%PDF-1.3 1 0 obj << /Type /Catalog /Outlines 2 0 R /Pages 3 0 R >> endobj 2 0 obj << /Type /Outlines /Count 0 >> endobj 3 0 obj << /Type /Pages /Kids [6 0 R 14 0 R ] /Count 2 /Resources << /ProcSet 4 0 R /Font << /F1 8 0 R /F2 9 0 R /F3 10 0 R >> /XObject << /I1 11 0 R >> >> /MediaBox [0.000 0.000 595.280 841.890] >> endobj 4 0 obj [/PDF /Text /ImageC ] endobj 5 0 obj << /Creator (DOMPDF) /CreationDate (D:20140722090726+01'00') /ModDate (D:20140722090726+01'00') /Title (Sterling : the Rise and Fall of a Currency) >> endobj 6 0 obj << /Type /Page /Parent 3 0 R /Annots [ 12 0 R ] /Contents 7 0 R >> endobj 7 0 obj << /Length 4648 >> stream q 381.750 0 0 120.000 34.016 687.874 cm /I1 Do Q 0.000 0.000 0.000 rg BT 34.016 676.469 Td /F1 12.0 Tf [(Published on )] TJ ET BT 99.356 676.469 Td /F2 12.0 Tf [(Reviews in History)] TJ ET BT 190.016 676.469 Td /F1 12.0 Tf [( \()] TJ ET 0.000 0.000 0.800 rg BT 197.012 676.469 Td /F1 12.0 Tf [(http://www.history.ac.uk/reviews)] TJ ET 0.000 0.000 0.800 RG 0.24 w 0 J [ ] 0 d 197.012 675.075 m 357.332 675.075 l S 0.000 0.000 0.000 rg BT 357.332 676.469 Td /F1 12.0 Tf [(\))] TJ ET 0.502 0.502 0.502 RG 0.75 w 0 J [ ] 0 d 34.391 653.743 526.499 1.500 re S BT 34.016 615.321 Td /F3 18.0 Tf [(Sterling : the Rise and Fall of a Currency)] TJ ET BT 34.016 344.603 Td /F1 12.0 Tf [(Is it possible to write a popular book on the subject of money that is both readable and scholarly? The feat )] TJ ET BT 34.016 330.347 Td /F1 12.0 Tf [(has been accomplished in other areas of history with books on people and battles, written by reputable )] TJ ET BT 34.016 316.091 Td /F1 12.0 Tf [(academics, to be found on best seller lists. However, one of the few I know in financial history is J.K. )] TJ ET BT 34.016 301.835 Td /F1 12.0 Tf [(Galbraith's )] TJ ET BT 89.168 301.835 Td /F2 12.0 Tf [(The Great Crash)] TJ ET BT 170.504 301.835 Td /F1 12.0 Tf [( which, despite its age and flaws, remains very popular. Considering the abiding )] TJ ET BT 34.016 287.579 Td /F1 12.0 Tf [(interest in the subject of money surely those who write about its history should meet a ready response among )] TJ ET BT 34.016 273.323 Td /F1 12.0 Tf [(the public if only they can find the trick of combining readability with authority. Clearly, this is the task that )] TJ ET BT 34.016 259.067 Td /F1 12.0 Tf [(Nicholas Mayhew has set himself. With his experience as the curator of the coin room in the Ashmolean he )] TJ ET BT 34.016 244.811 Td /F1 12.0 Tf [(may have more experience than most in trying to persuade people that money can be a fascinating subject. )] TJ ET BT 34.016 230.555 Td /F1 12.0 Tf [(The question then is whether the book succeeds in its objectives.)] TJ ET BT 34.016 204.299 Td /F1 12.0 Tf [(The structure of the book is a chronological one with eight chapters covering the period from the Domesday )] TJ ET BT 34.016 190.043 Td /F1 12.0 Tf [(book to the present day. In addition there is a price index and a glossary of terms as well as a number of )] TJ ET BT 34.016 175.787 Td /F1 12.0 Tf [(coloured illustrations of coins and notes. In the first four chapters the establishment of sterling as a currency )] TJ ET BT 34.016 161.531 Td /F1 12.0 Tf [(is described and then related to the growing monetisation of the economy as more and more transactions )] TJ ET BT 34.016 147.275 Td /F1 12.0 Tf [(required the use of money. There is some debate whether this monetisation was achieved by an increased )] TJ ET BT 34.016 133.019 Td /F1 12.0 Tf [(quantity of coin being available or an increased velocity of circulation. Whatever the circumstances gold )] TJ ET BT 34.016 118.763 Td /F1 12.0 Tf [(starts to become more important in the 13th century due to a shortage of silver and the need to make )] TJ ET BT 34.016 104.507 Td /F1 12.0 Tf [(payments over longer distances, so favouring gold because of its higher value related to weight. In turn that )] TJ ET BT 34.016 90.251 Td /F1 12.0 Tf [(leads to the growing use of credit instruments, like bills of exchange, in the 14th century. Thus , by the 16th )] TJ ET BT 34.016 75.995 Td /F1 12.0 Tf [(century Britain was already relatively advanced in its use of money involving as it did not only coins but )] TJ ET BT 34.016 61.739 Td /F1 12.0 Tf [(also credit, while transactions were international in scope. Nevertheless, these international payments were )] TJ ET BT 34.016 584.699 Td /F3 12.0 Tf [(Review Number:)] TJ ET BT 34.016 570.443 Td /F1 12.0 Tf [(123)] TJ ET BT 34.016 556.187 Td /F3 12.0 Tf [(Publish date:)] TJ ET BT 34.016 541.931 Td /F1 12.0 Tf [(Saturday, 1 April, 2000)] TJ ET BT 34.016 527.675 Td /F3 12.0 Tf [(Author:)] TJ ET BT 34.016 513.419 Td /F1 12.0 Tf [(Nicholas Mayhew)] TJ ET BT 34.016 499.163 Td /F3 12.0 Tf [(Date of Publication:)] TJ ET BT 34.016 484.907 Td /F1 12.0 Tf [(1999)] TJ ET BT 34.016 470.651 Td /F3 12.0 Tf [(Pages:)] TJ ET BT 34.016 456.395 Td /F1 12.0 Tf [(320pp.)] TJ ET BT 34.016 442.139 Td /F3 12.0 Tf [(Publisher:)] TJ ET BT 34.016 427.883 Td /F1 12.0 Tf [(Allen Lane)] TJ ET BT 34.016 413.627 Td /F3 12.0 Tf [(Place of Publication:)] TJ ET BT 34.016 399.371 Td /F1 12.0 Tf [(London)] TJ ET BT 34.016 385.115 Td /F3 12.0 Tf [(Reviewer:)] TJ ET BT 34.016 370.859 Td /F1 12.0 Tf [(Ranald Michie)] TJ ET endstream endobj 8 0 obj << /Type /Font /Subtype /Type1 /Name /F1 /BaseFont /Times-Roman /Encoding /WinAnsiEncoding >> endobj 9 0 obj << /Type /Font /Subtype /Type1 /Name /F2 /BaseFont /Times-Italic /Encoding /WinAnsiEncoding >> endobj 10 0 obj << /Type /Font /Subtype /Type1 /Name /F3 /BaseFont /Times-Bold /Encoding /WinAnsiEncoding >> endobj 11 0 obj << /Type /XObject /Subtype /Image /Width 509 /Height 160 /Filter /FlateDecode /DecodeParms << /Predictor 15 /Colors 3 /Columns 509 /BitsPerComponent 8>> /Mask [ 255 255 255 255 255 255 ] /ColorSpace /DeviceRGB /BitsPerComponent 8 /Length 3280>> stream x[EQ㎦fVttҒ +3O{?lGDQԯDrB^.ϯ%~'0۠/2>0AG_>0j0GCfE67>rB^}@  !&y+r?INp:erc b8f=rQC!~-Wf^^zF[)G 2ޯe7V_Go3Ke GEGOo8rώ#\1ZY~N6^H}yLxS-!:412V+u\-LSO?xVvZ|GjǮT_8EYJF=Tw^ 7GxfN/S:Ʌ~ʟtt?5n÷J'JcF-GVξx{rO~tJd;#a\7}|~y'>}c2C vR}f׈**h.)_&@pfzjsx:5;S\vKhM5j=!Cn+h"u]a EUN]jn=k<,:Ք>sU!ni~6EJ)¦72?G}[y}_vc$t?iSܟ2Zݞ,VN?_`='RFK1A2qv&X_lLRWY'%:I㢖zb_UEx\>&ɆBˏ~K@ \gYØU4}$8Dv!'Q'*+Εj(UCGo[#< 2Ja(sZi9fZKE Rn`u\9r^Zmɯ׹}mstO4uc~#'jEvۼ Dx[z ޏQ4KL5,5u3>i^uÒ-53ba ~,~/pyt1fMU'CVm:qv~=Y'Es"WsφG?l_kN5}],Ow7 uh`xƫ?zMl7ٻv$A(4Dl(wwH} ?=[=S;yC]^BK>㕪9`Z'Wj;E|:bf>kCԘ#RY,iv쵗~}n'"1u" *uO΄/2^Sxr(!/DD\~mJyZ!MmrA!#u[if|99WB WΡpp}w}sh#,\ &:%˳X?D3 %W0cC?o̲^} F3XLVn]Cߖiϧ!7}yZJ#P7]=)7Ρp;>> Ye^xx{Oafw{ ;>4gfLt ʊ:q%#r/)pv!O4wGh|dS ӣݽހ-gVUC'pBxrB^} 7JA^} /'8!`:r?}}],X  }6y!`/~Br?}Q< >k7vx"] ,' .3jn{-i}|~%-};b6#U)7繎kiEw 㤳:E}[޼c"rꬊ7Dc$~"/Y&zSd:tFȌCrʙ`7u .#[-<)j ?TGS(j~oTup(hjU4PlJ=}|it.ҽ@\wʨuXÞZcx18Wo<~ikOg,ވ\^?EneyZcc0[R١z|zv7_m:_n]a?osS3~j^ hD.a_X'KfBX6w wݶ"Oa:,bvhrWH[uCF-Xfc}>x+Rz)2N-B 7y^٨;[/vg? | |2Sve}=o䑰j[vWjF0{굦?VI~}xM(_TlG__+]:#к?S} c>GŸD7 !w{S{B =x7a?oE#)+Gz:o_4Q<;n?\tt7?mGCџQGu4kņOF>F?#} hP&ђߴM#u!.СtL2^#o nIk_i.~7tr@n 1P~3?.[]=S5b߮~Yo^HFH YBi8a4iom>CKgMy*;?zqEӕ` >zB9iFzC?XF?ޟIܰ펉A}{I5ᄊx%ez#Mp@rߎpi]IOVjzuJt\۰f׺u5><,J~PTJp1)}){9N {!`/> endstream endobj 12 0 obj << /Type /Annot /Subtype /Link /A 13 0 R /Border [0 0 0] /H /I /Rect [ 197.0117 675.3895 357.3317 687.2695 ] >> endobj 13 0 obj << /Type /Action /S /URI /URI (http://www.history.ac.uk/reviews) >> endobj 14 0 obj << /Type /Page /Parent 3 0 R /Annots [ 16 0 R ] /Contents 15 0 R >> endobj 15 0 obj << /Length 5073 >> stream 0.000 0.000 0.000 rg 0.502 0.502 0.502 RG 0.75 w 0 J [ ] 0 d BT 34.016 796.469 Td /F1 12.0 Tf [(routed via Antwerp at that time, as it stood at the centre of the network of payments . What emerges from )] TJ ET BT 34.016 782.213 Td /F1 12.0 Tf [(these early chapters is that government is not to be trusted with control over the monetary system because of )] TJ ET BT 34.016 767.957 Td /F1 12.0 Tf [(its tendency to manipulate the currency to suit its own requirements. My one quibble with these early )] TJ ET BT 34.016 753.701 Td /F1 12.0 Tf [(chapters is the discussion on the velocity of circulation which appears rather confused. Rising or falling )] TJ ET BT 34.016 739.445 Td /F1 12.0 Tf [(velocity of circulation can be related to the supply of currency, the demand for that currency, and the )] TJ ET BT 34.016 725.189 Td /F1 12.0 Tf [(financial sophistication of the economy and thus it is rather dangerous to make judgements on what is taking )] TJ ET BT 34.016 710.933 Td /F1 12.0 Tf [(place and why without fully exploring all these. Part of the confusion is caused by the fact that money )] TJ ET BT 34.016 696.677 Td /F1 12.0 Tf [(remains undefined in these early chapters for that is not tackled until the chapter on the 17th century , when )] TJ ET BT 34.016 682.421 Td /F1 12.0 Tf [(paper money begins to be used. Then in the 18th century paper becomes increasingly common instead of )] TJ ET BT 34.016 668.165 Td /F1 12.0 Tf [(silver, along with copper for small denomination coins and gold for larger value transactions.)] TJ ET BT 34.016 641.909 Td /F1 12.0 Tf [(The final four chapters deal with the last two centuries with the establishment of sterling on a gold basis in )] TJ ET BT 34.016 627.653 Td /F1 12.0 Tf [(1816 and the introduction of the sovereign in 1817 to replace the guinea. It does can as something of a )] TJ ET BT 34.016 613.397 Td /F1 12.0 Tf [(surprise to learn how recent were some of the monetary developments that appear to many today to go back )] TJ ET BT 34.016 599.141 Td /F1 12.0 Tf [(into the sands of antiquity. Unfortunately, as the history of sterling becomes more complex and more )] TJ ET BT 34.016 584.885 Td /F1 12.0 Tf [(international the book loses much of its appeal, when it was dealing with an essentially domestic )] TJ ET BT 34.016 570.629 Td /F1 12.0 Tf [(development. Thus the golden age of sterling - 1850-1914 when it played a world role, is treated as a series )] TJ ET BT 34.016 556.373 Td /F1 12.0 Tf [(of financial crises. Similarly, the chapters on the 20th century are really little more of a description of war )] TJ ET BT 34.016 542.117 Td /F1 12.0 Tf [(financing, financial crises, and the views of Keynes. At this stage the book falls apart as it loses the cohesion )] TJ ET BT 34.016 527.861 Td /F1 12.0 Tf [(that was given to it when money was more tangible, in the shape of coins. Instead, in the 19th and 20th )] TJ ET BT 34.016 513.605 Td /F1 12.0 Tf [(centuries money and the financial system become inseparable and the one cannot be understood without the )] TJ ET BT 34.016 499.349 Td /F1 12.0 Tf [(other. However, instead of providing the reader with an overview of the changing financial system and what )] TJ ET BT 34.016 485.093 Td /F1 12.0 Tf [(implications it had for money, these chapters dwell much more on the general economic history of the period.)] TJ ET BT 34.016 458.837 Td /F1 12.0 Tf [(In the end this book is not a success. In many ways it is an economic history of Britain from 1066 with )] TJ ET BT 34.016 444.581 Td /F1 12.0 Tf [(special reference to the currency. This works reasonably well when the economy is simpler and more )] TJ ET BT 34.016 430.325 Td /F1 12.0 Tf [(insular, for there the references to prices and living standards seem more integrated into the story that is )] TJ ET BT 34.016 416.069 Td /F1 12.0 Tf [(being told. Unfortunately that approach does not work when the economy becomes more complex and more )] TJ ET BT 34.016 401.813 Td /F1 12.0 Tf [(international, with sterling both playing a global role and being exposed to world conditions. Consequently, )] TJ ET BT 34.016 387.557 Td /F1 12.0 Tf [(if the aim of the book is to capitalise on the current debate on the future of Sterling by describing its past, it )] TJ ET BT 34.016 373.301 Td /F1 12.0 Tf [(is the most recent and most relevant part of that past that is the weakest part of this book.)] TJ ET BT 34.016 347.045 Td /F3 12.0 Tf [(Other reviews:)] TJ ET BT 34.016 332.789 Td /F1 12.0 Tf [([2])] TJ ET 0.75 w 0 J [ ] 0 d 34.391 328.063 526.499 1.500 re S BT 34.016 310.283 Td /F3 12.0 Tf [(Source URL:)] TJ ET 0.000 0.000 0.800 rg BT 104.672 310.283 Td /F1 12.0 Tf [(http://www.history.ac.uk/reviews/review/123)] TJ ET 0.000 0.000 0.800 RG 0.24 w 0 J [ ] 0 d 104.672 308.889 m 322.316 308.889 l S 0.000 0.000 0.000 rg BT 34.016 283.912 Td /F3 12.0 Tf [(Links:)] TJ ET BT 34.016 269.512 Td /F1 12.0 Tf [([1] http://www.history.ac.uk/reviews/item/719)] TJ ET BT 34.016 255.112 Td /F1 12.0 Tf [([2] http://www.history.ac.uk/reviews)] TJ ET endstream endobj 16 0 obj << /Type /Annot /Subtype /Link /A 17 0 R /Border [0 0 0] /H /I /Rect [ 104.6717 309.2035 322.3157 321.0835 ] >> endobj 17 0 obj << /Type /Action /S /URI /URI (http://www.history.ac.uk/reviews/review/123) >> endobj xref 0 18 0000000000 65535 f 0000000008 00000 n 0000000073 00000 n 0000000119 00000 n 0000000328 00000 n 0000000365 00000 n 0000000531 00000 n 0000000613 00000 n 0000005313 00000 n 0000005422 00000 n 0000005532 00000 n 0000005641 00000 n 0000009202 00000 n 0000009330 00000 n 0000009414 00000 n 0000009498 00000 n 0000014624 00000 n 0000014752 00000 n trailer << /Size 18 /Root 1 0 R /Info 5 0 R >> startxref 14847 %%EOF