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The E-Sylum: Volume 11, Number 8, February 24, 2008, Article 6 NEW BOOK: BIOGRAPHY OF THE DOLLAR BY CRAIG KARMIN [Tom Fort forwarded this review of a new book from The Economist. Written by Craig Karmin, the book is "Biography of the Dollar: How the Mighty Buck Conquered the World and Why It's Under Siege." The review opens with an anecdote about the BEP's Mutilated Currency Division. -Editor] A man's angry wife once ran $30,000 of his life savings though a paper shredder. Fortunately the nest-egg was in dollars and help was at hand in a little-known corner of America's federal bureaucracy. Since 1862 the Mutilated Currency Division of the Bureau of Engraving and Printing has pieced together partially destroyed American currency. So long as 51% of a bill remains and can be proved genuine, Uncle Sam will refund its full value. With magnifying glasses, tweezers, scalpels and many gallons of disinfectant, the mutilated-currency specialists can spend up to two years analysing a single bill. "We don't care if it was in a fire, buried underground or water-damaged," says one. "Maybe your dog ate it. Came out the other end. Clean it up a bit. We'll take care of it." In 2006 the currency forensics handled about 20,000 cases and sent out cheques worth $66m. This tale is one of the many fascinating titbits that Craig Karmin, a reporter for the WALL STREET JOURNAL, has compiled in his "biography" of the dollar, a book that tells the story of America's national currency. The approach is partly historical. Mr Karmin describes the dollar's wild youth. In the era of free banking between 1837 and 1863, for instance, more than 700 banks could issue their own notes, and as many as one-third of all bills were fake. He documents the greenback's gradual rise as an international currency after the creation of the Federal Reserve in 1913, and its global dominance after the second world war. It is a series of lively stories, full of first-hand reporting, deftly woven together. You meet the hedge-fund honcho whose firm is one of the world's biggest currency-trading specialists; the Ecuadorean hotelier who had to change everything after his country dollarised; the president of an online bank that offers Americans foreign-currency accounts. Mr Karmin has not written an important book about the dollar but he has written a jolly entertaining one. To read the complete article, see: Full Story Wayne Homren, Editor The Numismatic Bibliomania Society is a non-profit organization promoting numismatic literature. See our web site at coinbooks.org. To submit items for publication in The E-Sylum, write to the Editor at this address: whomren@coinlibrary.com To subscribe go to: https://my.binhost.com/lists/listinfo/esylum | |
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