History 2186A/B Lecture Notes - Lecture 4: Copper Riot, Precious Metal, Margin Call (Film)

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Financial panics (topics: currency crises- value drops, the bank run- depositors panic and demand liquidation of assets, bubbles- overinflated instruments, crashes- emerge from any of the other three or any other factors. Tends to create hysteria, similar themes to what we talked about in the last couple of weeks: currency crises. Term for weighing the coin on the scale, but taking them off quickly so customers didn"t see the real value of the coin. Face value of coin was the actual value of which the coin was made. What people would do is clip the metal off the edges of a coin. Not too much for people to notice a difference. Use the clippings overtime, melt them together, to make new coins. Take precious metal, melt it down, add other kinds of metal to it, then make twice as much coins, but worth less value. (almost like saturating).

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