01 Rise & Fall of Empires
Thucydides Trap – Rising & Declining Power • Thucydides Trap & China • Signs of Decline • Napoleon – Comment on letting China Sleep
Rise & Decline of Recent Empires
Decline of China • Rise and Decline of the British Empire • Rise of the US – The Empire of Liberty • Decline of the European Union • China’s Reawakening as Predicted by Napoleon in 1817 • Longevity of Modern Empires
Napoleon, in 1817, said…“Let China sleep, for when she wakes, she will shake the World” … “in a war with China, Britain would doubtlessly, at first, succeed” … “but China will learn from these defeats” … “and decide to render themselves equal to them and build a fleet that will eventually defeat their Western adversaries.”
Longevity of Past Empires Lasting 100s to 1000s of Years
02 Origins of Gold
Extraterrestrial Origin • Deposits on Earth • Gold vs. Silver in the Earth’s Crust • Price of Gold & Silver • Tectonic Subduction & Gold Deposits • Volcanic Eruptions
Agricola, Carlin-Trend Gold Deposit.
Agricola’s Mining Book 1500s • Silver Mining • Revival of Coinage • Silver Thaler •
Precursor to the Maria Theresa Thaler,Spanish Peso – Piece of Eight, Spanish Dollar, US Silver Dollar, etc.
03 Bacteria, Insects & Gold
Gold deposition • Gold Chloride & Gold Thiosulphate • Deactivating Toxins • Biofilm of Bacteria • Insects & Finding Gold
04 Magic of Gold
Magic of Gold – Physical & Chemical Properties
Physical Characteristics & Chemical Properties • Periodic Table • Specific Gravity • Noble Metals
Purity of Gold, Hallmark, Testing Gold, Weights & Scales.
Gold Alloys • Assay • Weighting • Purity • Hallmark • Gold Bars • Jewelry • Gold Leaf • Testing of Gold & Silver • Mercury • Quicksilver • Touchstone • Placer Gold • Acid Streak Test • Touchstone • Casting
Weights & Scales
Weights • Precision Scales • Balances • Building a Balance • Analytical Balance • Electronic Scales
05 Alchemy
Alchemy & Gold
Theory of Transmutation • Elixir of Life • History of Alchemy • Four Spirits • Six Bodies • Sulfur • Mercury • Prima Materia • Purification • Aquafortis • Retort • Classification of Minerals • Paracelsus • Glauber • Albertus Magnus • Thomas Aquinas • Roger Bacon • Sir Francis Bacon • Sir Isaac Newton • Exorcism
06 Coining
Coining – Casting & Striking
Augustus Saint-Gaudens • Striking • Casting • Forgery of Coins • Chinese Tree Money – Cash • Knife Money • Metal Nomenclature – Aurum (AU gold), Argentum (AG silver), Electrum (EL gold-silver) • John Hull – First Colonial Mint • Hoards • Coining Glossary
Striking Coins – Greece, Rome & Middle Ages
Striking Coins – Greece, Ptolemaic Egypt, Rome & Middle Ages • Aluminum Coins • Dumps • Mint Marks • Countermarks • Overstrike • Seigniorage • Counterfeiting • Electrotypes • False Dies • Die Production • US Mint Coin Production
07 Pre-Coin
Stone Age • Copper – Bronze Age • Iron Age • Value of Copper & Iron • Rise of Silver & Gold • Pre-Coin Chronology • Babylon • Silver Pieces • Samarian • Minoan • Mycenaean • Egypt • Chinese Cast Bronze • Irish Celt Gold Rings • Ramses the Great • Sea People, Collapse of Civilizations • Oldest Gold Mine • Cyprus & Copper • Cowrie Shell Money • Iron Wire • Nails • Wampum
08 First Coins
Amazons • Lydia, Croesus • Electrum • Persia • Anatolia • Aristotle – What is Money? • Ancient Greeks • Coining Privileges • Gold vs. Silver • Material Used as Coins • Tea Brick Money • Salt • Leather • 2700 years of Chinese Coins • Knife Money • Jade Disks • Ban Liang Coins
09 Athens “Owl”
Athens Rise & Fall – Owl
Athens Rise & Fall • Aegina – Turtle Coin • Solon & Populist Tyranny • Archaic Silver Coins • Greco-Persian Wars • Stater • Delian League • Athenian Empire • Pericles & Long Walls • Athenian Hegemony • Peloponnesian War • Athenian Plague • Sicilian Expedition & Defeat • Debasement of Owl Coins • Persian Gold Bribes • Arcadian League • End of Athenian Owl & Introduction of “Fiat” Bronze Coins
Rise of Macedonia
Macedonia’s Rise • Philip II • Corinthian (Hellenic) League Dominates Greek City States • Alexander the Great • Alexander’s Silver Tetradrachm replaces Owl as Trade Coin • Death of Alexander • Alexander Successor Coinage
10 Greek Cities & Carthage
Ancient Chronology • Asia Minor • Ionia • Isle of Rhodes • Central Greece • Illyria • Peloponnesus • Corinth • Northern Greece • Macedonia • Thrace • Thasos • Rhodes • Black Sea • Istros • Magna Graecia • Tyre • Phoenicia • Kyrene • Punic War • Arabia • Hellenistic Age
Sicily, Syracuse, Carthage
Silver Coinage • Sicily • Syracuse • Carthage • Iberian Mines • Roman Expansion & Start of Roman Silver Coinage
11 Alexander the Great & Successors
Macedon Kingdom Coins • Alexander I • Alexander II • Philip II • Alexander III • Invasion of Asia Minor • Battle of Granicus • Defeat of Darius III • Alexander’s Silver Tetradrachm & Alexandrine Coins become Trade Coins for 300 Years.
Alexander the Great Trade Currency
Alexander’s Silver Tetradrachm Trade Coin • Young Heracles • Persia • Alexander’s Empire & Alexandrine Coins
Post Alexander the Great Coins
Diadochoi – Successor Dynasties Hellenistic Kingdoms • Thrace – Lysimachos • Bithynia • Seleucid Empire • Parthian Empire • Bactrian Empire • Tyre Silver Teradrachm – Shekels
Ptolemaic Egypt
Ptolemy I Soter Satrap & Pharaoh • Gold Stater • Pompey • Cleopatra • Caesar • Antony • Octavian • Battle of Actium
12 The Celts
Celtic Coins
Silver Tetradrachm Copies • Danube Celts • Dacia • Maroneia • Gallic Celts • Gaul • Lutetia • Parisii • Philip II Celtic Copies • Gold Stater • Caesar’s Invasion of Gaul • Trajan Dacian Wars
13 Roman Republic
Roman Republic – Rise of Empire
Etruscans • Romulus & Remus Rome’s Founding Fathers • Kingdom & Republic Chronology • Gauls Sack Rome • Copper & Brass Money • Aes Rude • Aes Grave • Asses
New Coinage & Chronology
Silver Victoriatus • Silver Denarius • Gold Scripulum • Gold Victoriatus • The Mint – Juno Moneta • Pontifex Maxumus • Punic Wars – Carthage – Hannibal • Social Structure – Social Wars – Slavery • Italia Revolt • Propaganda Coins • Gaius Marius • Sulla • Optimates vs. Populares • Pompey the Great • Pirates Sack Rome’s Port – Rome’s 9/11 • Pompey – Limitless power to solve pirate “problem”
Social Wars – Caesar in Rome
Civil Strife • Caesar Pontifex Maximus • First Triumvirate • Caesar & Gallic Wars • Caesar in Rome • Civil War – Caesar vs. Pompey • Caesar & Cleopatra • Populist Caesar in Rome • Caesar’s Propaganda Coins • Octavian Adopted by Caesar
Death of Caesar & Brutus & End of Republic
Caesar’s Regicide by Brutus – Tyrannicide • Triumvir Civil War • Propaganda Coins • Ides of March Coin • Defeat of Brutus • Octavian Kills Old Families – sells their properties for gold to make coins to increase the Money Supply • Octavian Eliminates Rivals & Becomes Emperor Augustus • New Coins stabilize the Economy • Pax Augustus on the Mediterranean • Start of Roman Empire
Antony & Cleopatra Coin
Octavian defeats Mark Antony & Cleopatra at the Battle of Actium • Battle of Actium Silver Legion Coin struck from Silver supplied by Cleopatra.
14 Roman Empire
Roman Empire Augustus
Octavian – Emperor Augustus quality Gold & Silver Coins • Propaganda on Augustan Coins – CAESAR DIVI F(ilius) & IMP(erator) • Bronze Sestertius • Foundation of Roman Empire • Iberia Silver Refining & Pollution in Greenland • Gladiators: Entertainment for the Masses
Roman Banking System
High Interest Loans to Poor• Caesar’s Debt & Cisalpine Gaul • Social Unrest – Loan Forgiveness • Continuous War with Parthia/Sassanians that lasts nearly 700 Years • China – Mediterranean Silk Road brings Silks, China, Spices, etc to Rome • Tiberius lacking Metal overstrikes Augustan Coins
Trajan – Peak of Empire
Herodotus • Dacian leader Burebista & Decebalus • Asian Steps • Massive Gold & Silver booty from Dacia • Precious metal coining increases the Money Supply causing Inflation • Peak of Roman Empire
Decline of Empire
Lack of Gold & Silver Coin • Hadrian • Antoninus Pius • Septimius Severus • Further Decline & Debasement of Silver Denarius • Elite Accumulate Estates run by Slaves & refuse to Pay Taxes • The Elite Families assume Government Positions to the Benefit of their Families
Debasement of Silver Denarii
Division of Empire • Solidus & Money supply Problems • 0.02% Silver Billion Coins replace Silver Coins • “From an Empire of Gold to one of Rust & Iron” • Debasement of Declining Empire Currency • Barbarian Incursions & Tribute in Gold Coins • Roman Empire’s Population Collapse • Gold Stater
Barbarians Enter Empire
German Tribes cross Frozen Rhine • Economic Decay • Rome’s Army hires Barbarians Mercenaries for their Elite Legions • Decline of Roman Mining • Barbarian Pressures
Elites Dominate & Decline
Greed & Corruption of Elite • Irrigation Systems not Maintained • Spread of Malaria South of Rome • Roman Government Moves to Milan • Roman Church under Pope rules Rome • Western Empire withers Away • Frequent Pandemics • Plague of Justinian
15 Judaea
Judaea Capta Coins
Judaea Chronology • Levant • Canaanites • Sea Peoples • Simon Maccabeus • Seleucid King of Syria • Pompey the Great Invades Jerusalem • Silver Shekel Coin • Temple Money • Vespasian • Jewish-Roman Wars • Flavius Josephus • Bar Kokhba Revolt • Destruction of Temple • Judaea Capta Coins • Arch of Titus • Kitos War
16 Byzantine Empire
Byzantine Empire – Solidus Coin
Diocletian Divides Empire • Diocletian persecution of Christians • Silver Coin Debasement • Constantine the Great & New Rome • Labarum • Monetary Reforms • Constantine seizes Precious Metals from Pagan Temples • Constantine adopts Christianity • Nicaean Christianity • Gold Solidus Trade Currency
Fall of Byzantium
Byzantine Gold Coins • Eastern Orthodox Church • Roman Church • Crusades • Civil Wars • Ottoman Turks • Byzantine Civil Service • Byzantium Major Slave Trading Port • Diplomacy a Form of Warfare • Shift of Power to Ottomans • Fall of Constantinople 1453 • Ottomans Successors to Roman Empire • Mehmed II; “Kaysar-i Rum” • Vlad III – Dracula “the Impaler” – Voivode of Wallachia
17 Muslim Empires – Gold Dinar
Decline of Byzantium • Muhammad • Spread of Islam • Sassanian Empire Falls • Constantinople Falls • Centuries of Conflict • Arabs take Spain • Arabs confront Franks • Arabs confront Chinese • Gold Dinar Trade Currency • Mongol Empire – Genghis Khan • Mali Empire Gold • China Yuan Dynasty 1271-1366 – Kubli Khan • Crusades • Ottoman Empire (Osman I) – 1299-1922 – Over 600 Years • Mogul Empire – 1526-1857 • Shah Abbas the Great • Timur Tamerlane
18 Dark & Middle Ages
Late Antiquity c311-c565 • Dark Ages c565-1000 • Rise of Nation States c1000-c1200 • Late Middle Ages c1200-c1453 • Lack of Metal – Decline of Coinage • Feudal System – Nobility under Allegiance to a King hold Estates • Estates are worked by indentured serfs • Gold Florin • Gold Ducat • Goldsmith • Gold Bezant
Charlemagne Standard Coins
Monetary Reforms • Revival of Silver Coinage • Charlemagne’s Silver Denier & English Silver Penny adopted by Offa, King of Mercia • Arab Gold Dinar • Chinese Paper Receipts • Medieval Mining
Nation States & International Banking
Prospecting & Revival of Mining • Banking/Pawnshops • Knights Templar “bankers” – First Multinational Organization • Letters of Credit • Moneyer – Coin Maker • Gold Augustale – First major Gold Coin • Emergence of Florentine (Florin), Genovese (Genovino), & Venetian (Ducat) Gold Trade Coins • Export of Silver Coins to Muslim Areas • Coins & Commerce
Bank Monopolies & Gold:Silver Manipulation
Bank Monopolies – financing seed for farmers – control canal barges • Gold Florin • Republic of Venice & Gold Ducat • Gold Replaces Silver as Monetary Unit • Italian Bankers Dominate • Emergence of Nation States • Mini-Ice Age • Great Famine • Currency Speculation • Genoese War • Bullion Ducats
Black Death
Population Peak of Europe • Banking Speculation & Collapse • Economic Depression • Gold:Silver Ratio Manipulation • Bullion Famine • Black Death leads to a Power Shift to Towns • Power shift from landed Estates helps develop industrial wealth leading to Capitalism & the Renaissance
Medici Bank
Banks go Bankrupt • Boccaccio, Decameron & Black Death • Medici Bank & Florence • Precious Metal Famine • Portuguese off Gold Coast • Fall of Constantinople • Renaissance • Edward IV raises the value of Gold & Silver Coins by 25% • Florence Issues “light” Florin • Venetian Ducat becomes Trade Currency • Mali Gold transits Sahara to Europe
Revival of Mining
Discovery of Silver Lodes • New Mining Technology • Sala Silver Mine Sweden • Underground Mining in Saxony • Panning & Sluice • Ventilation in Mine • Fire Setting • Drift Mining • Pumping • Water Wheels • Crushing – Grinding • Stamps to Pulverize Gold Ore
19 Golden Age of Spain
Crown Royal Silver & Gold Royalty on Mining • Numerous Spanish Bankruptcies • Spain never industrialized because it received “free” gold and silver from the Americas. Gold & Silver were Commodities • Resource misallocation by using MMT (minting debased coin) to finance the government. • American Silver was Shipped to China for Luxury Goods • Decline of Spain
20 Spanish America
Spanish America – Silver & Gold
Columbus • New World Gold & Silver • Increase of Money Supply • Transatlantic Trade – Slaves, Sugar, Gold & Silver • Aztecs • Montezuma • Incas • Inca Quipus • Quechua Indian- Poma de Ayala • Inflation • Cinnabar – Mercury • Silver Coins – Cobs, Peso (Eight Reales, Carolus Dollar, Spanish Dollar, International Trade Currency, Eight Bites) • Spanish dollars in China – Chop Marks – Cuban Inlets & Pirates
Treasure Fleet
Treasure Fleet Dateline • Hurricanes • El Morro Castle • Punto Castle • El Principe Fort • British Attack • Cuba • Chain across Havana Harbor • Shipwrecks • El Cazador Treasure • Mexico • Isthmus of Panama • English, Dutch, & French Privateers • Spanish Colonial Revolutions • Maximilian
21 Pirates & Privateers
History of Piracy – Greece, Rome, Britain • Pirate Attack on Rome’s Port (Ostia) – Rome’s 9/11 – contributes to collapse of Roman Republic • Pompey the Great • Middle Age Pirates • Barbarossa • Sir Francis Drake • Pieter Pietrezoon Heyn • Captain Henry Jennings • Jacques de Sores • Barbary Pirates & US Marines • Chinese Pirates • Japanese Pirates
22 Age of Discovery 1500-1600s
Scramble to Find Colonies for their Wealth • Spanish New World Mints • Patio Process • Potosi – Silver Mountain • Charles V Empire
Silver Thaler: International Trade
Maria Theresa Thaler – Middle East & Africa • Silver from America increases Money Supply followed by Debt & Bankruptcy • da Vinci Coining Ideas • Siege Money during Warfare • Blondeau’s Milling Process to expose Clipping • Britain relies on Privateers to obtain Gold & Silver for Coining • Naval Power Shifts to Britain by using Pirates • Economist Jean Bodin – Inflation Theory • Gresham’s Law – Good is Displaced by Bad • First National Central Bank – Bank of Sweden – Riksbank • Mercantilism
Bank of Amsterdam
Spain’s Wealth & Inflation • First National Central Bank – Bank of Sweden • Bank of Amsterdam • Tulip Mania • Kipper-und Wipperzeit – Debasing Coins – Financial Meltdown – Debasement of Silver Coins • Thirty Years War • Explosion of Debt • Nation States
23 Bankrupt Nations Print Money 1700s
Quantitative Easing = Printing Paper Money = Inflation
John Law – France Louis XV – Duc d’Orleans – Adam Smith – Banque Royale – Compagnie de l’Occident – Ecu de Banque – Stock Market Collapse
American Revolutionary War – Congress – Continentals – “Not Worth a Continental”
French Revolution – Louis XVI – États- Généraux – Montesquieu – Voltaire – Bourbons – Guillotine – Marie Antoinette – Tale of Two Cities
New France – Playing Card Money
John Law – Quantitative Easing
John Law – Banker to Louis XV • Prints Paper Notes • Duc d’Orleans • Adam Smith • Banque Royale • The System • Compagnie de l’Occident • Ecu de Banque • Law buys France’s National Debt with Printed Bank Notes • Stock Market Collapse • Mississippi Bubble
John Law – Printing Money
Buoyant Stock Market Supported by Printing Paper Notes • Ownership of Silver & Gold Outlawed • Collapse of Paper Notes & Inflation • New France – Canada’s Paper Card Money • Hudson’s Bay Company • Louisiana Cent – Colonies Francais • Louis XV Crown Ecu
Financing of American Revolution
Congress Finances Revolution by Printing Continentals “Backed by the Milled Spanish Silver Dollar” that become Worthless • Not worth a Continental
Devaluation of Continental
Devaluation of the First US Paper Money • The Continental Currency • Congress, years later pays Pennies per Dollar Debt • “Not Worth a Continental” = Worthless • Federal Reserve Dollar debasement – 96% since 1913
French Revolution & Elites
Louis XVI • France Bankrupt • États- Généraux • Elite Refuse to Pay Taxes • Taxed Poor Revolt • Montesquieu • Voltaire • Bourbons • Marie Antoinette • Tale of Two Cities – Invention of Guillotine: “Liberty, equality, fraternity, or Death, which is the easiest to bestow, O’Guillotine.” Charles Dickens solving social problems.
Voltaire Wrote: “The comfort of the rich depends upon an abundant supply of poor.”
French Revolution – Paper Assignats
Printing of Assignat Paper Notes • First Limited Printing • Economy Revives • Second Printing to Help Revival • Third Printing • Fourth Printing • Mississippi Bubble • Hyperinflation & Burning of Notes to Reduce Quantity Outstanding • Napoleon takes Power – Abolishes Paper Notes – Only used Silver & Gold Coins
Napoleon said: “When a government is dependent upon bankers for money, they and not the government control the situation, since the hand that gives is above the hand that takes.”
Tragic History of Paper Money
Purchasing Power of All Paper Money Goes to Zero
24 British Empire Industrialization
Britain World Naval Power after the Fall of Napoleon • Britain Forces China to Buy Opium • Industrial Revolutions • Colonialism & Globalization • Siberian Gold Floods Europe • Pressure on Gold & Silver Ratio
Gold Rushes & Bimetallism under Pressure
Silver Demonetized • Intrinsic Value of Gold • Gold for Coins • Gold Sovereign World Trade Currency • German Empire • Franco-Prussian War • German Empire • Japan Industrializes & Becomes Pacific Sea Power • Paris Social Unrest • Adoption of Gold Standard • End of Bimetallism • US – Spanish War • US Invades the Philippines • World War I • End of the Treaty of Westphalia Concepts • US Naval World Sea Power
25 American Century
American Century & Socialism
Robber Barons • Century of Extremes • Rise of Socialism • Russian Unrest • Communism • US Gilded Era • US – unfettered Monopolies
Century of Extremes: Panic of 1907
US Gold Standard • Panic of 1907 Bankrupts some Banks & Panics the Elite • Bankers Lobby for a Central Bank – that they control • WW I • End of Russian Empire • German Post WWI Inflation • The Great Depression • Rise of Hitler • Ownership of Gold Outlawed in US • World War II • Keynes & Debauching of Currency
Federal Reserve Debasements 1913-2020
Perpetual Paper Money Printing • Precious Metal Price Manipulation • Trump Explaining Debt: “Print money to pay back debt.” • Greenspan: “Deficit spending is simply a scheme for the “hidden” confiscation of wealth. Gold stands in the way of this insidious process. Gold stands as a protector of property rights.”
26 History of British Coins
British Coins & Sterling
Pre-Roman Gold & Silver Rings & Neck Torques • Celtic Coins • Boudica • Roman Coins • Roman Mining • To World Naval Power • International Trade Gold Sovereign • Decline after WW I
Post-Roman Revival – Offa Coins
British Isles Coins Saxon Coins • Wessex • Anglo Saxon Invasions • Offa Silver Penny & 10 Pence = 1 Shilling & 20 Shillings = One Pound • Alfred the Great • Vikings • Norman Conquest • Merchant Debt Collection • First Mining Commission since Roman Times • Gold Noble • Mini Ice Age • Tally Stick • Edward III Bankrupts Italian Banks • First Sovereign • Bimetallic Ratio Problem • Monetary Inquiry • Recoinage
Henry VIII & Debasement of Coins
Wolsey, Master of the Mint • Further Debasement of Silver Coins by over 75% • Forced Loans from Merchants & Pawnshops • Bimetallism Problems • Quality Coins Lost to the Continent
Piracy & Start of Empire
Elizabeth I • Pirates provide Silver & Gold for Coinage • Spain & French Merchant Ships attacked by Privateers • Colonial Expansion • James I & Charles I Gold:Silver ratio Monetary Problems • Struggle between King & Parliament • English Civil War • Cromwell takes Power • Debasement of Coins – Massive Inflation • Free Trade in Precious Metals • Free Coin • Recoinage • Moneychangers • Goldsmiths (Bankers) Clip Coins & export Quality Coins • International Trade Payments using Gold & Silver • East India Company becomes de facto ruler of Northern India – grows opium that is smuggled to China.
Bank of England Banknotes
Bank of England • Banknotes backed by Gold • Bubble Act • Sir Isaac Newton & Gold:Silver ratio favoring Gold • South Sea Bubble • Capture of French Treasure Fleet increases Money Supply • Deficit problems • Bank of England prints Paper Notes with no Gold Backing • BofE notes sporadically not Convertible for Gold or Silver • South Sea Bubble • Sir Isaac Newton – Master of the Mint – Establishes Gold:Silver ratio that favors Gold
Gold:Silver Ratios
Underweight Coins – Money Changers (banks) Export Quality Coin • Recoinage Bimetallic Problems • American Revolution • Minting of Silver Coins Suspended • Bank Restrictions • Monometallic Theory • Boulton’s Soho Mint • The Copper Cartwheel Coin • Bronze/Brass Private Token Money • Coinage Law 1816 • Britain moves to Gold Standard • New Gold Sovereign Replaces Gold Guinea
End of Empire
Gold Sovereign World Trade Currency • Britain International Hegemon – rules the waves & makes the rules • Opium Wars • Chinese Opium Trade provides Silver • Coinage Act 1870 • Peak of Empire 1871 • End of Pound convertibility to Gold • WWI – End of Empire • Transfer of Power to US • US Dollar Becomes International Trade Currency
27 US Dollar Reserve Currency
US Dollar – Trade Currency
US Dollar – International Trade Currency • Bankers’ Federal Reserve • End of Gold Standard & Silver Coins • Corporate Bailouts & Quantitative Easing & Printing Money • Post Capitalism
Colonial Currency
Wampum • Counterfeiting of Wampum by Colonists • Wampum Market Collapse • Massachusetts Bay Colony Coins • Spanish Milled Dollar – Eight Bites • Colonies Print Notes that Inflate Away • Slaves considered an Asset by New York Bankers
Benjamin Franklin – Paper Money
Benjamin Franklin favors Paper Notes because they help “Business” • Franklin said the British Empire “was the greatest political structure human wisdom ever yet erected” • Revolution • Continental Congress 1775 • “Continentals” finance Revolution • “Continentals” backed by Spanish Milled Dollar • Devaluation of the Continental the first US Paper Money • Early US coins
Gold Rushes
Coinage Act 1834 • Panic of 1837 • Appalachian Gold & Silver Rushes • First Gold Coin – the Brasher Doubloon • California Gold Rush • California Fractional Coins • Pacific Gold Standard during Civil War
Civil War Paper Money
Union prints Greenbacks • Shin Plasters • Fractional Paper Notes • Demand Notes • Running the Press • Price of Gold Rises • Gold Coins Disappear • The North Won & Greenbacks were Redeemable for Gold at a Later Date
Tobacco Currency
Confederate South print Greybacks • Counterfeit Notes printed by the North • Postal Currency • Copperheads • Tobacco Currency • Rag Money • South Lost War & Confederate Notes become Worthless
Robber Baron Era
Robber Barons manipulate Markets • Overprint Shares • Manipulate Prices • Corner Gold • Social Unrest & Strikes • Silver Trade Dollar for Chinese Trade • Gold Manipulation – 1869 Black Friday • Long Depression 1873 • Jay Gould • Gold Standard Act 1900 • JP Morgan • Crash of 1901- Speculative Banking Crisis • Panic of 1907 • Bankers Lobby for National Bank
Federal Reserve
Panic of 1907 • Aldrich-Vreeland Act 1908 • Creation of Federal Reserve – to protect banks • Fed owned by Banks • Social Unrest • JP Morgan & Co. Bomb kills15+ • President McKinley Assassinated • Companies use Strike Breakers
1929 & Gold Confiscation
International Monetary Devaluations • Trade Wars • FDR Banking Holiday • Executive Order 6102 1933 – Confiscation of Gold • Slackers prosecuted • Fort Knox Gold Depository • Fort Knox has never been Audited • Food Stamps issued to Help Farmers • Depression ends with World War II • Bretton Woods Agreement • US Dollar becomes World Reserve Currency • Dollar backed by Gold at $35 per Ounce • Start of Pax America & US Golden Age
Silver Panic 1960s
Vietnam War increases Debt & Inflation • Hoarding of Silver Coins • Silver Panic • Silver Reaches $1.29 – the coin melting price • Coinage Act 1965 eliminates Silver Coins • Hunt Brothers are Squeezed • Silver Coins disappear after 2500 Years
Gold Window Closed 1971
Nixon closes Gold Window 1971 • End of US Golden Age • US sells Bullion Coins
Panic of 2007
With the Imminent collapse of the World economies the White House Panics
Paulson said: “We have an archaic financial regulatory structure that came in place after the Depression; it really needs to be rebuilt.” Banks lobbied against change because it would affect their business • Bankers Not Jailed • Fed Prints Billions to bail-out Bankrupt Banks & Corporations • Home owners had houses seized by corporations with access to cheap money • US Dollars have value only to the extent that they are strictly limited in supply. Ben Bernanke 2002
Devaluation of US$
US Dollar purchasing Power Decline • Dilemma of US Dollar being a Reserve Currency • Printing of Money to Finance Deficits • Bailouts of Corporate America while the people fend for themselves.
28 Age of Populism & Extremes
Shay’s Rebellion • Populist Ron Paul – “US Corporations export Jobs” • Hillary Clinton’s famous: “The Deplorables” • The Rise of Fake News • The insanity of Crowds • “Detestation of the high is the involuntary homage of the low.” Charles Dickens
Populism: Ambiguous term applied to restive political mass movements whose common denominator is the resentment of the elite class.
29 China 2700 Years of Coins
Regional Wars • Unification of China • Imperial China • Casting Brass Coins • Large Population • China as a Nation State • Heritage of Qin & Han Empires • The Great Wall • Mandate of Heaven • Chinese Money – Cowrie Shells – Knife Money – Spade Money – Gold Ying Yuan Pieces – Jade Disks – Pearls – Silver Objects – Ant Nose Money – Bell Money – Leather • Banliang (Cash) Coins • Chinese Population Growth • Emperor Wang Mang outlaws private gold • Early Fiat Token Coins
Napoleon, in 1817, said…
“Let China sleep, for when she wakes, she will shake the World” … “in a war with China, Britain would doubtlessly, at first, succeed” … “but China will learn from these defeats” … “and decide to render themselves equal to them and build a fleet that will eventually defeat their Western adversaries.”
Roman & Han Chinese Empires
Roman & Chinese Coins • Rome: Struck Gold, Silver, Brass Coins • China: Cast Brass Coins • Silver Sycee & Gold traded by Weight • Jade traded by Quality Characteristics • Value of Gold & Silver • Cast weighed Silver Ingots • Tea Brick Trade Good • Sui Dynasty • Tang Currency • Tang Taxes • Promissory Notes & Bank Notes • Tang Coin Melting • Copper Restrictions • Song Paper Money • Export & smuggling of Coins to Japan • Song Iron Coins
Kublai Khan Paper Money
Silk Road to Persia & Constantinople • Mongol Empire – Yuan Dynasty • Kublai Khan unites China • Bamboo Money – Silk Skein Money • Marco Polo describes Kublai Khan’s Paper Money • Inflation • Selling of Gold & Silver by Foreign Traders • Great Fleet travels to Africa • Japanese Piracy • Fall of Yuan Dynasty
Opium Wars
Britain, was on an effective Gold Standard & China was on the Silver Standard • Britain needed Silver to buy Chinese Tea, Silk, & China • To help its Balance of Trade and acquire Silver Britain plants Opium in Northern India near Calcutta • The East India Company operates Opium Plantations using indentured/slave labor • China was not a major Opium consuming Nation but the EIC and the British Navy Smuggle Opium into China in Exchange for Silver Coin (mainly Spanish Pesos & Ingots) • This Silver paid for British Imports from China • American Clipper Ships enter into the China “Trade” • Prominent American Families participated in the China Trade • China resisted. West declared the Opium Wars, which the Chinese Lost • Colonization of Parts of China • Taiping Rebellion • Boxer Rebellion • End of Qing Dynasty
Foreign Coins China
Production of Coins • Spanish Silver Carolus Dollars (with chop marks) • Mexican Silver Dollar • US Silver Dollar • US Trade Dollar • Saigon Dollar • Japanese Silver Yen/Dollar • Hong Kong Dollar • Indian Silver Dollar • Maria Theresa Thaler • End of Qing Dynasty • Republic of China • Sino-Japanese War • People’s Republic of China • Chinese Communist Party – a new Dynasty
Made in China 2025
New Chinese plan for self-sufficiency & domination of Industrial Sectors • The World has a Thucydides Trap Reaction
China Silk Road v2.0
Overland Heartland Silk Road protected from Sea Powers • South Sea Route • Arctic Sea Route • Silk Road Area population of 4.4 Billion • 1/3 of World Economy • Oil & Natural Gas Pipelines
30 Theories of World Power
Mahan’s Sea Power vs The Heartland
Geopolitics • Sea Power vs. The Heartland • Roosevelt’s White Fleet • Mahan’s Sea Power • Annex Hawaii • Britain (World Sea Power) Invades Afghanistan (primitive tribes) and is Defeated • Afghanis were never defeated by a Sea Power • Genghis Khan Mongol Empire • Russo-Japanese War
Mackinder’s The Heartland Land Power
Mackinder’s Heartland Theory • Heartland dominates the World • Steppe People of Heartland • Geographic Perspective • Nicholas Spykman – Rimland Theory • Hun expansion into Roman Empire from the Heartland • Great Eurasian Heartland • Time span of Land & Sea Empires
Mackinder’s Heartland Theory
Who controls Eastern Europe rules the Heartland
Who controls the Heartland rules the World-Island
Who rules the World-Island rules the World
Zbigniew Brzezinski, wrote in Foreign Affairs, in 1997 that; “the US should pay attention of a possible cooperation between China, Russia, and Iran because they might dominate Eurasia.”
31 Cashless Society
Elimination of Currency • No more $1000 or $10,000 Notes • Gregory Mankiw’s withdrawal scheme of US Paper Notes • The risks of No Currency in times of Emergency – power failure, civil strife, etc.
32 Cryptocurrency
Bitcoin – Nakamoto Paper
Launch of Bitcoin • Small Units of Bitcoin • Bubbles Timeline – Tulip Bubble – Mississippi Bubble – South Sea Bubble • Beanie Baby Bubble – Dot -com Bubble – US Housing Bubble • Mining of Bitcoin • Miner payment Scale • Miner transaction Fees • Encryption • Catastrophe Theory • Digital Cash Transactions • Blockchain Forks • Bitcoin Cash • Bitcoin Price • Key Cracking • Quantum Computing • Tumbling • Electricity Costs • Mt. Gox • Facebook’s LIBRA • ICO – Initial Coin Offering • Cryotocurrency a Bubble?
Bitcoin Timeline
33 California Geology
Paleozoic Eon • Cretaceous Period • Tertiary Period
Sierra Nevada Gold Geology
Sierra Nevada Uplift • New River Direction • Erosion & New Placer Deposits • Glacial Action • Californian Gold Deposition • River Valley Lava Flows • Ancient River Channels Filled • Lava Caps • Volcano Core • Landscape Erosion
California Gold Deposits
Ancient River Placers • Present River Channels • Elevated Ancient Deposits • Yuba Valley Erosion • Tertiary Riverbed Uplift • Tertiary Shale • Placer Classification • Sierra Nevada Placer Deposits • Table Mountain Geology • Tuolune County • Spanish Peak • Mother Lode • Sandbar Deposit
34 California Gold Rush
California Gold Chronology • Sir Francis Drake; “They assert that the land is rich and gold.” • Mineral Report 1847 • Malaria Illness Months • Reports from US Consul at Monterey: “… vast tract of land containing gold.” • Sailors abandon Ships to go to Gold Fields • Private striking of California Gold Coins • Mormon Miners strike Mormon Gold Coins
Chronology
California Gold Chronology • Sir Francis Drake; “They assert that the land is rich and gold.” • Mineral Report 1847 • Malaria Illness Months • Reports from US Consul at Monterey: “… vast tract of land containing gold.” • Sailors abandon Ships to go to Gold Fields • Private striking of California Gold Coins • Mormon Miners strike Mormon Gold Coins
Getting to California
Getting to California • Crossing the “Great American Desert” – Isthmus of Panama – Cape Horn • Glowing reports on Gold Region • Mining promotion/scams • California Gold floods World – Increase in money supply & inflation • Famous Nuggets • Violence • Water Claims • Claim System • Sutter’s Mill • Stream Flow Factors • Hydraulic Washing • Diary of a ‘49er • Flash Floods
Mercury Amalgamation
Amalgamation • Retorts • California Gold Coins • San Francisco Mint • Leaving California • Hydraulic Mining • Transporting Gold • Panic of 1857
35 Cariboo British Columbia
Cariboo Gold Rush – British Columbia
Vancouver • Arrival of California Argonauts • Manifest Dynasty • Fraser River Gold Rush • Indian Troubles • Small Pox • Prospecting Strategy • Coarse Gold Upstream • Rush to Find Source • Sandbars & Float Gold • Cycle of Stream Erosion • Grubstake • Pack Horses • Claim Jumping • Cycle of Erosion • Oregon Boundary Dispute • Cariboo Geology • Crossing Continental Divide • Pay Streaks • Barkerville • Cariboo Cameron dug to depth of 80 feet • Slough Creek Mining Problems
36 Alaska & Klondike Geology
Before Tertiary & Pleistocene Period • Peneplain • Glacial Periods • Classification of Alaska & Yukon Placers • Alaska Placer Gold Characteristics • History of Alaska Gold • Fortymile River • Klondike • Nome & Seward Peninsula • Fairbanks District
37 Fortymile River Gold Rush
Fortymile River Basin Geology • Glacial Action • Volcanic Ash & Terraces • Bench Placers • Source of Gold • North Fork River • South Fork River • Streams & Placers • Creek & Valley Deposits • Alluvial Gravel Types
Fortymile River Alaska
Yukon Gold Country • Forty Mile Trading Post • Sixteen Liars & Bonanza Bar • Klondike Discovery • Finding Vein by Loaming • Study of Float • Winter Panning • Mining Laws • Float • High Terrace Gravels • Alluvial Gravels
38 The Klondike
Chilcoot Pass • Yukon River Mining • Klondike Gold Rush • Over 10 Million oz have been Recovered • Placer Classification • Bench/Terrace Gravel • Creek Gravels • River Bars • Placer Deposits • Placer Evaluation
Bonanza Creek
Bonanza Creek Tributary of the Klondike River • Dawson City • Bonanza Creek Hotel • Greatest Gold Rush in Canada • Comparative placer deposits – Sierra Nevada – Klondike – Nome Alaska • Gold Hill • Eldorado Creek – Cheechaco Hill • Drift Adit • Dredging • North-West Mounted Police • Retort Sponge Gold • Mud Box
39 Seward Peninsula & Nome Beach
Seward Peninsula – Alaska Gold Rush
Geology – Mesozoic Era – Early Tertiary • Tertiary Lava Flows • Pleistocene Glacial Activity • Ice Age Seward Peninsula forming of Bendeleben Mountains • Anvil & Glacier Creek Placer Gold • Nome Beach • Costal Plain Gold Deposits • Beach Placers • Influx of Prospectors • Legality of Claims & Claim Jumping • Miners’ Meeting • Tundra Claims • Nome Cost of Living
Nome Beach Placers
Testing Placer Gravels • Third Beach Placers • Test Pits • Beach Gold Characteristics • Coastal Erosion • Nome East & West Beaches • Lowest Beach • Submarine Placers • Delta Placers • Braided Stream
40 Fairbanks District Gold
Bonnifield Placer District • Kantishna Placer District • Totatlanika Creek • Homestake Creek • Jumbo Dome
41 Dredging
Bucket Dredge
California River Pacer Gold • Bucket Line Dredge • Dragline Washing Plant • Trommel • Dragline • California-Type Dredge • Cutter Dredge
Suction Dredge
Weekend Hydraulic Floating Dredge • Float • Pontoons • Engine • Pumping Water • Priming • Venturi Pressure Jet • Weekend Dredge Sluice • Hypothermia
42 Trommel Drum Sluice
Weekend Mobile Trommel • Mining Cylinder Trommel • Size Classification • Mesh Size • Scrubber • Screen
Panning – Working Long Tom
Working Long Tom • Long Tom Setup • Classification of Gold • Mesh Size • Steps in Panning
43 Comstock Lode Nevada
Geology • Hydrothermal Activity • Faults • Blue-Black Mud • Bounded Silver • Sulfides • Mining Law • Grosh Brothers • Mining Comstock Lode • Ophir Claim • Washoe Process • Cyanide Leaching
The great “Comstock Lode” stretched its opulent length straight through Virginia City from North to south, and every mine on the lode was in diligent process of development. The Gould & Curry Mine alone employed six hundred and seventy-five men… Often we felt our chairs jar, and heard the faint boom down in the bowels of the earth… Mark Twain 1872
Comstock Mine Cross Section
Square Set Timber Construction • Veins • Tools • Lifts
Working Mine
Lifting Cage • Low Grade Ore • Flooding • Ventilation • Hot Water Death • Vapor • Cave-Ins • Fire • Sutro Tunnel • Virginia City Fire
Transporting Ore
Hauling Ore • Horse Teams • Road Maintenance • Camels • Stage Coach Robbers
44 Historic Mines
Historic Underground Mines
Milling • Ore Refining Sequence • Chemical Extraction • Leaching • Lost Horse Gold Mine
Gold Ore Crusher
1500s Mechanized Gold Extraction • Mining Compass • Dumpy Level & Surveying • Jaw Crusher • Arrastra • Ball Mill • Rod Mill
Chemical Extraction
Washoe Process • Chlorination • Cyanide Process • Bubble Flotation • Grinding • Slime
Leaching
Leaching • Crushing • Milling • Cyanide Process • Gold-Cyanide Solution • Agitator Tank • Sulfides • Heap Leaching • Vat Leaching
Milling Ore
Crushing • Gyratory Crusher
Desert Dry Washer
Winnowing • Dry Screening • Dry Washer • Dry Vacuuming • Dry Placers • Placer Site Logbook Entries
Empires & Money: Gold, Paper Money, Crypto – Money & Fall of Empires • Paul Tawrell • ISBN 978 1 896713 02 1 • Format: 8.375” x 10.875” • Page Count: 384 pages • Four Color: 16 pages & Duotone: 368 pages • US Price: $39.95 • OVER 4000 Images © 2020/2021 Leonard Paul Tawrell