Studying various examples of private money that have arisen throughout U.S. Private money-money issued by individuals or companies-can be seen as an innovation that arises to fill a void left by the federally provided money of the day. People and companies other than banks have also occasionally seen the need to create their own forms of money. Nowadays, commercial banks don’t print their own notes, but they create money just the same-in the form of checking accounts. In the 1800s, for example, much of the country’s paper currency consisted of notes issued by private banks. Private citizens and private companies have, too.
But the federal government isn’t the only entity that has, in practice, issued money. They gave Congress the right to issue money and forbade the states from doing so. Their experiences with money and inflation during the Revolutionary War made them wary of paper money and conscious of the power wielded by those authorized to create it. Who is allowed to issue money in the United States? The founding fathers made it clear that the power to create money would not be taken lightly. What lessons have our experiences with private money taught us, and what do they imply for our money today and in the future? But private money-as such money is called-isn’t issued much these days. Private citizens and businesses can too, and throughout U.S. The government isn’t the only entity allowed to issue money.
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