Chicago Fed Letter, October 2002

PUBLICATION - The October 2002 issue of the Chicago Fed Letter is titled 'Solving the problem of small change' - In the last hundred years, monetary systems have evolved from commodity-based, meaning their value is tied to a commodity like gold, to fiat-based, meaning their value is not tied to anything. Why did this happen? What was wrong with the old commodity-based systems? A recent book explores these historical developments and shows how the problem of small change played a crucial role

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: