Commercial banks in the 18th century issued banknotes backed by precious metals. The government coined money, but couldn't just print it. Banks had to be able to redeem banknotes for precious metals on demand to be credible. #BrokenMoney nostr:npub1a2cww4kn9wqte4ry70vyfwqyqvpswksna27rtxd8vty6c74era8sdcw83a