Bank money

Banking money first appeared in Holland in the 17th century ^[2] , when the territory of this country consisted of many provinces and independent cities, which all minted their own money. The inevitable “ spoilage of the coin ” (issuing its own version of a standard coin with a lower precious metal content to stimulate economic growth) left behind those market participants who needed to cash out credit instruments : the then proto-bankers (“cashiers”) naturally preferred to pay the amount most easy coin option. To combat this phenomenon, after an unsuccessful attempt to ban cashiers, Amsterdam founded the Amsterdam Bank in 1609, which guaranteed the fullness of the issued coins. The bank issued deposits back for a small fee, accepting deposits (by weight of silver) and transferring money from one account to another were free of charge. The bank used its own unit of account , bank florin , for internal banking operations. Soon, a market was formed near the bank for the exchange of deposits for a “current” (non-equilibrium) coin at a changing rate, including agio . This market allowed avoiding the fee for issuing deposits, issuance became rare, which was facilitated by the fact that since 1683, the storage of silver in the bank in the possibility of receiving it back became taxed. By the end of the XVII century, the return of deposits ceased, and bank florins became essentially fiduciary money .

• Quinn, Stephen, William Roberds. The Bank of Amsterdam and the leap to central bank money // The American economic review. - 2007. - T. 97 , No. 2 . - S. 262-265 . Archived on September 26, 2017.

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