It's the greenback's birthday, says the Financial Times. Actually, August is the birthday of Chase's Demand Note, with the greenback's birthday happening in February. But you wouldn't expect the Financial Times to know arcana like that.You would expect them to know July from August.
"Today, the greenback is the primary reserve currency, largely due to tradition and lack of alternatives," says the Financial Times. Actually, it's the reserve currency because all oil trades must be settled in dollars, and everyone buiys oil, and when oil is no longer traded in dollars, it will not be the world reserve currency for even one more day.
Of course, you wouldn't expect the Financial Times to know arcana like that.
Oddly enough, the U.S. silver dollar coexisted with the paper dollar in 1862 but was scarce due to hoarding and a limited run.
Louisiana and the CSA struck many more silver half dollars (pictured) using silver expropriated from the U.S. New Orleans mint. Note the liberty cap!
These half dollars, struck in their many thousands, would have gone into hiding as Jeff Davis cranked up the mint's printing presses.
Gresham's Law is, after all, a law and it applied to both sides of the political divide.
