History of Money, 1504 1681
Henry the VII Issues Shillings
The English shilling has been a unit of account until Henry the VII issues shilling coins.
Henry VIII gives in to usury
King Henry VIII comes to power and relaxes the laws regarding usury. The money changers gold and silver coins became plentiful.
Copernicus, The first economist?
The great astronomer Nicholas Copernicus writes in his "Treatise on Debasement"" that it is the total number of coins in circulation not the weight of the metal they contain that determines the level of prices and the buying power of currency.
Incas have no money
Pizarro goes to Peru and conqueres the Incas. He finds that they have no system of money. Their rigid system of government eliminated the need for money. Pizarro eliminated the Incas.
The money changers have a fit
Queen Mary I takes the thrown in England. A staunch Catholic, she tightened the usury laws and the money changers withdrew their gold and sliver coins from circulation and caused the economy to collapse.
Queen Elizabeth I takes control of English money
Queen Elizabeth I succeeds Queen Mary I and decides to issue her own gold and silver coins through the public treasury. This was successful and the economy flourished.
England invents the Poor Law
England introduces a poor law. (i.e. a law about the poor, England already had it's share of not very clever laws).
The stage is set for the worlds destruction
The first central bank is established in Amsterdam.
The bankers fund a revolution, it won't be their last
Oliver Cromwell is financed by the bankers and foments a revolution in England. After much bloodshed, Cromwell purges the parliament, overthrows King Charles I and puts him to death in 1649.
The first check doesn't bounce
The earliest cheque is issued in England for 400 pounds. It orders London goldsmiths Morris and Clayton to pay Mr. Delboe.
New England ceases to use wampum as legal tender but it exists in other parts of America for another 200 years.