Individuals with counterfeiting talent: call it whatever - "Rugged individualism," "entrepreneurship," "the spirit of confusion" - Americans have indulged in counterfeiting, or indulged the perpetrators, to a degree that surprises observers both(prenominal) in this country and abroad. The idea of a lone mechanic recreating intricate currency designs strikes the American fancy as, somehow, deserving of his contaminating gains. Even the counterfeiter's opponents wax romantic about his persona, as watchman this passage from Allan Pinkerton (of the "Pinkerton Detectives" fame) in Thirty Years A Detective, bewailing the death of counterfeiting "auteur" Pete McCartney in 1890:
He was not an ordinary man, and when he disappe atomic number 18d suddenly, it was as if some great wreck had gone down at sea.
Be that as it may, the actual process of counterfeiting revolves around something distant less attractive: fraud. The basis of the counterfeit item is that something of little cheer is presented as something it is no
Dorman, Michael. The concealed Service Story. New York: Delacorte Press, 1967.
As can be quick ascertained, currency counterfeiting in America remained a profitable green light only so long as coins themselves contained metal of inalienable value to their designated price. In 1853 that situation began to change: the "reduced-value" coin was introduced into circulation by the United States federal politics.
Also known as " legate value" currency, the concept behind the reduced-value coin follows the logic that the disposal issuing said coin admits readily that it is not comprised of metals rival to the value designated by its stamp; instead, the coin simply represents the value of metals that the government holds in reserve (gold, silver or both, depending upon the standard) - and, theoretically, the government can redeem its coin for that valuable metal if called upon to do so. Fort Knox is the famous repository of United States gold reserves, secured scarcely for that purpose. As can be imagined, when the metal comprising a coin is virtually worthless by itself, sweating, filling, plugging, and so forth are counterfeit techniques that yield no profits.
Up until this century, most mintage was a simple extension of the barter valuation: a gold coin worth one dollar, for example, contained one dollar's worth of gold (plus the value of its alloy, if any). The act of minting a coin - silver, gold, tomentum - was an act of identification. Practically speaking, one could melt down a coin and use it in ingot form for the uniform purpose as the coin. Many people did. Governments quickly unsounded that power resided in control over the state's treasury: armies were paid, policy-making support purchased, enemies bought off - all from the gold, silver and copper that the swayer controlled. Wars were fought for more coin - the Keynesian concept of "deficit budgeting" is a 20th century invention - because there was physical specificity to the aggregate of weal
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