English to Italian Bus/Financial Finance (general) Politics, Political Economy

Contesto 1)

When a citizen came in to deposit their coins for storage, the goldsmith would hand the depositor a paper receipt as proof of their deposit. So, if a customer deposited $1,000 in gold coins, they were given a receipt (or receipts) valued at $1,000 worth of gold. These receipts were marked “payable on demand,” meaning anyone, at any time, could come in and exchange the receipts for gold. Because the receipts were literally as “good as gold,” citizens began accepting them as payment for products and services. From that point forward, the receipts became a new form of money: ***receipt money***. Though the receipts were only made of paper, each one was 100 percent backed by gold (or sometimes silver) and, therefore, each receipt was a legitimate form of paper money.


Contesto 2)

Few realize that money comes in many different forms. A basic list would include commodity money, ***receipt money***, fractional money, fiat money, and debt money


Grazie!