Journey of Money - Mannar Mannan - Book Review by Sivasankar Babu

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GSCThe Journey of Money - Book Review by SIvasankar Babu
Wednesday Study Circle – Book Review
Presentation on a Book by
Br. Sivasankar Babu
“The Journey of Money
( from Barter to Bitcoin)
Authored by Dr. Mannar Mannan
காந்தி கல்வி நிலையத்தின் புதன் வாசகர் வட்டம் நூல் அறிமுகம்
ஆசிரியர் :
பேச்சாளர் :
சிவசங்கர் பாபு
28th மார்ச் 2018 புதன்கிழலம
Venue : Gandhi Study Centre
Thakkar Bapa Vidhyalaya complex
58 Venkat Narayanana Road,
T Nagar, Chennai 600 017
Saravanan Subramanian, 97907 40886

Agenda
❖ The Book - intro
❖ TheAuthor - intro
❖ Presenter’sViews
❖ Book Structure
❖ Flavor of Book -Chap 1-13 review & quotes
❖ Overview of Chapters 14-46 and contents
❖ Author’s Experience – on writing the books
❖ Q & A
2

About the Author
இரா. மன்னர் மன்னன்
❖ 2009 இல் ஆனந்த விகடனால் "மிக சிறந்த மாணவ ேத்திரிககயாளர் " என அகடயாளம் பேற்றவர்.
❖ பசன்கன கம்ேன் கழகத்தின் மாநில அளவில் "கம்ேன் அடிப்போடி" விருது வாங்கியவர்.
❖ ஊடக துகற மற்றும் வரலாறு இரண்டிலும் முதுககல பேற்றுள்ளார்
❖ இவரின் 18 ஆண்டு கால நாணய பசகரிப்ேில் கி.மு. 3 முதல் கி.ேி. 18 ம் நூற்றாண்டு வகரயிலான
நாணயங்கள் காலவாரியாக ஆவண ேடுத்தப்ேட்டு,, தமிழக அளவில் மிகப்பேரியதாக விளங்குகிறது.
❖ 2016 இல் இவரது "ேல்லவர் வரலாறு" என்ற முதல் நூல் நாணயங்கள் மற்றும் ேிற சான்றுகள் மூலம்,
வரலாற்கற விளக்கும் முகறயில் அகமந்தது.
❖ அபத முகறயில் அடுத்த ேகடப்பு 2017 இல் "ேணத்தின் ேயணம்" - ேண்ட மாற்று முதல் ேிட் காயின் வகர
பவளி வந்துள்ளது.
❖ மன்னர் மன்னன் கடந்த 2012 முதல் புதிய தகலமுகற பதாகலகாட்சியில் பசய்தி ஆசிரியராக ேணியாற்றி
வருகிறார்.
3

About the Book
4

Book Content by chapters – 1-23
5
A. Barter to commodity to Gold C. Currency - Store forValue & Link
B. Coins – Intrinsic & Store forValue
D.Evolution of Monetary Policies

Book Content by chapters – 24-46
6
E. Gold Standard & Recessions F. Dirty, Contagious Cash & WhiteWash
G. De-Mon – the past & present H. Global money & non-physical forms

A. Barter to commodity to Gold
7

1. A world without money
❖ Modi shows us in 2016 the importance of cash
❖ Two of the Human’s invention which rule him are 1. GOD & 2. Money
– Both are inter-related
 Most of the offerings by humans to God are of money, praying to give more money
❖ Nomads – lived only in present – eat what is available and sleep
where possible and move-on if nothing available – No need for
money
❖ Hunter – farmers – riverside settlement with “Fire” and “Wheel”
invented . Created food /wealth and learned to expand resources.
Self sufficient- lived by the season
❖ Farmers – everybody harvested different things and exchanged
surplus by barter and got other essentials
8

1.a. Barter System - facts and issues
❖ Egypt Pyramids were built during Barter era
❖ Cattle based exchanges came in around BCE 9000
❖ Cattles is most widely used and in vogue in parts of Africa till
20th Cen.
❖ Cattle as barter had problems in usage for small needs
❖ Current Day Cattle Equivalent
9
QQ: “சில சமயங்களில் வரலாறு நாம் நிகனத்தேடி இருப்ேதில்கல. தீப்பேட்டிக்கு ேல நூற்றாண்டு முன்பே
கலட்டர்கள் புழக்கத்தில் இருந்த உலகம் இது//!!!”

2000 rupees note more like a cattle of barter time
All ATMs and Banks gave only the rosy Gandhis and with no 1000, 500, scarcity
of 100, Janata had tough time in retail trade triggering is own barter systems for
low value transactions .
10

2. Money in various forms - issues in barter
❖ To carry huge qty of commodity to all places for exchange –
 Except Cattle – no other commodity walks by itself
❖ Agree on conversion rate
 Ultimately one person lands up with a loss
❖ Keeping commodities like food grains in store
 No proper houses, subject to animal and insect attack
❖ Inability to expand savings beyond a point
 Just to save for 3-4 years, we need a separate house
❖ Absence of savings or inability to get needy items with available stuff
 Future becomes bleak with slow death
11

2. Money in various forms - need for a counter-value
❖ Precious - should have some inbuilt value or usage
❖ Durability - withstand physical wear and tear.
❖ Portability - ability to take high volume easily to places
❖ Divisibility - easily divided into smaller denom, or units of value.
❖ Uniformity - any two units will be same size, weight or value
❖ Limited Supply - Not abundant and ability to control supply
❖ Acceptability - across multiple locations for goods & services
12
QQ: “ேண்டமாற்று முகறயில் இருந்து நாணயங்கள் உடனடியாக பதான்றிவிடவில்கல ...
நடுவில் 8,௦௦௦ - 1௦,௦௦௦ ஆண்டுகால இகடபவளி – இதில் பவறு ேல மாற்று போருகள் புழங்கின//!!!”

what is common factor for all of these…
13
Skulls – Olden times
Cowrie shells - Maldives
Coral crop – pacific rim
Cattle – still in Africa
Kogu rice -Japan
Rare Bird Feather -Worldwide
Salts – Rome & India
Pearls – Asia
Rock ( Rei/Fei) – Micronesia
Wambam– Red Indians
Tobacco – America,Asia
Deerskin – Red Indians, Europe
Cigarette – Germany
Snails– Paraguay
Rats– Naurau

3. Gold is a Gold is a Gold
❖ Iron, bronze, lead - corroded easily and also available aplenty
❖ Platinum, silver and Diamonds & other 118 metals could not
beat GOLDs success except ONE …..
❖ Aluminum – from Pre-roman upto US liberty it was on top for
2000 years in rarity found in natural form
❖ Aluminum used in RomanTiberius Crown, Denmark Christian 8th Crown, French
Napoleon 3rd - chains and cutlery, 1880Washington memorial replica
❖ Till 1886 US got 93 kg Al Vs 93,300 kg of Ag – but with invention of
Bayer process to extract from Bauxite , it become abundant and now you
know its value …..
14

3. Gold – the king of metals with colorful character
❖ Easy to make as ornament --30 gm
can expand to 200 sq. ft sheet or 80km string
❖ Does not corrode, brittle or
dissolve ( except aqua Regia)
❖ Goldsmiths were one of the famed
artisans world-over and were
pioneers of Receipt Money
❖ 1850 Birmingham chain making
machines started the decline of
goldsmiths
15
QQ: “இன்கறக்கு உலகின் பேரும்ோலான குற்றங்களுக்கு ேின்னணியாக தங்க ஆகச உள்ளது
❖ Yellow -Gold 100%
❖ Red - 25% Cu
❖ Rose - 22.5% Cu +2.75% Ag
❖ Dark Green –15% Ag + 6% Cu + 4%
Cd
❖ Light Green – 23% Cu + 2% Cd
❖ Brown – various % of Palladium
❖ Indigo – % of Al – intermetallic fusion
❖ Blue – various % of Gallium

4. a. Gold and Silver - the ugly face of prospecting
Dark Side of Gold
❖ Gold mines one of the most dangerous places to work
❖ Prime Child Labour usage
❖ From Egyptian times slavery is extensively used
❖ Uses Mercury and other hazardous chemicals
❖ Having gold attracted looting and invasion by persons and
countries and added the gruesome protection angle
16
QQ: “தங்கம்தான் மனித பநயத்கத விரட்டி பவட்கடயாடுகிறது ..யாருக்கும் தீங்கு விகளவிக்காமல் பேற்ற
தங்கம் என்ேத வரலாற்றின் மிக அரிய போருள்

4. b.Gold and Silver - the loot across Europe
❖ Egypt started gold melting to bars
❖ Babylonians regularly looted them
❖ Persians looted them and ransacked even tombs
❖ Alexander of Greece plundered their 3 captials ( ~10,000 ton)
❖ Romans invaded Greece and other small ones primarily for gold
❖ Spain and Portugal later amassed all gold in south Europe
17
QQ: “ஸ்ோனியர்கள் தங்கள் கககளில் சிலுகவயும் இதயங்களில் தங்க ஆகசகயயும் கவத்துபகாண்டு
முன்பனறினர்..... ோதிரியார் காபசஸ்

5. Hunting new worlds – Spain & Portugal
❖ Gold was primary driving force for the European sea expeditions
❖ 1452-55- Pope NicholasV – Spaniards have the duty to make Islamic, non-Christians and Red-
Indians as slave of labor
❖ 1494 – Pope Alexander partitions area of ownership for Spain and Portugal.
❖ 1493-1520 – Haiti plundered – 22 ton @ 1 life /10 g of gold
❖ 1500 – Central America – Father Gasses witness accounts of mechanized torture machines and
slave labor mines
❖ Mexico Aztecs – 2.4 lacs Aztecs killed for 600 kg - @ 4o lifes / 10 g of gold
❖ Peru – Incas – got ransom for king 13,420 lb. gold & 26,000 Lb. silver and then destroyed the
❖ VASCO-DA-GAMA –landed in Calicut and openly welcomed by Zamorin and became Governor of
India from Portugal and opened up plunder of Goa and Kerala
18
QQ: “இப்ேடிபயல்லாம் போட்டி போட்டு தங்கம் பசர்த்த ஐபராப்ேிய நாடுகள்,, அவற்றில் மூலம் சாதித்தது ஒன்றும்
இல்கல. உள்நாட்டு போருளாதாரம் ோதித்ததும், பசர்த்த தங்கம் ேின்னர் பகாள்கள போனதும்தான் மிச்சம்.

6. Pirates of the Sea and sponsored looting
❖ 1512 – France Pirates loot Spanish ships with American gold and silver
❖ British and Dutch made piracy a royal right and jumped in partnership to loot
❖ 1534 – King HenryVIII announces Protestant head andVatican control declines in
Britain
❖ 1580 –sir Francis drake – returned with big loots – Queens 50% share surpassed rest
of income for the year
❖ 1703 – British + Dutch attack drowned Spanish ships with 450 kg gold and 3000 lives
❖ 1800 – British – occupy cape of good hope and start controlling south east Asian looting
❖ Unlike Spaniards British - believed in taking gold by selling goods . In India with no
gold mines, they force grow abin and minted gold by selling it to china leading to abin wars
19
QQ: “அபமரிக்காவில் தான் ஸ்பேயின்,போர்ச்சுகலுக்கு உரிகம. கடல் அகனத்து ஐபராப்ேிய நட்டுகளுக்கும்
போதுதாபன?? .. இதற்கான ேிரத்திபயகமான கப்ேல்ககள உருவாக்க காலமாயிற்று அனால் ேலன்
ேிரமாதமாக இருந்தது

7. India and Gold – from time immemorial???
❖ Herodotus, Account of India 430 BCE - mentions valley of gold like sand
with diamonds guarded by ants the size of foxes
❖ Reality - sourcing 5 ton / year – Kolar 12k feet – max 700 ton output
❖ Plini 1st BCE –Plini – annual 550 lacs roman gold coins exchanged annually for
weight of pepper and pearl
❖ Till 10th CE – India had 33% share on world trade – now only 3% - but still #1 in Gold
purchase
❖ Gold reserves – US Fed 9800 ton Public 4200 ton
❖ India RBI 500 ton Public – ~24000 ton Temples – Unknown
❖ China – by 2015 equals India but mostly in Paper gold with impacts to USA
20
QQ: “ேல உலக நாடுகளில் தங்கம் மக்களிடம் இருந்து விலக்கிகவக்கப்ேட்ட , அரபசாடு பதாடர்புகடய
உபலாகமாக கருேடுகிறது. அனால் இந்தியாவில் இந்த நிகலகம இல்கல

7.B Gold control in India – Not active in bringing in gold
❖ Govt has minimal Gold - Last gold coin- 1918 mohara – Last silver coin 1972 – 1o
rupees
❖ 1962 – Gold control act – no loans against gold and only 14 carat jewels
❖ 1965 – Full Gold Control – Gold bar and coins banned only GoldJewels allowed
❖ Jewellery fraud prone and Hallmark is an exception than rule – buyer bears
wastage and tax on it but does not get the dust
❖ Religious customs – due to frequent change to new designs every 3 years Indians
lose 30% value in making charges and wastage and repurchase of old gold toJewelers
❖ 1130 CE – CHALUKYA SOMESVARA III- Documents method to synthesize
thanga phaspam
21
QQ: கி. ேி. ௧௧௩௧ ஆண்டில் சாளுக்ய அரசன் மூன்றாம் பசாபமச்வரன் எழுதிய ஒரு குறிப்பு தங்க ேஸ்ே
பசய்முகறகய துல்லியமாக விவரிக்கிறது

B. Coins &
Intrinsic store for value
22

8. Gold & Silver Coins
23
QQ: “ஒரு நகரின் நாணயத்கத ேிற நகர் மக்கள் ேயன்ேடுத்தினால் நாணயம் அச்சிடுேவர்களுக்கு நல்ல லாேம்
கிகடக்கும் ஏன்டா உண்கமகய அபதன்ஸ் தற்பசயலாக கண்டு ேிடித்தது
7TH BCE Lydia (Turkey) minted first
Coin.They also first to introduce
shopping malls
Denarius ofTiberius-The
tribute penny of Rome
Judas Silver Coin - Tyrian shekels
(14 grams of 94% silver),
4th BCE Minerva Owl coin of Athens.
Soldier salary paid in silver coin instead
of salt
Julius Caesar – first kings bust-
one reason for his murder ??
Widow’s mite – bronze Lepton by
King of Judaea, 103 - 76 B.C..

8. Gold & silver coins – Graft of other nations
❖ First coins - were metallic pieces of same weight and value optional symbol of king or
God
❖ Minerva Owls – initiated money exchange by forced usage with other nations and
Athens receiving better quality other coins.
❖ Athens- issued azem coins instead of Electrum coins with less gold and benefitted
❖ Romans – also minted coins in female goddess temples – Juno Monetta coin was over
a period known as “money”
❖ 13th CE – Louis IX –Seigniorage- decreed only new issue coins are legal tender
and recovered precious old coins
❖ In South India – Greek / Roman coins received were used as such along with locals
24
QQ: “ஓர் அரசு தனது அதிகாரத்கத ேயன்ேடுத்தி அண்கட நாடுககளயும் பசாந்த மக்ககளயும் எப்ேடி சுரண்டலாம்
என்ேதற்கு சீக்னபரஜ் முதல் ோகதகய கட்டியது. இப்போது அகவ ராஜோட்கடகளாக மாறிவிட்டன

9. Old Coins of India
❖ Vedic period -Nishkam – may a string of metallic beads
❖ 3rd BCE Nanda , Maurya – square sliver coins
❖ BCE 205 Dimitrius – Bacteria kingdom till 2nd CE known only thru
its coins
❖ Chanakya -mentions coins by name Swarna rupa, rupya rupa, tamara
rupa , sisa rupa
❖ Shersha – first uses the name rupaiya /rupee
❖ Akbar - first published coins with minted year and month
25
QQ: “தமிழகத்தில் பராமானிய , சங்க நாணயங்கள் கிகடத்தாலும், அதற்கு முந்தியகவ கிகடக்கவில்கல .
எனபவ சங்க காலத்திற்கு முன் தமிழகத்தில் நாணயங்கள் புழங்கவில்கல என பகாள்ளலாம்

10. British Indian coins
❖ 1840 – common rupee coins till independence
❖ Travancore used silver chakram and panam and used a money board for counting
❖ Mewar coin with “Dosti London” instead of British seal
❖ Kutch released coin of EdwardVIII who renounced kingdom and not have a coin in
England
❖ Pudukkottai – 1738 “Amman Salli” – for Navratri pooja alms
❖ 1943 – “ottai kaasu” value 1 paise but people used it as ottai kaalana”
26
QQ: “ஓட்கட காலனாவிற்கு இன்பனாரு உேபயாகமும் இருந்தது. அது தூய பசம்பு என்ேதால் சீலிங் பேன்
காயில் கூட காசு பசாருகி சுற்றினர். இகவ பசட்டிநாடு அரண்மகனகளில் இன்றும் உள்ளன.

11. Coins ofTamilnadu
❖ Sangam “Kasu” - primarily globules with holes strung together
❖ Later “Kasu” – started with beads with circular coins - first one is “aimpadai
thaali”
❖ Symbol coins - with kings symbols started – max pandyas
❖ Greek and Roman -gold coins were used as such or for jewellery it was used with
a cut mark( vasikaasu)
❖ Pallava coins were circular podin and very fragile
27
QQ: ேண்கடய தமிழகத்தில் கிபரக்க , பராமனிய தங்க காசுகள் அதிகம் கிகடத்தன .. அதனால் நமது கவனம்
தங்க காசுககள அச்சடிப்ேதற்கு ேதில் அவற்கற பசர்ேதிபலபய இருந்தது

12. Golden Era of Rajaraja and Rajendra
❖ Rajaraja Chola – Max number of coins issued by any Indian king. Covers >70%
of coins recovered in south India-Used devanagiri for wider coverage ~ 4- 5 lac coins
❖ No two coins are similar – we don’t get the dies and possible usage of clay
dies for avoiding counterfeit
❖ 10TH CE Rajaraja -issued gold plated silver coins using herbal coating. Some
are copper with silver and then gold coating. Still looking fresh
❖ 15TH CE HenryVIIII - silver coated copper coins iussed in Britain . But nose
came off easily and ridiculed as “old copper nose”
28
QQ: “அங்கிபலயர் காலம் வகர பவறு எந்த அரசாலும் பசாகலகளின் நாணய பவளிஈபடாடும் தரத்பதாடும்,
பதாஜில்நுட்ேபதாடும் போட்டியிட முடியவில்கல என்ேது ஒன்பற அவர்களின் பேருகமக்கு சான்று

13. Money sahasranama
❖ KASU – Tamil name for stringed beads and continued for coins ( CASH – British ; KAS
– Danish; CATCHE – French)
❖ PANAM - money of higher denomination ( FANAM – En; FANON Fr.) – 1 panam = 80
kasu - british
❖ THUDDU – heavy dutch coin – (DUDU- En; DOUDOU-Fr.) – 10 kash- 1 thuddu –
british
❖ DABBU – higher denomination coin –telugu origin –1 dabbu = 1Thuddu
❖ Money– Roman Juno Monetto coin later as known as money
29
QQ: “ஆங்கில கிழக்கிந்திய கம்பேனி நாணயங்களில் “கும்ேினி” எண்டு அவர்கள் தங்ககள தமிழில் குறித்து
பகாண்டார்கள்

C. Currency –
Store forValue & Links
30

14- 1 – Currency- store for value and links
❖ After inventing paper china introduced Paper money in 10th CE
❖ 13th CE it was expanded by Chengiskhan and recovered all gold/silver
❖ People started keeping gold and silver safe in their temple and they were
let out for – “Interest”
❖ Jews of Europe amassed money by lending and made many kings and
knights debtors – who during crusades finished them
❖ 15th CE protestants refined the customs and approved interest
❖ 1688-97- 9 year war – william III approved william Patterson proposal and
started Bank of England to print currency
❖ Indian Manudharma talks of different interest for different castes
31
QQ: “ப்ராபடச்ட்படன்ட்கள் முன்னபர வட்டி முகறகய ஆதரித்த எழுதிய சட்ட நூல் “மனு தர்மம்”

17-18- paper replaces gold
❖ With lending becoming big, produces and works become poor at cost of money
lenders
❖ Rajarajan “saava moovaperadu” - best lending with production scheme
❖ With coins and notes, it was easy for kings / rules to collect tax and hike at
convenience
❖ Most of the collected funds are not fully utilized for people welfare
❖ Earlier goldsmiths receipts were used as first moneys and later Bill of Exchanges took
over
❖ Reserve Money – earlier currency was backed by equivalent amount of gold / silver
❖ 1931 –England, 1971- USA exited out of Gold standard and delinked their currencies
32
QQ: “ஜுப்ளிககள ேகழய ஏற்ோடு கடன்ேட்ட, அடிகமப்ேட்ட மக்களுக்கு தீர்வாக உருவான நிகழ்ச்சியாகபவ
குறிப்ேிடுகிறது

D.Evolution of Monetary
Policies
33

19- 23 – Evolution of Monetary policies
❖ 1716- John Law established Bank Generale in Paris and extended
to non banking activities and created a crash
❖ Abraham derby(Barclays & Lloyds), Barings, Nathan
Rothschilds,…made Britain and pound a financial superpower
❖ The Industrial Revolution created new ways to create wealth and
oppress workers
❖ Pound and Dollar become the world currencies used by multiple
nations
❖ Rockefeller , Andrew Carnegie, JP Morgan. Roosevelt made post
WII America a superpower and Dollar reigned as world currency
34

E. Gold Standard & Recessions
35

24-29 – Gold standard and recession
❖ Chap 23 – talks about 1971 – Nixon delinking of dollar from
gold and impacts on Global economy
❖ Chap 25 – introduction of GDP and its evaluation lacunae
❖ Chap 26 – evolution of trading and stock exchanges and its
risks and bubbles
❖ Chap 27- 1929 First recession and new economic policies
❖ Chap 28 -2007 – second recession and warnings
❖ Chap 29 – Indian commerce and social banking
36

F. Dirty, Contagious Cash &
WhiteWash
37

30-36 – Dirty, Contagious Cash & White Wash
❖ Chap 30 – interesting bank notes around the world – big and
small
❖ Chap 31 – Coins – various shapes, sizes and contents
❖ Chap 32 – Black money and white washing techniques
❖ Chap 33- Soiled notes and currency in parts
❖ Chap 34 –Banks – impact of tax evasion and black money
❖ Chap 35 – Indian coins and notes – varieties and history
❖ Chap 36 – One Rupee and other misc notes
38

G. De-Mon – the past & present
39

37-41 – De-mon – the past and present
❖ Chap 37 – De-mon in world history
❖ Chap 38 – 2016 De-mon by Modi
❖ Chap 39 – De-mon and the in-consistencies
❖ Chap 40- De-mon and lack of planning and implementation
❖ Chap 41 –De-mon – is the reasons right and achieved??
40

H. Global money & non-
physical forms
41

37-41 – De-mon – the past and present
❖ Chap 42 – impact of world economy on local money
❖ Chap 43 – Loans and Interest – new products
❖ Chap 44 – ATM & Credit cards – new way to promote debt
❖ Chap 45 – Bitcoins – the new gen e-currency and new way of
trading
❖ Chap 46 – Numismatics and SpecialCoins
42

ThankYou
For any suggestions, corrections and refinements to this
Pls connect with
Sivasankar Babu
TechnoBankers
Mob: 98400 68123
Mail: babutrs@gmail.com
Facebook : babutrs
43

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