But where does that money come from?
A brief history of the origins of paper money.
Did you know the first time in history paper money was issued was in 1690. Issued by the Massachusetts colony. the United States was not formed yet. In an effort to pay for the King William’s war against Canada, the General Court authorized the issue of £7,000. For the first time in Western Civilization money was issued with no inherent value, the value was “backed by the colonial government”. This paper currency (shown below) was legislated to be the same value as the common hard-coined currency made of silver and gold.
Could you imagine if we did not use paper money today? Attempting to fit all of our money into the pouch of our iPhone wallet cases today would be extremely problematic. : )
Isn’t it interesting how something as common as paper money is taken for granted? Paper currency, a common object today, has a profound affect on fashion accessory designs. Just look at the iPhone wallet cases at eHolster.com, how different would it look if we still had coined currency exclusively? Back in the early 1700’s people carried their money in sacks. This was troublesome from 3 perspectives.
- Coin currency is heavier to carry than paper currency.
- Coin currency is more expensive to make.
- Coin currency is harder to handle and protect.
Could you imagine carrying around your net worth in the form of coins? Paper money not only made it easier to make transactions. This fueled and continues to fuel the modern civilizations growth. But, paper currency also created new problems. Check out the History of Banking from the 17th century on to get an idea of the origins of modern day currency. Shortly after the first issue of paper currency inflation took over, as paper money was issued with no backing value. British Parliament (1751) passed an act severely restricting Massachusetts Bay from further issuing paper money. No further paper currency was printed in Massachusetts until the “Soldier’s notes” emission of May 25, 1775 printed by Paul Revere to pay the soldiers who were soon to fight at the Battle of Bunker Hill on June 16th. Coincidentally enough many inflationary periods occurred in relationship to wars during throughout U.S. history. Corrections were made at the government and banking level in order to stabilize the economy and society and paper money is the world-standard today.
How long will you be carrying paper money in your iPhone wallet cases?
In this era of credit cards and electronic currency one might argue the future days of paper money are numbered. Governments and central banks control and restrict the use and issue of paper currency throughout the world. But it may be years before we see the dissolution of paper-based currency. Do you think they will do away with paper currency?
eHolster offers three types of iPhone wallet cases: Front pocket wallets, wallet cases to wear on your belt and one to carry in a shoulder holster under your arm. All offer quick access to your phone and peripherals. It is just a matter of your personal preference as to the one you desire.
If you have any questions about iPhone wallet cases, please contact us at any time.