Great Bay, The, by Pendell, Dale

Scrip, as IOUs, might be written by anyone. Certain guilds would issue scrip as commerce demanded, but it never became a general currency. For one thing, the value of scrip generally decreased over time as the scrip became harder and harder to redeem. Scrip that was five years old was only worth a fraction of its face value. Who wanted to redeem old scrip? Some guilds were better at this than others. Still, in effect, scrip carried negative interest, further reinforcing the anti-social na[...]

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