Greek legend around. The reverse of this coin is inscribed as ‘Greek god Zeus enthroned facing towards left, holding a sceptre in the left hand and on the outstretched right hand a small figure of Nike who holds a wreath in her hand, the forepart of an elephant to left at the foot of the throne, monogram in right field with Kharoshthi legend ’Maharajasa Jayadharasa Amtialikidasa’ around.

The Gospel of Mark specifies that two mites (Greek lepta) are together worth a quadrans, the smallest Roman coin. A lepton was the smallest and least valuable coin in circulation in Judea, worth about six minutes of an average daily wage.

The earliest surviving writing from Britain is not Anglo-Saxon, it isn't Roman and it isn't Runic or Ogham script - it's the inscriptions on Celtic coins from Iron-Age Britain. This coin dates to around 20 BC and reads "COMMI F EPPILLV" The inscription on this gold quarter stater, COMMI F EPPILLV - Eppillus, son of Commius - refers to Eppillus (Celtic: "little horse"), a Roman client king of the Atrebates tribe, who reigned in the vicinity of modern day Chichester.

The tribute penny was the coin that was shown to Jesus when he made his famous speech "Render unto Caesar..." It is usually thought that the coin was a Roman denarius with the head of Tiberius. (maybe)

Cast during the reign of Emperor Ling (168-189), supposedly in the year 186 AD. The inscription reads wu shu (5 shu). These wu shu's are rather frequent and often well preserved. This leads to the conclusion that they were cast in big numbers yet did not remain in circulation for long. Our coin has a weight of 5.8 shu, it is thus heavier than it ought to be. Since Chinese coins were cast, their weight could differ remarkably.

Struck at the Ctesiphon mint. Obv: Crowned bust of Ardashir I wearing diadem and headdress with korymbos and Middle Persian (Pahlavi) text (mzdysn bgy ’rthštr MRK’n MRK’ ’yr’n MNW ctry MN yzd’). Rev: NWR’ ZY in Middle Persian i.e. Pahlavi to the left of the fire altar, and ’rthštr to the right of the fire altar

The antoninianus or pre-reform radiate, was a coin used during the Roman Empire thought to have been valued at 2 denarii. It was initially silver, but was slowly debased to bronze with a minimal silver content. The coin was introduced by Caracalla in early 215 AD. It was silver, similar to the denarius except that it was slightly larger and featured the emperor wearing a radiate crown, indicating it was a double denomination. Antoniniani depicting women (usually the emperor's wife) featured the bust resting upon a crescent moon.

Is seemingly is about 35% pure.

Silver, bronce, brass ¼ denarius - 1,13g 54,5g 27,2g

May contain only about 2.5% silver.

One of Aurelian’s failures was unquestionably his attempt to reform the silver coinage. The Roman silver coin had been massively debased in the previous 40 or so years. When Septimius Severus was emperor, the coin contained 50% silver compared to the 98% silver coins during Octavian’s reign. Successive emperors further debased the coinage, and when Aurelian came to power, the coin contained just 1.5% silver.

King Chandragupta II (375-414 AD) was one of the most powerful of all the powerful Gupta kings. He ruled the Gupta Empire in the North of India for 23 years. Comparable to the Hapsburgs in early modern Europe, the Gupta were one of the leading dynasties of antique India. This denarius shows the king with an Indian long bow and an arrow in his hand, a sword at his hip. Despite the king's bellicose appearance went the Gupta Empire through a Golden Age during his reign. It was a time of political, cultural and economic bloom. On the reverse sits in the lotus position Lakshmi, the goddess of happiness and wealth. She sits on a stylized lotus, holding a diadem and again a lotus blossom.

Imitating a Siscia mint Æ Follis of Constantine I. Helmeted and cuirassed bust right / Two Victories standing vis-à-vis, holding wreath above altar; SI(retrograde S) in exergue. Cf. Bastien, Imitations 1; cf. Göbl, Antike 2636; cf. De Wit 13. VF, dark green patina.

The Sassanid Empire stretched roughly over the territories of modern Iran and Iraq and some of their peripheral regions. It evolved after the fall of the Parthian Empire during the first decades of the 3rd century AD, and lasted until the Arabic conquest of Persia some 400 years later. During that time, the Sassanids formed a significant great power. The Sassanid rulers issued flat, relatively thin drachms that usually bore the bust of the king on the obverse, here of Bahram V (c. 420-438). The top of his crown displays a crescent, the symbol of the Sassanid Empire. The reverse shows two priests around a fire altar: the Sassanids were adherents of Zoroastrianism, a religion with temples in which sacred fires were fostered.

Archaeologists are studying a valuable trove of old Roman coins found on the site of a former theater in northern Italy. The coins, at least 300 of them, date back to the late Roman imperial era and were found in a soapstone jar unearthed in the basement of the Cressoni Theater in Como, north of Milan.

In the perception of the early middle Ages, the Roman Empire had in no way perished. Indeed it persisted, though on a smaller geographical scale, within the Byzantine Empire. The same naturally applied to the Byzantine coinage system. The founder of Constantinople, Emperor Constantine, had introduced the golden solidus, the silver miliarensis and the bronze follis around 310 AD. These coins replaced the traditional Roman coins aureus, denarius and sesterce. As half solidus, Constantine had the semissis struck. Semisses mostly bore the emperor's busts on the obverse – on this coin it is Phocas (602-610) –, while the reverse typically illustrated a winged Victoria.

Abd al-Malik (685-705 AD) was the most eminent Caliph of the Umayyads, the second Islamic dynasty. He consolidated and expanded Islamic rule, made Arabic the state language in his realm, and established the first Islamic coinage system. This reform was realized in 79 AH, the year of 698 AD thus, with the introduction of golden dinars, silver dirhams and copper falus. The new coins did not bear images any more, but featured religious formulas.

Coins were minted in England from about 650 AD; from about 900 they were struck regularly and in bigger quantities in diverse mints all over England. At that time, the Royal Mint in London was established, where British coins have been issued ever since. This sceat was probably struck in Kent and dates from the second half of the 7th century. At that time, a large series of sceattas was minted in England; they all show a bust with an aureole on the obverse. The reverse depicts a square standard and the letters VOT XX. For one and a half centuries, such coins were the main currency of the Anglo-Saxons and their neighbors across the English Channel – until the 8th century, when they were displaced by a new coin type: the penny.

Facing bust of Theodosius wearing crown with cross and loros; he holds akakia in his left hand and a globus cruciger with small x shaped bands at the intersections of the crosses in his right hand.

Abbasid Empire, Governorate of Tabaristan, Suleyman ibn Musa
Tabaristan was a landscape in northern Persia, on the south coast of the Caspian Sea. The region long preserved independent cultural and political movements. In the 8th century, when this half drachm was struck, it was part of the Abbasid empire and reigned by Arab governors. The coins issued in Tabaristan, however, were still half drachms, the currency of the Sassanid Great Kings who had been disposed by the Arabs almost 140 years earlier.

Burgred (852-874) was the last independent king over the whole of Mercia. His coinage was richer than that of his predecessors; from 871 it deteriorated, however. The coins were struck in London and always bore the king's name and title, here BURGRED REX I; the obverse depicts Burgred's bust. The reverse gives the name of the moneyer, MON / HUSSA / ETA, on three lines. In the year 872, the Danes conquered London from their base in Nottingham; then they advanced further, and in 874 subjugated Mercia. Burgred was forced to abdicate and abandon his kingdom. He escaped to Rome and died there without ever seeing his native country again.

Tulinids of Egypt and Syria, Harun bin Khumarawayh (283-292 AH/896 - 905AD), Dinar, AH 287 (899), Damascus ; Bernardi 215Gn.

A gold nomisma coin of Byzantine emperor Basil II (r. 976-1025 CE). The obverse shows Jesus Christ (left) while Basil is depicted on the reverse (right). (British Museum, London)

A form of promissory note which appeared around the 11th century in the Sichuan capital of Chengdu, China. Numismatists regard it as the first paper money in history, a development of the Chinese Song Dynasty (960–1279 CE). Early Jiaozi notes did not have standard denominations but were denominated according to the needs of the purchaser and ranged from 500 wén to 5 guàn.

from the Wujing Zongyao

Are bent bars of bronze, silver or billon bearing an often illegible Arabic legend. They are specific to the area of Hasa.

Tally sticks were a form of receipt for government income, which originated in the middle ages. However, their use is described much earlier by Pliny the Elder (AD 23-79), and were also found to be made from bone in the Upper Palaeolithic period (40-10,000 years ago). Wooden sticks were used in the middle ages and notches were cut (‘talea’ in Latin) indicating a sum owed to the Exchequer by sheriffs and other officials due to collect taxes and other money for the crown, and details written down each side. The stick was then sliced in two with the debtor being given the larger part (the foil) and the Exchequer keeping the smaller (known as the counterfoil). When the debt was repaid to the Exchequer, the two unique parts were married up to prove that the sum had been handed over.

Was the largest contiguous land empire in history.[5] Originating in present-day Mongolia in East Asia, the Mongol Empire at its height stretched from the Sea of Japan to parts of Eastern Europe, extending northward into parts of the Arctic;[6] eastward and southward into parts of the Indian subcontinent, attempted invasions of Southeast Asia and conquered the Iranian Plateau; and westward as far as the Levant and the Carpathian Mountains.

Struck from 1252 to 1533 with no significant change in its design or metal content. As many Florentine banks were international supercompanies with branches across Europe, the florin quickly became the dominant trade coin of Western Europe for large-scale transactions, replacing silver bars in multiples of the mark (a weight unit equal to eight troy ounces).

The genovino was a gold coin used in the Republic of Genoa from 1252 to 1415. New supplies of gold arrived in Western Europe from Sudan, via caravans from the Sahara, which allowed Florence and Genoa to inaugurate, from the 13th century, the minting of these currencies.

This copper tajadero (Spanish for chopping knife) was a form of money used in central Mexico and parts of Central America. Also known as Aztec hoe or axe money, this standardized, unstamped currency had a fixed worth of 8,000 cacao seeds – the other common unit of exchange in Mesoamerica. This piece was made around 1500, about 20 years before Spain began to colonize Mexico. During the early colonial period, in an economy where minted coins were in short supply, tajaderos like this one were still being exchanged for goods by native Mexicans. Meanwhile, the Spanish colonists were using gold dust, nuggets, and silver bars or sheets as currency.

The ninth mansa of the Mali Empire, which reached its territorial peak during his reign. Musa is known for his wealth, and has sometimes been called the wealthiest person in history. His riches came from the mining of significant gold and salt deposits in the Mali Empire, along with the slave and ivory trade.

The real was a unit of currency in Spain for several centuries after the mid-14th century. It underwent several changes in value relative to other units throughout its lifetime until it was replaced by the peseta in 1868. The most common denomination for the currency was the silver eight-real Spanish dollar (Real de a 8) or peso which was used throughout Europe, America and Asia during the height of the Spanish Empire.

Equivalent to 1,000 copper coins. Made in mulberry bark paper, the text warns about penalties for counterfeiters.
This early paper money was in use when Marco Polo visited Kublai Khan in the 13th century. The note, called a kua, is the equivalent of 100 coins and dates from the Ming Dynasty. This note was issued under the Ming dynasty. After seizing power from the Mongol rulers of China in 1368, the Ming rulers tried to reinstate bronze coins. However, there was not enough metal available for this, and paper money, made of mulberry bark, was produced from 1375. Paper money continued to be issued throughout the Ming dynasty, but inflation quickly eroded its value. The effect of inflation was so devastating that paper money was regarded with suspicion for many years. It was not until the 1850s that a Chinese emperor dared to issue paper money again.The Chinese writing along the top of this Ming note reads 'Da ming tong xing bao chao' from right to left. This translates as 'Great Ming Circulating Treasure Note'. Below this, the denomination is written in two characters 'yi guan' ('one string'). Beneath the denomination is a picture of a string of 1000 coins, arranged in ten groups of one hundred coins. Beneath this are the instructions for use and a threat to punish forgers.

One of the first great private banking houses. The word “bank” is derived from the Italian word “banca”—the bench or counter on which transactions were made. The Medici family of Florence, Italy, founded the bank shown here in the 15th century. It was the largest and most respected bank in Europe during its prime. Founded by Giovanni di Bicci de' Medici

Starting in the 13th century, the Republic of Venice minted the Venetian gold ducat, or zecchino. The design of the coin remained unchanged for over 500 years, from its introduction in 1284 to the takeover of Venice by Napoleon in 1797. No other coin design has ever been produced over such a long period of time. The coin was initially called a “ducat” (ducato), for the ruling Doge (Duke) of Venice, who was prominently depicted on it. It was then called the zecchino, after the Zecca (mint) of Venice, from 1543. when Venice began minting a silver coin also called a ducat.

Was a series of economic events that occurred between the second half of the 15th century and the first half of the 17th century, and most specifically linked to the high rate of inflation that occurred during this period across Western Europe. Prices rose on average roughly sixfold over 150 years. This level of inflation amounts to 1–1.5% per year, a relatively low inflation rate for modern-day standards, but rather high given the monetary policy in place in the 16th century.

The Great Debasement was a currency debasement policy introduced in 1544 England under the order of Henry VIII which saw the amount of precious metal in gold and silver coins reduced and in some cases replaced entirely with cheaper base metals such as copper. Overspending by Henry VIII to pay for his lavish lifestyle and to fund foreign wars with France and Scotland are cited as reasons for the policy's introduction. The main aim of the policy was to increase revenue for the Crown at the cost of taxpayers through savings in currency production with less bullion being required to mint new coins.

Unit of currency of Portugal and the Portuguese Empire from around 1430 until 1911. It replaced the dinheiro at the rate of 1 real = 840 dinheiros and was itself replaced by the escudo (as a result of the Republican revolution of 1910) at a rate of 1 escudo = 1000 réis. The escudo was further replaced by the euro at a rate of 1 euro = 200.482 escudos in 2002.

During trade the beads were counted, removed, and re-assembled on new necklaces. Native American shell beads were also sometimes woven into belts or other mnemonic and ceremonial devices that demonstrated the wealth and commitment of a tribe to a treaty.

Tulip mania was a period during the Dutch Golden Age when contract prices for some bulbs of the recently introduced and fashionable tulip reached extraordinarily high levels. The major acceleration started in 1634 and then dramatically collapsed in February 1637.

Legal tender in colonial Massachusetts

Legal tender in colonial Massachusetts

Legal tender in the New England colonies

Banknote of one hundred daler issued by Stockholms Banco and signed by Johan Palmstruch, 1666 In 1661, the Stockholms Banco began to issue paper notes to replace heavy copper plate money, which had been in use since 1650.

The check here reads as follows: Mr. Wellingborough Fflowles I desire you to pay unto Sir Samuel Lawton or bearer upon receipt hereof the sum of Sixe pounds fifteene shillings and nine pence and place it to the account of Yre Servant Jeremy Farthington. 6 June Ao Dom 1680 6:15:9d Ffor Mr. Wellingborough Fflowles, Goldsmith at his shoppe between the two temple gates, Ffleete streete.

Redeemable in English shillings, were the first paper bills issued by the government in America.

The mastermind behind the Mississippi Bubble was John Law, a Scottish financier, gambler and playboy who ascended into the upper echelons of French public finance through his friendship with the Duke of Orléans.

Speculative bubble in the early 18th century involving the shares of the South Sea Company, a British international trading company that was granted a monopoly in trade with Spain’s colonies in South America and the West Indies as part of a treaty made after the War of the Spanish Succession.

Yap stones were symbols of wealth. On the island of Yap, stones like these were displayed in front of homes and were sometimes twice as tall as an adult. This example may be 200 years old. Yap stones were in use until World War II.

Manufactured in Venice in the 16th or 17th century, excavated from Mali, Africa. Such beads were very popular wherever European colonialists encountered Neolithic or hunter-gatherer cultures.

Used as temple offerings. The Chinese considered jade “the jewel of Heaven.” This intricately carved jade coin is one of the most beautiful forms of money.

A monetary instrument, an order to pay, used during the time of the French Revolution, and the French Revolutionary Wars to address imminent bankruptcy.

Coins like this Talbot, Album & Lee Cent from 1795 were issued by merchants to advertise their businesses while helping to ease the coin shortage. The front bears the words “Liberty & Commerce” while the back has the firm’s name and depicts a merchant vessel under full sail.

Introduced in 1797 by the government. Denominations issued until 1807 included 1$200, 2$400, 5$000, 6$400, 10$000, 12$000 and 20$000 réis. Some of these notes were revalidated for continued use during the War of the Two Brothers (1828 to 1834).

The first notes issued by the Bank of France were of such value that they were not accessible to all. The 500-franc notes represented a little more than a year’s salary for a worker, and that of 1000 was equivalent to double the work, naturally. Not being convertible into gold elsewhere than in Paris, the notes further restricted the circle of lovers of bundles. These notes occupied so well the only high Parisian business that they had confused any merchant if a citizen would have the idea to give one of these papers to pay for a chicken (not far from becoming Marengo).

Heliograph on pewter plate by Joseph Nicéphore Niépce, taken at Le Gras, France.

Burning of excess tallies in the furnaces under the House of Lords’ Chamber caused the fire which destroyed the old Houses of Parliament

Obverse Description: Head of Victoria facing left, plain bands in hair; the artist's initials W.W. incuse on neck truncation; below, 1839; around above, VICTORIA DEI GRATIA Reverse Description: Arms of Isle of Man - the triskelis: three legs joined at the upper part of the thigh, flexed, garnished and spurred; around, QVOCVNQVE IECERIS STABIT (wherever you throw, it will stand)

Global financial services firm founded in 1847. Before filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States, with about 25,000 employees worldwide.

The news of gold brought approximately 300,000 people to California from the rest of the United States and abroad. The sudden influx of gold into the money supply reinvigorated the American economy; the sudden population increase allowed California to go rapidly to statehood, in the Compromise of 1850. The Gold Rush had severe effects on Native Californians and accelerated the Native American population's decline from disease, starvation and the California genocide.

Cloth mats like this were used to make payments by many of the peoples of Angola and the Democratic Republic of Congo.

This German money (1916–30s) made of fabric was called "notgeld," meaning "emergency money.

Digital gold currency operated by Gold & Silver Reserve Inc. (G&SR) under e-gold Ltd. that allowed users to open an account on their web site denominated in grams of gold (or other precious metals) and the ability to make instant transfers of value ("spends") to other e-gold accounts. The e-gold system was launched online in 1996 and had grown to five million accounts by 2009, when transfers were suspended due to legal issues. At its peak in 2006 e-gold was processing more than US $2 billion worth of spends per year, on a monetary base of only US $71 million worth of gold (~3.5 metric tonnes), indicating a high monetary turnover (velocity) of about 28 times per year (for comparison, annual velocity of USD is about 6 for M1 and less than 1.6 for M2) . e-gold Ltd. was incorporated in Nevis, Saint Kitts and Nevis with operations conducted out of Florida, USA.

The Federal Reserve started buying $600 billion in mortgage-backed securities.[38] By March 2009, it held $1.75 trillion of bank debt, mortgage-backed securities, and Treasury notes; this amount reached a peak of $2.1 trillion in June 2010. Further purchases were halted as the economy started to improve, but resumed in August 2010 when the Fed decided the economy was not growing robustly. After the halt in June, holdings started falling naturally as debt matured and were projected to fall to $1.7 trillion by 2012. The Fed's revised goal became to keep holdings at $2.054 trillion. To maintain that level, the Fed bought $30 billion in two- to ten-year Treasury notes every month.

Fed announced a second round of quantitative easing, buying $600 billion of Treasury securities by the end of the second quarter of 2011.[40][41] The expression "QE2" became a ubiquitous nickname in 2010, used to refer to this second round of quantitative easing by US central banks.[42] Retrospectively, the round of quantitative easing preceding QE2 was called "QE1".[

Payment service available in the United States and the United Kingdom that allows users to transfer money to one another using a mobile phone app.

Segregated Witness (abbreviated as SegWit) is an implemented protocol upgrade intended to provide protection from transaction malleability and increase block capacity. SegWit separates the witness from the list of inputs. The witness contains data required to check transaction validity but is not required to determine transaction effects. Additionally, a new weight parameter is defined, and blocks are allowed to have at most 4 million weight units (WU). Non-witness and pre-segwit witness bytes weigh 4 WU, but each byte of Segwit witness data only weighs 1 WU, allowing blocks that are larger than 1 MB without a hardforking change.

United States law which aims to curb inflation by reducing the deficit, lowering prescription drug prices, and investing into domestic energy production while promoting clean energy.
Raise $737 billion and authorize $369 billion in spending.
Signed into law by President Joe Biden on August 16, 2022