Do we really need another book on American numismatics? In the case of Richard Doty's new book, the answer is an enthusiastic yes.Unlike other important histories such as Q. David Bowers, The History of United States Coinage, based on the Garrett collection, this book is about America's money, not just coins. Doty examines early forms of money such as wampum and barter objects, the great influence of Spanish colonialism, and local monetary forms during our own colonial period. What may surprise some coin collectors is the importance of paper money in our history, especially non-Federal issues through the Civil War. Private bank note issues and merchant scrip-"obsolete notes"-were a vital part of circulating money during a long period when U.S. and other coins were scarce. Doty examines how vignettes used on many of these notes represented real or ideal views of our society, our relationship with Native Americans, enslaved people, women, and national heroes. One of the nine chapters examines early paper money in detail-"Rag Times: The Era of the Private Bank Note (1789-1865)." Paper is also a major part of the significant changes to our money during the Civil War era ("Civil War and Money's Change"), when private bank notes were essentially taxed out of existence and replaced with U.S. paper money.
Throughout the book, Doty places money and monetary change in historical and cultural context. Our money evolved as our experience as a nation grew--money changed and stabilized (some might say fossilized) as we developed from a struggling nation into our modern superpower status.
Richard Doty is perhaps the preeminent U.S. numismatic scholar of the 20th century. A historian with academic credentials, the book's special claim is his historian's view of the evolution of American money. His writing style is eminently readable-he has a way with words, an ability to use the language that to this reviewer is more appealing than that of any other numismatic writer.
Running 248 pages (8 1/2 inches by 11 inches, softcover), America's Money -- America's Story is extensively indexed and includes more than 250 large-size photographs of everything from items traded during the pre-European settlement days to the coins and bills that have changed with America.
Chapters cover The Thirteen Colonies and Their Monies; The War for Independence and Its Aftermath; "Hard Money" and the Young Republic; "Rag" Times: The Era of the Private Bank Note; Gold!; Civil War and Money's Change; The Gilded Age; Isolation, Depression, Intervention; and Cold War and Beyond.
Rounding out America's Money -- America's Story is a section featuring an in-depth list of suggested reading material to help enthusiasts acquire even more knowledge of the history of America and its money.
"Regardless of time or place, any exchange medium must satisfy a number of requirements," the book says." If it does so, it is viable money, likely to remain in fashion; if it does not, it will soon be replaced by something else. To be money, an object must be durable. It must be practical, either directly or indirectly. It must be easily quantifiable. It must be of moderate scarcity, rare enough to carry an aura of desirability, plentiful enough so that everyone can see it and have a minimal chance of obtaining it. Finally, attractiveness, either for display or for other reasons, gives some potential trading objects an advantage over others--without being an absolute requirement for any of them.
Doty is curator of numismatics for the Smithsonian Institution's National Museum of American History, where he is responsible for the national collections of U.S., Latin American, and medieval coinage, as well as U.S. and foreign paper money and foreign tokens. A former professor of U.S., Latin American, and world history, Doty is a numismatic scholar who has written five books and more than 100 articles concerning numismatics.