They would just come up with a plausible sounding name, create a banknote that was beautiful,

and start issuing notes. And people would accept them. I mean, you know, what are you going to do?

Check every single note that comes across the store counter? I mean, people tried, but it's kind of a fool's errand.

Today on the story of money, why can't we just print or issue our own money?

Well, in fact, people are. Just think about cryptocurrencies.

But there was a point in history where actually pretty much anybody with a state banking license

could in fact go out and print a note in America and call it money. And many did. We're talking

about the 19th century in America when the Federal Reserve, as we know it today, simply did not

exist. In fact, there wasn't even really a dollar. And as a result,

it was complete monetary chaos. And there was also a time when people were creating money all

over the place in a way that's got a lot of lessons for what we're seeing today with digital currencies.

Yes, because amid all that 19th century monetary chaos,

once upon the time in America, there was this charismatic con man called James Brown,

and he was the hardest working man in counterfeiting. And we're going to be focused on him

this episode, because his story really kind of embodies what happens when anyone and everyone

starts printing notes and calling it money. A slice of financial history that maybe also asks

some profound questions along the lines of, well, what even is money? So, welcome to the story

of money from the Financial Times.

A history show for finance geeks and a finance show for history nerds. And if you're neither,

well, we're going to try and make you one. And I'm Robin Wigglesworth. And I'm Gillian Ted.

Thank you. With us today to tell the story of this mastermind 19th century con man, James Brown,

is Stephen Min, a professor of history at the University of Georgia, a columnist for Bloomberg,

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