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The History of Money

Follow the money—from ancient tokens to Bitcoin and beyond—in this 18-lecture course taught by a prominent economic historian.
 
 
Rated 5 out of 5 by from Follow the money How we deal with money is a fascinating lens with which to view human history. I was particularly impressed with his summary of where we are now. Money, and even debt, are being created outside of any regulatory or even publicly-administered environment. The economy appears to defy any rules you have learned concerning money and banking and economics until, one day, that same economy may be crippled by those rules it has been ignoring. The value of money still comes from supply and demand and, despite the complexity of the types of money, those rules eventually come home to roost. Well done.
Date published: 2025-11-10
Rated 5 out of 5 by from Interesting course! It’s fascinating to learn that money wasn’t only invented because barter is inconvenient. This course explains how it’s a necessity for wielding power and building civilization. Imagine you’re trying to raise an army, or want to rule beyond the scope of your family. Well thousands of soldiers you’ve never met won’t work for free! Plus you want administrators to run your empire in far-flung regions, right? You’re going to need to pay them. Which means you you’ll need to collect taxes. And taking the farmers’ surplus grain just won’t do. You need money! This intriguing course shows how the very existence of money is inseparable from politics and the question of political legitimacy. Who gets to print money? Who decides what it’s worth? Is it only the king? But what if private market actors or “the people” want to trade notes or honor debts in ways independent of the crown or state? (A historical question that runs right through the development of present-day cryptocurrencies.) The birth of America is a great example (lecture 10). What money were American colonists using before the Revolution? Would British importers only have accepted British pounds? When America declared independence, what happened to all the British money people held? Was it no longer worth anything? How could George Washington pay his troops? With what money could a newly independent America repay its international debts to the nations that helped finance its war of independence? Would they accept American money? And what if the states or private banks wanted to print their own money? But then how could the federal government collect the taxes it needed to pay its governors and soldiers? This course boldly addresses important questions such as these. It also shows how practical necessity drives adaptations in the form money takes. When shipping or weighing metal coins gets too costly, why not introduce paper money? Or credit cards?! Or Apple Pay?? Many interesting questions, many interesting answers.
Date published: 2025-11-10
Rated 3 out of 5 by from Best for students of economics I suspect that economics students will enjoy this course, for others it may be tough to follow. Basic concepts, for example fiat currency, are mentioned but not explained. I did learn about money and its history, but little for the amount of time devoted to the course. The motionless person reading a screen format may be good for ensuring that a given information is conveyed, but it is also boring. Compare this format with the one in the older courses, in which the lecturer spoke based on his notes and was free to move about. Imagine going to the university and taking a course in which t professor read all the time and remained almost motionless.
Date published: 2025-11-01
Rated 4 out of 5 by from An Academic Review on The History of Money I recently completed The Great Courses 18 30 minute lecture set titled - The History of Money. The course was presented by Professor Simon Middleton of William and Mary College. The course ambitiously charts the evolution of money from its earliest conceptual roots to the complexities of modern financial systems, covering a wide array of topics including: the origins and definitions of money, currency in Ancient Rome and early medieval societies, the monetary innovations of China and the "Great Divergence, Renaissance banking, The Knights Templars, and the emergence of financial institutions, and all the major money advancements up through the 2008 financial crisis and the current cyptro currency. While the syllabus is impressively thorough, and the course does deliver on its promise to cover the major milestones in monetary history, the lecturer's delivery style felt more suited to a technical conference than an engaging educational experience. The lectures were dense with information but lacked the dynamism or storytelling flair that miight have brought the subject matter to life. That said, if you're looking for a methodical, academically rigorous overview of Monetary history, and don't mind a more subdued presentation, this course set certainly covers all the bases. It's best suited for those who prefer a structured, lecture heavy format and are already somewhat familiar with economic history. I have been a member of the Great Courses since 2002 and have added much knowledge from each lecture set!
Date published: 2025-10-31
Rated 5 out of 5 by from Amazing Insight! Clever Presentation! This was the most engaging, insightful and delightful course I have ever signed up for.
Date published: 2025-10-30
Rated 3 out of 5 by from I tried I was and am very much interested in this subject. I practice Spanish online via the italki.com platform. I bring this up as I remember having an hour long discussion with a young woman who lives in Ecuador. They use the US Dollar as their currency... they love the dollar coins that never seem to catch on here. Anyway she was under the impression that she could turn in her US money for gold if she went to the right place. Sorry, Mica, it does not work that way. We went on to a generalize discussion on money as fiat. My issue with this course was how it was produced. Apparently, I am deeply in the minority on this issue, but these talking head productions that GC has gone to are frequently unwatchable for me. If I am super interested in one, I will turn off the screen and pretend I am listening to an audio presentation. For this one, after about 15 minutes of watching his hands, front and center, waving around, I gave up. Oh well...
Date published: 2025-10-27
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The History of Money

Trailer

What Is Money?

01: What Is Money?

We say money “makes the world go round,” but what is money? Start the course with the essential properties that make money work. Economists gained surprising insight from the Pacific island of Yap, where giant stone discs—even one on the ocean floor—served as currency for the local people. Discover how they grasped a crucial feature of every successful monetary system: shared belief in value.

29 min
How Did Money Get Started?

02: How Did Money Get Started?

An oft-told tale is that money evolved to replace inefficient barter. But the truth is more complex. Travel back thousands of years to learn how writing emerged to record stores of commodities. Clay tokens of different shapes and denominations physically represented units of value and obligation. And, eventually, precious-metal coins were introduced as an inherently valuable medium of exchange.

31 min
Money and the Rise and Fall of Rome

03: Money and the Rise and Fall of Rome

Rome dominated the Mediterranean world for many centuries. Its power rested not only on military strength, but also on a financial system built around stable, widely accepted coinage, state control of precious metals, and a vast network of taxes and tribute. Ultimately, mounting administrative costs, political instability, and the debasement of currency led to the empire’s disintegration.

35 min
Money in the Early Medieval Era

04: Money in the Early Medieval Era

After the fall of Rome in the West, coin-based economies largely collapsed. In places like early medieval England, exchange reverted to gift-giving and reciprocal obligations among lords and vassals. Over time, old Roman and foreign coins reentered circulation, paving the way for locally minted coinage—an innovation driven by expanding markets, long-distance trade, and the need for portable value.

33 min
China and the Great Divergence

05: China and the Great Divergence

In China, money was more than a medium of exchange—it was a tool of governance. The state minted coins, set exchange rates, and used currency to shape commerce and enforce social order. This centralized approach culminated in a remarkable innovation: the world’s first government-issued paper money, which left Italian traveler Marco Polo (circa 1274) marveling centuries before Europe caught up.

33 min
Renaissance of Money: From the Templars to Banking

06: Renaissance of Money: From the Templars to Banking

Trace the rise of credit, transfer systems, and international finance in Europe—from the key role of the Knights Templar during the Crusades to the emergence of powerful medieval banking families. Amid near-constant warfare and monetary chaos, philosopher Nicolas Oresme proposed reforms to the French king—marking a turning point toward currency stability and Europe’s economic resurgence.

33 min
A New World of Money

07: A New World of Money

The age of European colonization brought financial innovation and confusion. Spain’s flood of Peruvian silver destabilized prices across Europe. In North America, English colonies—short on coin—used local goods like tobacco as “current money,” creating a patchwork of regional standards and values. The result was a complex, often unstable system of exchange throughout the colonial world.

33 min
England’s 17th-Century Money Troubles

08: England’s 17th-Century Money Troubles

Survey England’s monetary turmoil in the 17th century, as royal control of coinage gave way to a new system centered on the Bank of England, which was empowered to issue notes backed by public credit. Amid religious upheaval and economic strain, thinkers like William Petty reimagined money as credit and trust, laying the foundation for modern public finance and paper currency.

34 min
South Sea and Mississippi Bubbles Burst in the 1700s

09: South Sea and Mississippi Bubbles Burst in the 1700s

The new approach to money, anchored on a semi-independent central bank, appeared miraculous—promising limitless economic opportunity. But the collapse of Britain’s South Sea Bubble and France’s Company of the West—both tied to speculation in the Atlantic slave trade—shattered that illusion. These failures reinforced the landed aristocracy’s doubts about paper money and credit-based finance.

32 min
A Revolution of Money

10: A Revolution of Money

Contrast England’s bank-centered financial system with France’s old-school reliance on royal control over money. In French eyes, England (and especially its freewheeling American colonies) seemed headed for financial ruin. Meanwhile, Enlightenment debates about trust and power helped fuel colonial resistance to British monetary limits, turning a tax dispute into a full-blown revolution.

36 min
An American Nation of Counterfeiters

11: An American Nation of Counterfeiters

Building on Adam Smith’s influential ideas about the nature of money, chart US fiscal policy from Alexander Hamilton’s post-Revolution reforms to the economic clash between western farmers, eastern merchants, and southern slaveholders. Rampant counterfeiting eroded trust in the system, escalating the tensions that ultimately erupted in the financial and political crisis of the Civil War.

35 min
From Burke to Paine: Ideas about Money

12: From Burke to Paine: Ideas about Money

Adam Smith’s economic theory launched modern economics and the search to understand why his idealized vision fell short, with wealth concentrating among investors and elites. Thinkers from Edmund Burke and Thomas Paine to Karl Marx and the Austrian school of free-market theorists offered sharply different answers, sparking arguments over how markets work and who benefits from economic growth.

33 min
Money Divides America: From the Civil War to the Fed

13: Money Divides America: From the Civil War to the Fed

Contrast the monetary policies of the North and South during the Civil War, which arguably won the war for the Union. Then, follow the postwar bimetallism debate as farmers and laborers clashed with gold-standard bankers during the Gilded Age. Learn how these tensions fueled the Progressive push for reform—culminating in the 1913 creation of the Federal Reserve to stabilize currency and credit.

33 min
From the Great War to the Great Crash

14: From the Great War to the Great Crash

Trace the turmoil from World War I’s crushing debts and reparations to the uneasy peace that followed. Economist John Maynard Keynes warned that the punitive settlement and rigid gold standard invited collapse. Meanwhile, the Communist Revolution in Russia offered a seemingly egalitarian alternative, as nations lurched between inflation and austerity—setting the stage for the Great Depression.

33 min
Financial Collapse: The Great Depression

15: Financial Collapse: The Great Depression

Consider rival theories for the causes of the Great Depression. Investigate why this downturn lasted a decade, not a year or two common for most recessions. Examine President Hoover’s ineffectual response, followed by Roosevelt’s evolving strategies for restoring prosperity—from banking reform and New Deal relief programs to a partial embrace of Keynesian stimulus. Also, look at responses abroad.

33 min
The Neoliberal Turn: From Bretton Woods to Nixon

16: The Neoliberal Turn: From Bretton Woods to Nixon

The Bretton Woods agreement at the end of World War II set the stage for 25 years of unparalleled economic growth. Trace its unraveling through the oil shocks and stagflation of the 1970s—culminating in Nixon’s end to gold convertibility for foreign holdings. Examine how the Reagan-Thatcher revolution embraced free-market reforms, fueling globalization and the era of “turbocapitalism.”

33 min
On Borrowed Time: The 2008 Financial Crisis

17: On Borrowed Time: The 2008 Financial Crisis

After the Cold War, liberal capitalism was hailed as history’s final triumph. Deregulation under Presidents Clinton and Bush fueled a lending frenzy, with exotic financial instruments disguising mounting risks. When the Great Recession hit in 2008, it was widely blamed on the US subprime mortgage market—but it was really an international house of cards, collapsing as major banks began to fail.

32 min
The Future of Money: From Austerity to Crypto

18: The Future of Money: From Austerity to Crypto

Chart events leading up to the Great Recession and the measures that kept it from becoming another Great Depression. Massive taxpayer-funded rescues may have been essential, but they entrenched the “bailout state” and fueled skepticism of traditional finance, spurring innovations like cryptocurrency. Conclude by exploring what these shifts may signal for the next chapter in the story of money.

37 min

Overview Course No. 30610

Few concepts are as essential yet elusive as money. We use it every day, but rarely pause to ask what it really is, why it takes the forms it does, or how it achieves and retains value. “Money makes the world go round,” goes one saying. But, at times, it makes the world go crazy, too!

Therefore, it’s vital to understand money and how it works. The History of Money immerses you in this fascinating subject in 18 half-hour lectures taught by moneyman of letters Simon Middleton, Associate Professor of History at the College of William & Mary and an expert on American economic history. Professor Middleton follows money’s evolution across the centuries—from philosophers and rulers to swindlers and reformers, from market panics to multinational intrigues.

He opens with clay tokens and early credit systems. Then, he moves through Roman coinage and medieval banking and shows how new ways of creating and controlling money fueled empires and sparked revolutions. Along the way, you meet remarkable figures—among them John Law, Adam Smith, Karl Marx, John Maynard Keynes, and Milton Friedman.

It’s no secret that the American Revolution was incited by a money dispute—namely, British taxes. You discover the prominent role of finance in US history—from the controversy over the Bank of the United States during the Jackson administration, to the banking wizardry required to pay for the Civil War, to the Great Depression and more recent financial crises. Indeed, America’s history is written in dollars and debts.

About

Simon Middleton

Money, in whatever form it's taken, has been a central feature of our social and economic existence since the dawn of civilization.

INSTITUTION

William & Mary

Simon Middleton is a William E. Pullen Associate Professor of History at William & Mary. He received his PhD in History from the City University of New York Graduate Center, and he specializes in early American social history and political economy. His publications include the book From Privileges to Rights: Work and Politics in Colonial New York City and articles in the William and Mary Quarterly and Early American Studies.

By This Professor

The History of Money
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