Tuesday, 15 January 2008

Paper Money History: 19th Century - The Bank of England

19th Century Paper Money History: 1841 - 1860

No Year Country Issued by Paper Money Value
1841 Trinidad & Tobago West India Bank 5 dollars
1842 Falkland Islands Colonial Government ½, 1,5,10,25,50 dollars + 1/8d.
1842 Mauritius Special Finance Committee 1 dollar
1845 Spain Bank of Barcelona 250 pesos
1846 Tunisia State Bank 50 riyals
1847 Hungary Kossuth Issues 5 pengo forint
1848 Croatia Croatia-Slavonia-Dalmatia 25,100,1000 florint
1848 Dominican Republic Dominican Republic 40,80 centavos
1848 Guadaloupe Banque de Pret 5,10,50,100,500,1000 francs
1850 Newfoundland Island of Newfoundland 1 pound
1852 Algeria Bank of Algeria 500,1000 francs
1852 Philippines Banco Espanol Filipino de Isabel 10,25,50 pesos
1853 Moldova Cemitetul National Revolutionar Roman 10 ducati
1853 Senegal Bank of Senegal 5,25,100,500 francs
1853 Thailand Grand Treasury 3,4,6,10 tamlungs
1855 Curacao Curacaosche Bank 5,10,25,50 gulden
1855 Martinique Tresor Colonial 1,5 franc
1856 Egypt Bank of Egypt 1000 piastres1856 Luxembourg International Bank in Luxembourg 5,10,25 gulden; 10 thaler; 25,100
1856 Nicaragua William Walker Military Script 25,50 dollar
1856 Paraguay National Treasury ½, 4 reals, 1,2 pesos
1857 Cuba El Banco Espanol de la Habana 50,100,300,500,1000 pesos
1857 Liberia Treasury department 50 cents, 1,3,5 dollars
1858 Costa Rica National Bank of Costa Rica 2,10,20 pesos
1858 Sarawak Government Treasury 5,10,20,25,50 cents

Credit for this list of 19th Century Paper Money Issues goes to Roger Outing

19th Century Paper Money of Europe Video

The Bank of England in the 19th Century

The Bank of England became the standard for many national banks in other countries. It was the institution that other smaller banks depended upon especially when they got into credit problems. It seems that the banks have been in the business of creating money, extending credit to the public and getting into trouble over it for centuries.

I mentioned it a while ago but as I continue to delve deeper into paper money history, and its related banking and financial history , it is becoming very obvious why the situation with Northern Rock is really a no brainier. Who else would have bailed out the bank but the Government.

History is definitely repeating itself, and the world should watch closely. The impending financial crunch will need fast thinking minds like those that ruled the western world during Napoleon's Era to see us through without a big fall.

Did you know that the Bank of England in the 19th Century was able to wade off a credit problem by successfully stopping the public from redeeming their paper money for gold and silver? Many countries including the USA were unable to do this and paid a high price as the paper money issued became worthless! Also inflation would have ensued after the Napoleon war, but for the banks move to use a gold standard in order to stabilize the value of the paper money it was issuing. There is therefore a lot to learn from the history of paper money which may help us to understand how to better structure our economies.

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