Birmingham Button Makers, the Royal Mint, and the Beginnings of Modern Coinage

Selgin's economic history of English coinage during the early stages of the
Industrial Revolution traces and explains the love-hate codependency of business
and government. Basic scenario: early manufacturers needed small denomination
currency to pay their workers, but the Crown failed to mint enough. This shortage
threatened industrial progress (and profits) so owns began minting their own
"tradesman's tokens." Eventually the Crown tired of the competition and
criminalized such currency.

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