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QUESTION: Marty, I found your passing comment on cash-like coupons by private stores becoming cash in the digital world. Could you elaborate?
thank you as always
BK
ANSWER: Aside from the ancient Roman prostitute token, we have often found private tokens emerge as money during periods of shortages in physical money. The Roman Emperor Tiberius (14-37AD) was notoriously frugal. Where his predecessor Augustus (27BC-14AD) minted coins like no other emperor with so many varieties well over a 100, Tiberius reduced everything to two designs and cut the money supply. He ended up creating a
Financial Panic of 33AD which was also a shortage of cash like during the Great Depression.