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PostPosted: Mon Feb 19, 2007 1:13 pm 
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http://research.stlouisfed.org/publicat ... 9805ar.pdf


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PostPosted: Sat Mar 03, 2007 11:23 pm 
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Anyone with an interest in obsolete currency should read this eBook. The first part, in which the story of the bank's redemption policies is relayed, gives some very interesting insights into how banks managed the problem of accepting and clearing each other's currency. Of course, the telling of this tale has a point... and that point is that the authors believe that currency clearing is a naturally monopolistic activity. That said, I found it fascinating to learn about the way the system worked in New England, and to read about the methods and means of maintaining currency value, bank profitability, and customer confidence.

- Greg


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