Explain why merchants accepted gold receipts as a means of payment even though the receipts were issued

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Explain why merchants accepted gold receipts as a means of payment even though the receipts were issued by gold-smiths, not the government. What risk did goldsmiths introduce into the payments system by issuing loans in the form of gold receipts?

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Macroeconomics

ISBN: 9780077337728

19th Edition

Authors: Campbell Mcconnell, Stanley Brue, Sean Flynn, Flynn Mcconnell Brue

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Question Posted: Feb 16, 2024 10:00 AM

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Currency What Can Be Purchased US$ Cdn$ Yen British Pound Euro Indian Rupee US$ 1 1.29 104 0.74 0.82 73.8 Cdn$ 0.78 1 80 0.58 0.64 58 Yen 0.0097 0.012 1 0.0072 0.0079 0.71 British Pound 1.35 1.73...
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Explain why merchants accepted gold receipts as a means of payment even though the receipts were issued

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Why Merchants Accepted Gold Receipts During the early stages of banking goldsmiths played a crucial ...View the full answer

Macroeconomics

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