Coins Replace Bank Notes in Circulation - NumisMaster
Sep 29
At one time when coins were specie (valued at their precious metal content) rather than fiat money (accepted in commerce only due to the public’s trust in the domestic economy and government issuing the coins) coins rather than bank notes dominated the currency landscape.
Following first the demise of gold coins and then silver coins in circulation during the 20th century, all coins increasingly became relegated to the function of small change, while bank notes flourished.
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Filed in: Coin Collector Education, NumisMaster
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