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Black Currency of Middle Ages and Case for Complementary Currency

Department of Economics, Claremont Graduate University, Claremont, CA 91711, USA
J. Risk Financial Manag. 2020, 13(6), 114; https://doi.org/10.3390/jrfm13060114
Received: 16 March 2020 / Revised: 30 May 2020 / Accepted: 2 June 2020 / Published: 3 June 2020
(This article belongs to the Special Issue Monetary Plurality and Crisis)
Monetary historians argue that two types of currencies were circulating in the middle ages of Europe. The first was the standard historical form of money made up of gold and silver coins, and the second was a set of small pieces of copper and other metallic substances used mainly in towns and townships for local trade as currency. Jetton and tokens are monetized objects that are not official currencies; they were of lower quality of the inferior metallic object, which were used for day-to-day transaction needs. The drive for local monetary decentralization is pointed to build up fiscal autonomy and responsible local monetary institutions. This paper reasons that the monetary regime of the Renaissance was a real and genuine trimetallic currency regime. View Full-Text
Keywords: the second currency; complementary currency; middle ages currency; counter-cyclicality; barter the second currency; complementary currency; middle ages currency; counter-cyclicality; barter
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Kokabian, P. Black Currency of Middle Ages and Case for Complementary Currency. J. Risk Financial Manag. 2020, 13, 114.

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