City States Minting Currency

minting-currency

Throughout history, city states were permitted the legal status to design and manufacture their own unique currency which inevitably lead to tens of thousands of different designs on both the fronts and backs of coins, throughout the ancient world. Surprisingly this chaotic monetary system was not an issue for commerce as each coin manufactured was approximately the same size and weight with the same amount of silver or gold smelted into it, making trade relatively straightforward as values rarely fluctuated and could be traded at their intended face value regardless of the geographic location they were manufactured in. This system eventually gave way to the modern day system developed during the 18th century in the United States of America which stated that only the government of a nation was legally permitted to mint currency, with the size and metals being utilized deemed irrelevant as the currency depended solely upon how valuable the currency was in comparison to the world market, a counter balance which is heavily influenced by the gross domestic product of both the import and export of every country involved in trade alongside many other smaller yet equally important intrinsic factors (e.g. political climate or instability)

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