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Did you read the whole article? There is no reference to paper currency, the cash strictly refers to coins. But you're right, it's not exactly clear what he me
by wobbleblob 11y ago
Did you read the whole article? There is no reference to paper currency, the cash strictly refers to coins.
But you're right, it's not exactly clear what he means there:
"When the Roman Empire fell apart, there were no coins in circulation, just gold. But you didn’t pay taxes with gold. What the Frisians did was reinvent cash. Not just coins, but cash—money you carried with you in order to do business."
I'm pretty sure the Frisians weren't the first to mint coins, and if this refers to a new kind of use of coins, it's not explained in the article.
- Swizec 11y agoI would guess the author means fiat currency where coins aren't worth exactly their weight in gold, but rather some representative value.
- garrettgrimsley 11y agoI did read the whole article, but I interpret cash as meaning paper currency. Especially when they say "Not just coins, but cash" it leads me to believe they are talking specifically about banknotes. I re-read the article and they do clarify that they are talking about Europe specifically, both in the book title and the interview. Perhaps 3AM isn't the best time to post.