Eugene Coyle wrote: > ... Banks used to > print up bank notes and ship them by wagon to some far off state, hoping > they would never come back to be redeemed for anything. Publishers put out > reports of what a particular bank's notes were really worth. A merchant > needed those reports before turning over goods in exchange for paper money.
Based on these reports, notes from bad banks were "discounted." In practice, they might be worth pennies on the (notional) dollar. -- Jim Devine / "Nobody told me there'd be days like these / Strange days indeed -- most peculiar, mama." -- JL. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
