Book Description
Writing in the June 1965 issue of theEconomic Journal, Harry G. Johnson begins with a sentence seemingly calibrated to the scale of the book he set himself to review: "The long-awaited monetary history of the United States by Friedman and Schwartz is in every sense of the term a monumental scholarly achievement--monumental in its sheer bulk, monumental in the definitiveness of its treatment of innumerable issues, large and small . . . monumental, above all, in the theoretical and statistical effort and ingenuity that have been brought to bear on the solution of complex and subtle economic issues."
Friedman and Schwartz marshaled massive historical data and sharp analytics to support the claim that monetary policy--steady control of the money supply--matters profoundly in the management of the nation's economy, especially in navigating serious economic fluctuations. In their influential chapter 7, The Great Contraction--which Princeton published in 1965 as a separate paperback--they address the central economic event of the century, the Depression. According to Hugh Rockoff, writing in January 1965: "If Great Depressions could be prevented through timely actions by the monetary authority (or by a monetary rule), as Friedman and Schwartz had contended, then the case for market economies was measurably stronger."
Milton Friedman won the Nobel Prize in Economics in 2000 for work related to A Monetary History as well as to his other Princeton University Press book, A Theory of the Consumption Function (1957).
Customer Reviews:
One of the Top-10 Economics Books.......2006-03-26
MV=PQ (and other variations)
Monetary History of the United States is one of the greatest and most historic economics book written. Milton Friedman won the Nobel Prize in economics for this masterwork. It revolutionized economics. The only other book that is better is The Wealth of Nations by Adam Smith. I highly recommend both books.
At the time Monetary History was published, monetary economics had fallen out of favor because of the Great Depression. Economists had thought that monetary forces were ineffective as stimulating the economy in a severe downturn. The phrase "pushing up on a string" became famous. That led to the belief that government intervention of fiscal policy was needed to keep the economy stable.
Friedman and Schwartz turned that upside down by proving beyond a doubt that monetary forces caused the Great Depression, caused the recovery under Franklin Roosevelt, caused the recession of 1937-38, caused the recovery after the recession, and caused everything else in American history.
Monetary History has never been effectively refuted. It stands unrivaled.
Liberals used to credit Roosevelt for pulling America out of the Great Depression, and the complete statistics do show a strong recovery from 1933 to 1938 and from 1939 onward. Friedman showed that most Roosevelt policies had nothing to do with the recovery. What Roosevelt did right was to remove America from the gold standard and save the banking industry. Monetary history shows that this stopped the monetary contraction and led to an increase in the money supply, but nobody fully understood that at the time.
Some Roosevelt policies for commonsense stability, like the SEC and FHA, and investments, like the GI Bill and infrastructive developments (long part of American economic history), were good. But many Roosevelt policies were a waste of money and had no effect at all on the economy.
Likewise, the recent claims that Roosevelt hurt business confidence and prolonged the Great Depression are unfounded. Friedman and Scwartz showed conclusively, and with several different tests from different approaches, that the recession of 1937-38 is completely explained by a contraction of the money supply by the Federal Reserve. Labor unrest and other factors that could affect busines confidence were completely irrelevant, and this book completely disproves it. Monetary forces completely explain the Great Depression and the rest of American economic history.
Don't believe the political pundits one way or the other. Monetary History is the answer.
Friedman argued that a steady monetary policy could maintain a steady economy, and he argued this when nobody believed him. Now this is widely accepted. Today the Federal Reserve Bank used monetary policy to keep the economy steady.
I highly recommend Monetary History. I also highly recommend the more updated Essays on the Great Depression by Ben Bernanke, the Chairman of the Federal Reserve. The Great Depression is the ultimate riddle and both Friedman and Schwartz, and Bernanke understand it.
A tremendous amount of work combined with a misspecified model.......2005-09-18
Friedman and Schwartz(1963)did a great deal of worthwhile data compilation.The problem(an identical problem occurs in the 1956 work of Philip Cagan) occurs when they attempt to fit the data to the standard quantity of exchange equation MV=PO,where M is the supply of money(Friedman always selects MI to be equal to M),V is the velocity,P is the price level,O is real GNP(GDP),and PO is nominal GNP(GDP).The correct specification of the equation of exchange is M(Vw)=PO,where w is defined on the unit interval between 0 and 1.w is Keynes's measure of the weight of the evidence or Ellsberg's (rho)measure of the confidence a decision maker has in the information set he will use to calculate the probabilities of different outcomes.Friedman is a lifelong adherent and advocate of the Ramsey-De Finetti-Savage subjective approach to probability which argues that ,while the existence of vagueness(J M Keynes's weight of the A Treatise on Probability(uncertainty of the General Theory) or Ellsberg's ambiguity)is undeniable,it can't be modeled in a decision theoretic context.Only risk,represented by a normal probability distribution and its mean+ or- 3 standard deviations,can be operationalized.Friedman's section 4 of chapter 12,titled "Expectations about Stability ",discusses exactly what Savage called vagueness,Keynes called uncertainty,liquidity preference being a function of uncertainty AND NOT RISK,AND ELLSBERG CALLED AMBIGUITY.Friedman has no variable in his model to deal with it.He admits this on the second paragraph of p.675.Friedman's analysis abstracts from the role that expectations,confidence,uncertainty,and the flexibility of money(Keynes's liquidity preference)play in the demand for money .All of the Friedman-Schwartz analysis needs to be redone using the correct specification of the equation of exchange.Friedman's existing specification only holds in the special case where w=1.0,i.e.,that there is no uncertainty,ambiguity,or vagueness. MV=PO is a correct specification of the equation of exchange only if risk,measured by the normal probability distribution's standard deviation(or the standard deviation divided by the mean),is the only decision theoretic variable.All current forms of the equation of exchange ignore ambiguity and/or uncertainty and conflate risk with uncertainty.The equation of exchange has been misspecified from Hume to Friedman and Lucas.Only Keynes correctly derived a generalized equation of exchange.Keynes's analysis is contained on p.209 and chapter 21 of the GT.Lucas has already admitted that his framework of analysis breaks down completely if Keynesian uncertainty or Ellsbergian ambiguity prevents him from using his normal probability distribution.The massive 50 plus years of statistical analysis by Benoit Mandelbrot of data from all financial markets(stock,money,commodities,futures,currencies,bond) provides overwhelming empirical support for not using the normal distribution.Keynes,of course,would agree that, if the only decision theoretic variable of consequence is risk(Mandelbrot's mild risk),velocity would be stable or predictable.The fact that velocity is not constant or predictable means that Friedman's monetarism is only a very special case of Keynes's general theory,which,in terms of Mandelbrot's definitions,deals with mild and wild risk.Friedman can only deal with mild risk.
Classic in the canon of economic theory.......2005-03-08
Milton Friedman and Anna J. Schwartz' A Monetary History of the United States, 1867-1960 is an analysis and explanation of the Great Depression of the 1930s. Its conclusion, first published in the early 1960s, differs from the two main explanations that existed at the time.
Austrian Business Cycle Theory had argued that the Great Depression was caused by excessively loose monetary policy that fed an unsustainable economic boom during the 1920s, which eventually collapsed into depression. Friedman and Schwartz argued that instead it was excessively tight monetary policy following the boom of the 1920s that turned a run-of-the-mill recession into a depression. (For the Austrian explanation of the Great Depression, see Sir Lionel Robbins' The Great Depression or Murray Rothbard's America's Great Depression.)
Keynesianism argued that the Great Depression had been caused by insufficient consumer product demand and lack of investor confidence, and that government should compensate for this by increasing its spending and financing it with government debt. Friedman and Schwartz argued instead that the problem and solution were not so much a matter of fiscal policy as they were a matter of monetary policy. Government, particularly the monetary authorities, was the cause of the depression, not the solution. Stimulative fiscal policy as prescribed by Keynes would in the long run not lead to an increase in economic growth and employment, but only to an increase in inflation. (For the Keynesian explanation of the Great Depression, see John M. Keynes's The General Theory of Employment, Interest and Money or John Kenneth Galbraith's The Great Crash, 1929.)
At the time of its publication, A Monetary History was not immediately accepted by the economics profession, which then was still dominated by Keynesian thinking. But when Keynesian theory could not explain the stagflation (recession combined with high inflation) of the 1970s, monetarism came to rule the day, and Friedman would go on to win the 1976 Nobel Prize in Economics.
Friedman and Schwartz's analysis has by now become the standard explanation for the Great Depression. In the very least, the book helped reestablish the importance of monetary over fiscal policy in the stabilization of the business cycle. Money matters, even if it is not the only thing that matters. In addition, the importance of the book was methodological, in that it emphasized the importance of the empirical testing of one's economic propositions. What makes the book so persuasive is the great lengths to which the authors go to sort out the causation behind the correlation-the causation, they found, ran from money to output and prices rather than vice versa or via a fourth variable.
A Monetary History is a classic work in the canon of economic literature. It is on occasion still reviewed in the literature (e.g. Journal of Monetary Economics, August 1994; Cato Journal, Winter 2004). It clearly is an academic work written for trained economists, making it perhaps less accessible to a general audience. But several highly readable summary versions of the book exist, such as chapter 3 of Milton and Rose Friedman's Free to Choose, and even a one-paragraph summary conclusion in Capitalism and Freedom (on p. 45 of the paperback edition), which was published around the same time as A Monetary History. Alternatively, ch. 13 ("A Summing Up", pp. 676-700) is reprinted in The Essence of Friedman.
Hard to read, only for economists or wannabe economists.......2004-12-10
I hated this book because it's hard to read. I don't like wading through sentences as long as paragraphs full of obscure words that require a dictionary nearby.
I just wanted to get a general understanding of money and the Federal Reserve from a source I trust and admire - Milton Friedman. I don't mind facts and figures but I resent writing that forces me into hard labor to decipher the meaning. I think good writing is communicating in the simplest way possible, not in trying to impress the reader with the author's vocabulary and ability to construct impenetrable, wannabe-sophisticated, long, compound sentences.
Don't get me wrong, I'm an engineer and I've got a decent vocabulary and fairly decent language skills.
I've found the books by Murray N. Rothbard to be much easier to read than this book though not as easy to read as I would like. I'm still looking for the perfect monetary history/economics book. I hope there's one out there somewhere.
Negative Review Missed the Very Point of the Book.......2003-08-21
I read the reviews and found them helpful, but the unnamed reviewer that attributed the Great Depression to causes totally other than this book cites, and bashed Friedman as "not having a leg to stand on" concerned me because it seems the reviewer missed the very point of the book. Nobel prize winning economist Milton Friedman and his co-author undertook the monumental work of tracing money supply for each year for nearly a century. In doing so, they did the staggering amount of work required to show all of us something very powerful. To say they don't have a leg to stand on is disconcerting because it seems to indicate a review without a reading, or at least understanding. Obviously the Great Depression was the result of of complex interactions within the economy. What Friedman tries to do is show us the EMPIRICAL evidence for interaction between a contracting money supply and a worsening economic situation, and a steady money supply and a bettering economic situation. The Great Depression may have come about because of arrogant decisions and cascading failures, and those who decided to contract the money supply evidently were a very important trigger. I can say "evidently" because Friedman's research gives us the chance to observe the evidence for ourselves. To have advanced our knowledge of economics in a practical way, to have given useful facts for fending off depressions, is a gift. That's why this book will remain a watershed work in the history of economics.
Customer Reviews:
Good Resource for Building a US Type Set.......2007-01-22
US Type sets are a great way to learn about the history of the United States through its coins. This book is a great resource for learning how to compile said type set. The first ~50 pages are spent on a history of the US through its coins, history on the most famous set of all time (Eliasberg), some practical notes on grading (though if you really want a detailed resource on how to grade coins, you should look elsewhere), and then several pages on what to consider when assembling a US type set - such as by metal, everything but gold, just gold, how many varieties to include, etc.
The bulk of the rest of the book is devoted to describing almost all types of US Coins that have been minted since 1792 (including the 1792 pattern half disme). Before each major type (such as half cents, large cents, small cents, etc.), a few pages are spent with an overview of the series, tips on collecting a type set with those coins, and then information on going "beyond a type set," in other words, what issues you may encounter if you want to assemble a set of all the coins in that series by date and mintmark.
Then, almost all types are subsequently descirbed with full-color pictures, mintage information (e.g. 158.1 billion Lincoln memorial reverse bronze coins were struck), basic information, a "key to collecting," and "aspects of striking and appearance." It also has suggested grades to shoot for based upon three budget tiers. It then has tables of approximate market value at time of print (2004) by grade, certified population reports and approximate field population, and then market price performance for the last 60 years in decade intervals, which show how the value at (usually) 3 grades has changed (making you wish you bought back in 1950).
Overall, if you want a general resource/guide to collecting type coins from 1792-2004 (I assume an update will be published within the next few years to account for the remaining Statehood Quarters, Jefferson 2005 reverse and obverse and the 2006 Jefferson obverse, and the new Presidential Dollar Series), this should be on your shelf. If you are an experienced numismatist, you may find much of it elementary, but still worth buying for the history section in the beginning and the relatively comprehensive data for each type.
A great way to start a type collection........2006-11-10
If you want to start a "type collection" of US coins, this is the place to start. This book gives you the information that you need to get started. It also give you the price information that you need to make informed buying decisions. The history and other information will be extremely usefull to collectors that are new to this hobby. If you are a more experienced collector, the detailed numerical information will be a be help in improving your collection.
Product Description
In this beautifully illustrated book, two of Americas best-known numismatists take the reader on a personal guided tour of our nations greatest currency notes. Theyre all inside: the Lazy Deuce, the Tombstone Note, the Buffalo Bill, and more. Youll see some familiar faces, such as Abraham Lincoln, George Washington, and even Santa Claus... and meet some unique and colorful characters like the mad Emperor Norton. Battleships and locomotives, Army officers and Indians, politicians and polar bearsall these and more await you among the 100 Greatest American Currency Notes. By Q.David Bowers and David M. Sundman. Forward by Chester Krause and Clifford Mishler
Customer Reviews:
100 Greatest American Currency Notes.......2007-03-21
This is an incredible book to have in your library if your a collector of U.S. Paper Currency or not. Stunning pictures of each of the notes this book goes into great detail in discussing. I have this book and the 100 Greatest U.S. Coins book sitting out in my livingroom for all to see and everyone who has stopped by can not help but pick up these books. Then the oh's and ah's start pouring out !!! Absolute incredible book to have in anyone's private library without a doubt.
Is as expected but have not proof read it to date.......2007-01-10
CS:
I received this book and believe it is as expected. Price is at FMV (Fair Market Value). I have not yet proof read it but what I have seen it makes a great reference for those who collect currency. However, it would have been helpful to include the Friedberg number in the Appendix along with the description. Yes, this number can be variable but you have included prices that are also variable and approximate. It may have been better to give a ratio(range)year column price divided by the face value of the currency.
Simple & Informative Book.......2007-01-05
This book was exactly what I expected. Good photos and stories behind 100 of the most famous notes in history. Great as a reference or as a coffe table book.
A Rare Book.......2006-09-11
It is the rare numismatic book that is educational AND entertaining. This book is one of those rare books.
I wrote a review of this book for the Bank Note Reporter, the newpaper for collectors of paper money. I have included an only slightly altered version of that review below.
My best purchase at the Chicago Paper Money Exposition was a copy of the new book 100 Greatest American Currency Notes by two of my favorite numismatists--Q. David Bowers and David M. Sundman. Chet Krause and Cliff Mishler wrote a foreword for the book making that four of my favorites all in one book. No, that is not right. Tom Denly was something called valuations editor for the book so that makes five of my favorite--and greatest--numismatists all in one volume.
In short, the book is beautiful to behold and a joy to read. That sums it up quite nicely, but I do have a lot more to say about it. I feel that I am particularly qualified to do this because I had started a book with exactly the same premise. I still have my notebook with my work. That means that they stole my idea! Of course that is easy to say after they have completed their work and I only have a notebook. It is also untrue. The original idea was Jeff Garrett and Ron Guth's popular 100 Greatest American Coins. Imitation is indeed the sincerest form of flattery. I must also say that Bowers and Sundman did a far better job than I would have done (not that I did not have a few enhancements).
The basic premise of the book is to select and discuss the 100 greatest American notes. The authors have done this admirably. The basic methodology was to survey a wide group of dealers asking them to list what they considered to be the top notes. While the methodology was good and the results were great, my first complaint is that I would have liked to have learned more about the methodology. The authors tabulated the results then provided the discussion. As the creators of this project, they have a greater insight than anyone on the subject. I would at a minimum have liked to read more of their thoughts on the results, but these are small complaints.
If you have not seen the book you can cast a silent vote right now for your top note or top ten. Now that you have done that, you will probably not be surprised that the clear favorite of the survey was the "Grand watermelon" ($1000 Series 1890 Silver Certificate). The authors expected it to be number one and I had it number one in the notes for my book. You have to figure that a note with a nickname like that would come in first or to look at it the other way that a note worthy of being first would have a nick name. Indeed, nine of the top ten have nicknames.
Two pages are devoted to discussing the grand watermelon and each of the top ten notes. Thereafter it is one page per note. This is the meat of the book. Indeed, the book could just as easily have been something like 100 Great Paper Money Stories.
The two Davids excelled in the preparation of the text to describe the notes. They supplemented the illustrations of the notes and their discussions with additional illustrations (some of these of coins (gasp)). Most ot these are excellent and some are great in both content and quality. They are a highlight of the book. This seems to be an appropriate place to mention the superb quality of book production. It is color throughout and truly excellent. My one complaint is that the book is in a large format 10 x 12 inches. Many people will consider this a feature. Authors (including me) like these large formats, but they are harder to read. They look great on the coffee table, but are difficult to handle curled up in a chair or in an airline torture seat.
I did not know that the watermelon description of this note could be traced back to an 1891 newspaper story. Perhaps I had read this before, but if I had, I had forgotten it. The entire quotation from the paper is included. From the footnotes at the back of the book I learned this interesting tidbit. The quotation is "From an 1891 clipping, no day date, in a scrapbook compiled in 1891 and 1892 (now owned by Q. David Bowers)." I found many of the notes worth reading.
Each entry includes a box with "historic Market Values" and "Commentary on Value." This is the work of the valuations editor. This book is not a catalog of values (I like that), but the inclusion of this information is interesting in its own right and is nice balances with the text and graphics. When I was working on my project, I had not thought of anything like this.
Number two in the survey is the $500 national bank note. It is a good and obvious choice. It was also number two on my list.
The third note in the survey is Massachusetts Bay Colony 5-shilling notes of December 10, 1690. It is the first government-issue American paper money (according to Eric Newman). Among other interesting (amazing) things that I learned in this entry is that in the 17th century the annual calendar ran from March 25 to March 24. I also learned that the unique example of this note resides in the Essex Institute, Salem, Massachusetts. That is certainly an appropriate city. I wonder if the note is on public display.
The balance of the top ten are very interesting indeed. Instead of being great rarities they are dominated by relatively common notes and certainly are affordable in circulated grades to most collectors. The one exception is number eight, the "Spread Eagle Note" (Series of 1862 and 1863 $100 Legal Tender note).
The others are respectively in positions four though ten (except eight): Lazy Deuce ($2 National Bank Note), $5 Educational note (Series of 1896 Silver Certificate), and Bison Note" (Series of 1891 $10 Legal Tender note), $1 "Educational Note (Series of 1896 Silver Certificate," $20 "Technicolor note" (Series of 1905 Gold Certificate, and the "Indian Chief" (Series of 1899 $5 Silver Certificate).
The other ninety notes include a wide array of interesting and historical notes. The entry on every single one is worth studying, but to me the most interesting (especially for discussion here) are those that might not be obvious choices.
United States fractional notes get two entries on the list. Interestingly, number 14, the fractional currency shield, is not a note at all, but a virtual collection of notes. Having said, that I think that it is a good choice.
Four Confederate notes make the list with several of them having nicknames (the Indian Princess and Montgomery notes (two denominations making the list)).
That vast, amorphous, and ill defined area known as obsolete notes are also included. Numbers 23 and 24 are Santa Clause notes and polar bear notes even though they are more categories than actual notes. Again, I think that they were good choices.
I was pleased and even a little surprised to see both World War II issues (Hawaii and North Africa) make the top 100. They won their places because of their extraordinary historical reasons for issue.
These various categories of notes included in the book are the apparent reason for the awkward book title. I offer this criticism with respect because I struggled with this problem in my unversion of this book. If you say United States notes you probably should not include Confederate notes. Colonial and Continental notes would not really fit. "Obsolete" notes would be in doubt too. Even American notes (as chosen) presents some problems. Does American include Canada? Mexico? I do not like the term currency notes, but I understand the problem. Bank notes does not fit because most of the notes selected were not issued by banks under any definition. Many people (unfortunately) would simply say currency but that is a very bad choice because currency is coins and paper money. In most constructions paper money does not work (100 Greatest American Paper Money). Even notes has some problems. Certainly, national bank notes are notes. but are silver and gold certificates notes? In the final analysis, having said that I do not like what we was used, but I do not have a better title.
I love the book, but I disagree with some of the choices. That is one of the wonderful aspects of books of lists. They are certain to generate discussion if not controversy. I was surprised that no error or star notes made the list. I can understand that they can be excluded as being sort of varieties of other issues, but, still, I think that a token from either or both of these categories could have been included.
You will probably not be surprised that I think that a military payment certificate should have been on the list. Having said that, I should be prepared to tell you which one. I gave that considerable thought in my work. I considered the unknown replacements and the unique replacements. Of course there is the Series 541 $5 with its attractive design and world record price history. I thought about the unique specimen booklets for Series 541 and 591. I really liked them because they have nicknames ("Comptroller Booklets"). Finally, I decided that the best choice would be the unique specimen and progressive proof set of Series 661. It does not have a widely recognized nickname, but it is still a good choice. I had a brief exchange with Tom Denly on this very subject after drafting this review. He said that he thought that if an MPC were to be included, it should be something like a Series 692 $10 or $20 because they would be very recognizable and would also be collectible. I like his thinking!
There are other good features good features of the book that I have not mentioned. The formatter is all quite good. You can imagine my surprise at finding my name mentioned. Earning that honor as an old timer (my term) is a double edged honor. The selected bibliography and recap of the top 100 in an appendix are also useful.
I expect that this will be a very successful book, just as the Garrett-Guth version on coins was. Can it generate more spinoffs like the 100 Greatest World Notes, or even the 100 Greatest National Bank Notes? I doubt it, but I would love to have both of those in my own library.
If it is not obvious, I highly recommend 100 Greatest American Currency Notes by Q. David Bowers and David Sundman. It was published by Whitman Publishing and should be available wherever numismatic books are sold and even in many book stores at around $30.
Book Description
When Washington Shut Down Wall Street unfolds like a mystery story. It traces Treasury Secretary William Gibbs McAdoo's triumph over a monetary crisis at the outbreak of World War I that threatened the United States with financial disaster. The biggest gold outflow in a generation imperiled America's ability to repay its debts abroad. Fear that the United States would abandon the gold standard sent the dollar plummeting on world markets. Without a central bank in the summer of 1914, the United States resembled a headless financial giant.
William McAdoo stepped in with courageous action, we read in Silber's gripping account. He shut the New York Stock Exchange for more than four months to prevent Europeans from selling their American securities and demanding gold in return. He smothered the country with emergency currency to prevent a replay of the bank runs that swept America in 1907. And he launched the United States as a world monetary power by honoring America's commitment to the gold standard. His actions provide a blueprint for crisis control that merits attention today. McAdoo's recipe emphasizes an exit strategy that allows policymakers to throttle a crisis while minimizing collateral damage.
When Washington Shut Down Wall Street recreates the drama of America's battle for financial credibility. McAdoo's accomplishments place him alongside Paul Volcker and Alan Greenspan as great American financial leaders. McAdoo, in fact, nursed the Federal Reserve into existence as the 1914 crisis waned and served as the first chairman of the Federal Reserve Board.
Customer Reviews:
Great read.......2007-08-30
This book is a great read. The topic is fascinating (to me, at least). Some of the material is a bit intricate, but the author does a great job of explaining it. He liberally uses footnotes to explain details which to an economist might be pedestrian but to a lay person such as myself are not obvious. (One ongoing topic is the exchange rate between pounds sterling and dollars, and how that relates to the price of gold and the cost of shipping gold between the UK and the US. He does a great job of walking the reader through the process and the arithmetic.) I highly recommend this book, and particularly recommend it to anyone who wonders what the Federal Reserve Board really does.
Fascinating history of how the U.S. became the world's financial leader.......2007-03-30
In Kazuo Ishiguro's novel The Remains of the Day, a blue-blood guest unmercifully grills James Stevens, the head butler at an English estate. The pompous guest is trying to demonstrate that uneducated people should not have the vote. "My good man," he asks, "do you suppose the debt situation regarding America is a significant factor in the present low levels of trade? Or...is the abandonment of the gold standard...at the root of the matter?" Stevens, aware that the question is meant only to baffle him, replies that he has no idea. Poor Stevens! Anyone without a degree in international finance would have an equally difficult time answering such an abstruse question. That's why this intriguing business history book by William L. Silber is so worthwhile: He brings global finance to life by spotlighting America's 1914 money crisis and by explaining how then-U.S. Treasury Secretary William McAdoo used this portentous episode to establish the nation's financial supremacy. We suggest you read this illuminating work of economic history to understand the seminal events that established U.S. monetary policy.
Customer Reviews:
Great History Reference, but not a good currency reference book.......2007-05-01
if you are looking for a great history reference that shows how paper money fits into the history - this is your book, Mr. Bowers does a great job in researching his history and he shows how the currency and banking fit.
If you are looking for a good paper money reference, you will find this book very frustrating to use. As a paper money reference I thought it to be very disorganized and frustrating for me to use. BUt this book is still a great addition to my library.
Coverage of Northeast states like Maine, was excellent and probably better done here than elsewhere.
What I can't understand is why Mr. Bowers tries to do everything, when there are still books needed in areas where he has the most expertise.
I liked the book.
Solid foundation for beginning collectors.......2007-02-12
Bowers has compiled a substantial body of material that traces the evolution of American currency from the wampum used by native Americans and early settlers to the broken bank notes that effectively disappeared after the Civil war. Even a tome this size is unable to cover that much ground in any real depth, but Bowers makes intelligent decisions about when to go into depth and when to trace the superficial edges. On the whole, this is an invaluable resource for the beginning collector who wants a lot of information in a single place.
A Great History Book.......2006-12-29
This book is not your typical data book with only pictures and current values for each note (such as Haxby, etc). It is a history book of many notes issued in the United States. It covers the years 1782 - 1866 and is mainly focused on "obsolete notes."
For those who only collect notes as a commodity, this is not the book for you. For those who collect to own a piece of history, this IS a great book for you. Given the large task that the author had, he has done a very nice job. If he were to cover every detail of every note, he would never finish. However, the final work is very nice!
I give it 4.5 stars and not 5 because he did not (and could not) cover all notes and history.
Product Description
Building on the comprehensive scope of the classic Friedberg text, Q. David Bowers has written a definitive history of paper currency of the United States. Every federal note--from the ultra rare Demand Notes of 1861 to the lunch money in your wallet today--is described in detail. Bowers' engaging narrative captures the romance and history of American paper money, and also explores recent developments in the hobby and market. Combining the hobby-standard Friedberg numbering system with retail prices and hundreds of color and black-and-white photos, this book promises to be a standard reference for years to come.
Customer Reviews:
A Guide Book of U. S. Paper money.......2007-10-05
This is good book about our money and is very educational.
Well worth the price.
Comprehensive & useful info.......2007-05-13
This book provides comprehensive and useful information. The valuations cover different seals, mints, signatures, and star notes. The book also includes some information about the history of each note. It is easy to find information and lookup valuations. The only negative is the black & white photos make it a little harder to distinguish between different seal colors when looking up info.
Guide Book of U.S. Paper Money: A Complete Source .......2007-03-21
This is a very nice book to have in anyone's private library. When I say this book has everything I really mean it. History, grading, pictures and pricing of each and every note ever printed in the United States. I use this book everyday for one thing or another. If your looking to add another reference book to your library or looking for a reference book that has everything then this is defintiely the book for you !!! Not only do I use this book to reference notes for their values but I enjoy sitting around reading the stories in this book about the different notes.
I use this book frequently for reference.......2006-11-08
This book is up to date and very helpful.
Book Description
Few objects in history tell a tale that can match this one coin's for drama and sheer improbability.
Stolen from the U.S. Mint in the depths of the Great Depression, shipped via diplomatic pouch to Egypt, hidden for forty years, seized in a 1996 government sting at the Waldorf-Astoria, and finally sold in a record-setting auction….
One coin, for years the only known 1933 twenty-dollar Double Eagle in the world, has inspired the passions of thieves and collectors, lawyers and charlatans. Its extraordinary story winds across seventy years and three continents, linking an almost unbelievable cast of characters: Theodore Roosevelt and a Philadelphia gold dealer with underworld connections; Egypt's King Farouk and an apple-cheeked Secret Service agent; London's most successful coin dealer and a retired trucker from Amarillo.
Alison Frankel's stylish narrative hums at the pace of a thriller. Her meticulously researched descriptions and vivid character studies bring the coin's history to life and illuminate the world of coin collecting, where the desire to possess often borders on madness. 8 pages of illustrations.
Customer Reviews:
Wonderful story.......2007-07-26
This book is truly terrific, thoroughly engaging. One can tell the author went to great lengths to find out every little detail because there are no real gaps in a story that spans over 7 decades. Just a delight to read.
a breathtaking read.......2006-09-09
'Give us a coinage that has some beauty', ordered president Theodore Roosevelt at the beginning of the 20th century. Artist Augustus Saint-Gaudens provided the winning 'Double Eagle'-design. It was converted into a golden 20 dollar piece.
445,500 Of these coins were inscripted with '1933'. As their production coincided with the abandon of the USA's gold standard, they were never issued. A few years later these 1933-coins were melted into golden bars. Nevertheless some estimated 10 copies turned up afterwards, being illegal by US government standards.
Following their whereabouts, gradually narrowing her investigations to just one piece, Alison Frankel takes us on a breathtaking journey. It leads from the monetary politics of president Franklin Delano Roosevelt to the abundant wealth of Egyptian king Farouk; from dusty small towns in Texas to New York and London; from simple, low-paid mint-employees to top legal specialists; from honest, hard-working people via the US secret service to mafia-related criminals. In all providing a clear insight in the international coin-trade throughout the 20th century.
The story finishes with an irresistable climax: on July 30, 2002, the 'Double Eagle' was auctioned off in New York for a net-price of $ 6,6 million. Thus becoming the most expensive antique coin in the world.
Well-researched and well-written, Alison Frankel's book will leave you breathless.
Who knew?.......2006-06-13
Wow, who would have imagined that the world of coin collecting would be inhabited by the quirky collection of characters in this intriguing book? I loved the mystery of the story and the surprising and true journey of the double eagle. The book is very well written in a style that is both hard to put down and fun to read. I enjoyed the history of early twentieth century coins. The legal maneuverings in the story are great!
Read this book!
Gripping, factual and extraodinarily well written........2006-05-26
This is by far the better of the few books about the chicanery, sneeky dealings and inevitabe "sting" surrounding the 1933 $20 Saint Gaudens. The author wastes no time jumping into the thick of things and every page is full of insight and great reading. There's no fluff in this book, it's cover to cover great "stuff"....the players, the government, the mint officials and the setup man, Izzy Switt are all followed in a way worthy of a murder mystery. What's also great is that inasmuch as this will appeal to the general public, it's really appealing to coin collectors because of the author's research into the inner dealings of the coin world. One coin...one incredible non-fiction novel!
This Real-Life Detective Story Is On the Money!.......2006-05-25
I know nothing about coin collecting, but I bought this book on a whim -- the cover is striking -- and read the whole thing the first night. King Farouk, Teddy Roosevelt, obsessed Secret Service agents, shady coin dealers, clever lawyers... this book has it all, and I just couldn't stop reading until I finished the whole thing. Double Eagle is so much more than the saga of a gold coin. It's a compelling narrative, a fascinating work of history, an incisive study of collecting mania and, most of all, a thriller that ends with a twist that will shock you. I'd give it six stars if I could.
Customer Reviews:
Provides interesting & braod information.......2007-05-13
The book takes you through a tour of US mint & coin history. The information is more broad than deep. It provides lots of interesting information in small chunks. Each writeup is 1-6 pages in length centered around a particular mint, person, coin, or event. I really enjoyed this book.
Customer Reviews:
A Must Have Guide Book for Anyone Interested in Double Eagle Gold Coins.......2006-09-10
Dave Bowers has shown us all once again his superb writing skills and in-depth Numismatic knowledge with this fairly new release on what just may be the worlds most popular gold coin, the US Double Eagle. All that is missing from this superb date by date analysis of the US double eagle gold coins guidebook is up to date pricing information, which of course has seen many changes ( most to the upside) since the release of this book.
Whether you are investing in these coins or collecting them , this is one of the guidebooks you need to study this facinating and important series of US gold coins. As a professional coin dealer and specialist in double eagles, I recommend this book to anyone with an interest in these coins. Buy the book before you buy the coins!
Book Description
Since shortly after the end of the Civil War, genuine Confederate paper money has been the subject of much research. While a number of publications are available today that describe and catalog the genuine currency, the availability of published information on its counterfeit counterpart is limited. What is available is somewhat incomplete, inaccurate and general in scope. This work is specifically concerned with the counterfeit currency that was produced and passed with genuine Confederate paper money during the Civil War years.
The first part of the book is an historical narrative that discusses the events and people involved in the production and passing of counterfeit currency, and the countermeasures of the Confederate Treasury Department to protect its already weak medium of exchange from losing even more value.
The second part of the book is an illustrated catalog that presents descriptions of all known examples of counterfeit Confederate currency. Over 180 illustrations are included and show most of the counterfeit notes. The appendix provides a brief, nontechnical explanation of the printing processes—relief printing, intaglio printing, and lithography—used in the mid-nineteenth century to manufacture counterfeit currency.
Customer Reviews:
Long Overdue.......2004-07-25
As a collector and student of Confederate currency, the availability of information on the contemporary counterfeit versions of the genuine currency was clearly lacking. This book provides a very helpful background and catalog. It fills in many of the blanks on the subject.
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