Company scrip is scrip issued by a company to pay its employees. It can only be exchanged in company stores owned by the employers. In the UK, such truck systems have long been formally outlawed under the Truck Acts. In the United States and logging camps were created and operated by a single company; these locations, some quite remote, were cash poor. With this economic monopoly, the employer could place large markups on goods, making workers dependent on the company, thus enforcing employee "loyalty". In 19th century United States forested areas, cash was hard to come by; this was true in lumber camps, where workers were paid in company-issued scrip rather than government issued currency. In Wisconsin, for example, forest-products and lumber companies were exempted from the state law requiring employers to pay workers' wages in cash. Lumber and timber companies paid their workers in scrip, redeemable at the company store. Company-run stores served as a convenience for workers and their families, but allowed the companies to recapture some of their labor expenses.
In certain cases, employers included contract provisions requiring employees to patronize the company stores. Employees who wanted to change their scrip to cash had to do so at a discount. Lumber company scrip was redeemable in lumber as well as other merchandise. According to the Wisconsin Historical Society, such an option may have appealed to new settlers in the region, who worked in the lumber camps in winter to earn enough money to establish a farm. Taking some of their wages in lumber may have helped them build a much-needed house or barn. Coal scrip is "tokens or paper with a monetary value issued to workers as an advance on wages by the coal company or its designated representative"; as such, coal scrip could only be used at the specific coal town of the company named. Because coal scrip was used in the context of a coal town, where there are no other retail establishments in that specific remote location, employees who used this could only redeem their value at that specific location.
As there were no other retail establishments, this constituted a monopoly. The country musician Merle Travis makes a reference to coal scrip in the song, "Sixteen Tons" on the Folk Songs of the Hills album and made famous by Tennessee Ernie Ford; the practice has been documented as as 2008. On September 4, 2008, the Mexican Supreme Court of Justice ruled that Wal-Mart de Mexico, the Mexican subsidiary of Wal-Mart, must cease paying its employees in part with vouchers redeemable only at Wal-Mart stores. Company town Truck system Private currency Disney dollar Harte, C. J. "Coal mine scrip collectors to meet". Middlesboro Daily News. Retrieved July 21, 2012. Cawood, past president National Scrip Collectors AssociationScrip Definition
In numismatics, the term milled coinage is used to describe coins which are produced by some form of machine, rather than by manually hammering coin blanks between two dies or casting coins from dies. Until 1550, coinage techniques used in European mints had not progressed from the hammered coinage of Ancient Greece; this was problematic because an increase in the supply of bullion from central Europe and America was overworking mints. That led to low quality coins which were forged or clipped, i.e. precious metal was shaved from the edges of the coins. In accordance with Gresham's law, the clipped and forged coins drove good coins out of circulation, depreciating the currency. Leonardo da Vinci's notebooks showed there was a better way and Donato Bramante, the architect who made the initial plans for St. Peter's Basilica, developed a screw press to make the lead bulla attached to Papal documents. In 1550, the French ambassador to Augsburg, Charles de Marillac, saw a way for France to get an economic advantage over the Holy Roman Empire when he learned that a local engineer had perfected a mechanical process of rolling bullion to the required thickness, cutting blanks from the rolled metal, striking coins from those blanks.
This technology was more advanced than the general manufacturing processes of the sixteenth century making the coins difficult to counterfeit. The negotiations which obtained rights to the process for France were so secret that the inventor was identified with a codename, but he was most Marx Schwab. Aubin Olivier went to Augsburg to learn the technique and Henry II of France made him chief engineer of a mechanized mint in Paris, called the Moulin des Étuves, on 27 March 1551; this mint produced well-struck and round gold and silver coins. Having round coins made it easy to detect clipping, but the coiners establishment would have none of this and within a decade the Moulin des Étuves’ ex-employees were finding work in Navarre and England. In England, a 1560 proclamation of Elizabeth I exchanged old debased coins for new pure coins; the Tower Mint added machinery to its hammering for this "great recoinage". Eloy Mestrelle did the technology transfer from France but when the great recoinage ended mint authorities found him redundant and in 1578 he was hanged for counterfeiting.
In 1632, Charles I employed another French refugee, Nicholas Briot, to improve coinage standards in both England and Scotland, which had its own coinage until 1707, but the English Civil War ended his machine coinage. Yet another Frenchman, Peter Blondeau, provided machinery for a proposed coinage designed by Thomas Simon with Oliver Cromwell's portrait; the restoration of 1660 ended that, but in 1662 Charles II recalled Blondeau to establish a permanent machine made coinage. He employed a secret process for placing other designs on the edges of coins; the inscription chosen for the edge—DECVS ET TVTAMEN, meaning an ornament and a safeguard—refers to the protection against clipping which the lettered edge provided. In accordance with Gresham's law, the inferior hammered coins limited the circulation of his coins until the hammered coins were demonetized in 1695. Meanwhile, in continental Europe, France readopted machine made coins in 1639. Both machine made and hammered coins continued through the recoinage of French silver in 1641, but this time machine made coinage's time had come and hammered French coinage ended in 1645.
Zurich and Heidelberg experimented with coinage machinery in 1558 and 1567 and the Hall mint in Tirol permanently adopted coinage machinery in 1567. Unlike the screw press used in France and England, Hall used a roller press. Here two cylindrical dies impressed designs on bullion. Coins were cut from the rolled and impressed metal; this technique spread from Hall to Cologne in 1568, Dresden in 1574, Kremnica in 1577, Danzig in 1577, other small mints. Its most significant impact occurred when Philip II of Spain used his personal funds to build a mint at Segovia which used this technique to convert silver from the Americas to coins efficiently; this allowed the king to pay his debts at a better rate. The Segovia mint was owned by the King's Royal House but other Spanish mints, which were run by the National Treasury, continued hammered coinage for decades; the Industrial Revolution shifted the focus of the economy from a rural to an urban, money based, enterprise. The main technology of the Industrial Revolution, the Watt steam engine increased the overall level of economic activity.
Both of these factors increased the demand for money. Factories were financed by introducing paper money and credit, but low denomination coins were required to pay their workers and in England copper coins were scarce. Matthew Boulton had backed Watt's development of the Steam Engine and he used it to power coin making machinery at his Soho Manufactory. Boulton struck coins for the East India Company, supplied steam powered coining machinery to the Moscow mint, manufactured private tokens which circulated in England. In 1797, Boulton received a contract to strike royal British copper coins called cartwheels. In 1805, he received a further contract to supply steam powered coinage machinery when the British Royal Mint left the Tower of London and established a new facility on Little Tower Hill; when Spain introduced coinage to America in 1536, coins were still hammered. The fineness of the silver in this coinage was reduced in 1732 and the Mexico City mint began striking the new coins using machinery.
Other Spanish American mints followed and their thaler size silver coins are known as Spanish Milled Dollars. The Spanish Milled Dollar, i
ISO 4217 is a standard first published by International Organization for Standardization in 1978, which delineates currency designators, country codes, references to minor units in three tables: Table A.1 – Current currency & funds code list Table A.2 – Current funds codes Table A.3 – List of codes for historic denominations of currencies & fundsThe tables and ongoing discussion are maintained by SIX Interbank Clearing on behalf of ISO and the Swiss Association for Standardization. The ISO 4217 code list is used in business globally. In many countries the ISO codes for the more common currencies are so well known publicly that exchange rates published in newspapers or posted in banks use only these to delineate the currencies, instead of translated currency names or ambiguous currency symbols. ISO 4217 codes are used on airline tickets and international train tickets to remove any ambiguity about the price; the first two letters of the code are the two letters of the ISO 3166-1 alpha-2 country codes and the third is the initial of the currency itself.
So Japan's currency code is JPY -- JP for Y for yen. This eliminates the problem caused by the names dollar, franc and pound being used in dozens of countries, each having differing values. If a currency is revalued, the currency code's last letter is changed to distinguish it from the old currency. In some cases, the third letter is the initial for "new" in that country's language, to distinguish it from an older currency, revalued. Other changes can be seen, however. Another example of the third letter not being the initial of the unit's name is EUR for the euro. In addition to codes for most active national currencies ISO 4217 provides codes for "supranational" currencies, procedural purposes, several things which are "similar to" currencies: Codes for the precious metals gold, silver and platinum are formed by prefixing the element's chemical symbol with the letter "X"; these "currency units" are denominated as one troy ounce of the specified metal as opposed to "USD 1" or "EUR 1". The code XTS is reserved for use in testing.
The code XXX is used to denote a "transaction" involving no currency. There are codes specifying certain monetary instruments used in international finance, e.g. XDR is the symbol for special drawing right issued by the International Monetary Fund; the codes for most supranational currencies, such as the East Caribbean dollar, the CFP franc, the CFA franc BEAC and the CFA franc BCEAO. The predecessor to the euro, the European Currency Unit, had the code XEU; the use of an initial letter "X" for these purposes is facilitated by the ISO 3166 rule that no official country code beginning with X will be assigned. Because of this rule ISO 4217 can use X codes without risk of clashing with a future country code. ISO 3166 country codes beginning with "X" are used for private custom use, never for official codes. For instance, the ISO 3166-based NATO country codes use "X" codes for imaginary exercise countries ranging from XXB for "Brownland" to XXR for "Redland", as well as for major commands such as XXE for SHAPE or XXS for SACLANT.
ISO 4217 can use "X" codes for non-country-specific currencies without risk of clashing with future country codes. The inclusion of EU in the ISO 3166-1 reserved codes list, allows the euro to be coded as EUR rather than assigned a code beginning with X though it is a supranational currency; the ISO 4217 standard includes a crude mechanism for expressing the relationship between a major currency unit and its corresponding minor currency unit. This mechanism is called the currency "exponent" and assumes a base of 10. For example, USD is equal to 100 of its minor currency unit the "cent". So the USD has exponent 2; the code JPY is given the exponent 0, because its minor unit, the sen, although nominally valued at 1/100 of a yen, is of such negligible value that it is no longer used. As with the USD, the minor currency unit has a value, 1/100 of the major unit, but in some cases 1/1000 is used, sometimes ratios apply which are not integer powers of 10. Mauritania does not use a decimal division of units, setting 1 ouguiya equal to 5 khoums, Madagascar has 1 ariary = 5 iraimbilanja.
Some currencies do not have any minor currency unit at all and these are given an exponent of 0, as with currencies whose minor units are unused due to negligible value. There is a three-digit code number assigned to each currency, in the same manner as there is a three-digit code number assigned to each country as part of ISO 3166; this numeric code is the same as the ISO 3166-1 numeric code. For example, USD has code 840, the numeric code for the US; the ISO standard does not regulate either the spacing, prefixing or suffixing in usage of currency codes. According however to the European Union's Publication Office, in English, Irish and Maltese texts, the ISO 4217 code is to be followed by a hard space and the amount: a sum of EUR 30In Bulgarian, Czech, Dutch, Finnish, German, Hungarian, Lithuanian, Portuguese, Slovak, Slovene and Swedish
Hammered coinage is the most common form of coins produced since the invention of coins in the first millennium BC until the early modern period of c. the 15th–17th centuries, contrasting to the cast coinage and the developed milled coinage. Hammered coins were produced by placing a blank piece of metal of the correct weight between two dies, striking the upper die with a hammer to produce the required image on both sides; the planchet was cast from a mold. The bottom die was counter sunk in a log or other sturdy surface and was called a pile. One of the minters held the die for the other side, in his hand while it was struck either by himself or an assistant. Experimental archeology suggests that a lower die could be expected to last for up to 10,000 strikes depending on the level of wear deemed acceptable. Upper dies seem to have a far greater range of lives with usable lives ranging from just over 100 strikes to nearly 8000 being reported. Combining archaeological evidence with historic records suggests ancient coin producers could get as many as 47,000 strikes out of an individual die.
In history, in order to increase the production of coins, hammered coins were sometimes produced from strips of metal of the correct thickness, from which the coins were subsequently cut out. Both methods of producing hammered coins meant that it was difficult to produce coins of a regular diameter. Coins were liable to suffer from "clipping" where unscrupulous people would remove slivers of precious metal since it was difficult to determine the correct diameter of the coin. Coins were vulnerable to "sweating", when silver coins would be placed in a bag that would be vigorously shaken; this would produce silver dust, which could be removed from the bag. The ability to fashion coins from machines caused hammered coins to become obsolete during the 17th century, they were still made in Venice until the 1770s. France became the first country to adopt a full machine-made coin in 1643. In England, the first non-hammered coins were produced in the reign of Queen Elizabeth I in the 1560s, but while machine-produced coins were experimentally produced at intervals over the next century, the production of hammered coins did not end until 1662.
An alternative method of producing early coins found in Asia in China, was to cast coins using molds. This method of coin production continued in China into the nineteenth century. Up to a couple of dozen coins could be produced at one time from a single mold, when a'tree' of coins would be produced and the individual coins would be broken off. Milled coinage Ancient Minting Process
In economics, a time-based currency is an alternative currency or exchange system where the unit of account is the person-hour or some other time unit. Some time-based currencies value everyone's contributions equally: one hour equals one service credit. In these systems, one person volunteers to work for an hour for another person. Others use time units. While most time-based exchange systems are service exchanges in that most exchange involves the provision of services that can be measured in a time unit, it is possible to exchange goods by'pricing' them in terms of the average national hourly wage rate. Time-based currency exchanges date back to the early 19th century; the Cincinnati Time Store was the first in a series of retail stores created by American individualist anarchist Josiah Warren to test his economic labor theory of value. The experimental store operated from May 18, 1827 until May 1830; the Cincinnati Tire Store experiment in use of labor as a medium of exchange antedated similar European efforts by two decades.
The National Equitable Labour Exchange was founded by Robert Owen, a Welsh socialist and labor reformer in London, England, in 1832. It was established in Birmingham, before folding in 1834, it issued "Labour Notes" similar to banknotes, denominated in units of 1, 2, 5, 10, 20, 40, 80 hours. John Gray, a socialist economist, worked with Owen and with Ricardian Socialists and postulated a National Chamber of Commerce as a central bank issuing a labour currency. In 1848, the socialist and first self-designated anarchist Pierre-Joseph Proudhon postulated a system of time chits. Josiah Warren published a book describing labor notes in 1852. In 1875, Karl Marx wrote of "Labor Certificates" in his Critique of the Gotha Program of a "certificate from society that has furnished such and such an amount of labour", which can be used to draw "from the social stock of means of consumption as much as costs the same amount of labour." Edgar S. Cahn coined the term "Time Dollars" in Time Dollars: The New Currency That Enables Americans to Turn Their Hidden Resource-Time-Into Personal Security & Community Renewal, a book co-authored with Jonathan Rowe in 1992.
He went on to trademark the terms "TimeBank" and "Time Credit". Timebanking is a community development tool and works by facilitating the exchange of skills and experience within a community, it aims to build the'core economy' of family and community by valuing and rewarding the work done in it. The world's first timebank was started in Japan by Teruko Mizushima in 1973 with the idea that participants could earn time credits which they could spend any time during their lives, she based her bank on the simple concept that each hour of time given as services to others could earn reciprocal hours of services for the giver at some stage in the future in old age when they might need it most. In the 1940s, Mizushima had foreseen the emerging problems of an ageing society such as seen today. In the 1990s the movement took off in the US, with Dr Edgar Cahn pioneering it there, in the United Kingdom, with Martin Simon from Timebanking UK. Paul Glover created Ithaca Hours in 1991; each HOUR was valued at one hour of basic labor or $10.00.
Professionals were entitled to charge multiple HOURS per hour, but reduced their rate in the spirit of equity. Millions of dollars' worth of HOURS were traded among thousands of 500 businesses. Interest-free HOUR loans were made, HOUR grants given to over 100 community organizations. According to Edgar S. Cahn, timebanking had its roots in a time when "money for social programs dried up" and no dominant approach to social service in the U. S. was coming up with creative ways to solve the problem. He would write that "Americans face at least three interlocking sets of problems: growing inequality in access by those at the bottom to the most basic goods and services. In particular Cahn focused on the top-down attitude prevalent in social services, he believed that one of the major failings of many social service organizations was their unwillingness to enroll the help of those people they were trying to help. He called this a deficit based approach to social service, where organizations view the people they were trying to help only in terms of their needs, as opposed to an asset based approach, which focuses on the contributions towards their communities that everyone can make.
He theorized that a system like timebanking could " the infrastructure of trust and caring that can strengthen families and communities." He hoped that the system "would enable individuals and communities to become more self-sufficient, to insulate themselves from the vagaries of politics and to tap the capacity of individuals who were in effect being relegated to the scrap heap and dismissed as freeloaders."As a philosophy, timebanking known as Time Trade is founded upon five principles, known as TimeBanking's Core Values: Everyone is an asset Some work is beyond a monetary price Reciprocity in helping Community is necessary A respect for all human beingsIdeally, timebanking b