DireMunchkin's avatar
DireMunchkin yesterday
Per Maple: "Policies were written in pounds sterling, which until 1931 meant pounds sterling as a weight of gold (or silver, prior to 1717). Underwriters posted bonds and paid claims in guineas (gold coins) and banknotes redeemable on demand for specie."
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๐•žptf's avatar
๐•žptf mypathtofire@iris.to yesterday
Banks and insurance did lots of shit on a "gold standard", but any sizeable amount of money they didnt pay in gold as they didnt have it. Same as today... Eg... In 1909, General Motors founder William Durant offered Henry Ford $8 million to buy Ford Motor Company. Ford agreed but told his associate James Couzens: "All right, but gold on the table" - meaning he wanted cash payment, not stock or promises. Durant's bankers refused to provide the financing, and the deal collapsed
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