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1_______. In London, goldsmith bankers introduced bank notes about the same as they introduced checks. 2_______. Whereas only the individual to whom the deposit was directed could redeem checks, notes could be redeemed by anyone who held them. Notes redeemable for gold or another valuable commodity are called fiduciary money. 3_______. In some ways fiduciary money was better than gold because it took up less space and was easier to carry.
The amount of fiduciary money issued depended on the bank’s estimate of the proportion of notes that would be redeemed for gold. 4_______.
One of the ways a bank could create claims against itself was to issue bank notes
Bank notes were pieces of paper that promised to pay the bearer a specific amount in gold when presented to the issuing bank for redemption
Fiduciary money was often “as good as gold” since the bearer could, upon request, redeem the note for gold
The greater the redemption rate, the fewer notes could be issued based on a given amount of gold reserves
