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What was the problem faced by the traders in Amsterdam and how did they find a way out? |
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Answer» Amsterdam was a major trading centre in Europe. Here, there were 846 silver and gold coins recognised by the government that could be accepted for exchange. However, traders were always suspicious of each other – everyone would doubt the purity and weight of these coins. The merchants of Amsterdam got together and solved this problem in a unique manner. They created a bank owned by the city. |
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