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Posted: 09/15/2008
Fed resource: Benjamin Franklin and the Birth of a Paper Money Economy
Short description: A Lesson to Accompany Benjamin Franklin and the Birth of a Paper Money Economy
   
Lesson time: 90 minutes
Materials: See lesson plan document
Audience: High School
Grades: 9, 10, 11, 12, 12+
Subjects: Economic History, Economics, Money and Banking
Concepts: Economic History - Early Banking, Historical Figures
Economics - Inflation
Money and Banking - Inflation, Money
Documents: None
Tip/Tool:
In this lesson students learn about the role of money in the colonial economy by participating in a trading activity in which they observe the effects of too little money on trade within a colony. They learn about the difficulties associated with barter and the characteristics and functions of money. They read the booklet “Benjamin Franklin and the Birth of a Paper Money Economy” to learn about Benjamin Franklin’s role in shaping our understanding of the role of money in the economy. The students participate in an activity to learn more about how a land bank would work. In the final activity, students learn how too much money can lead to inflation. (Download lesson plan PDF.)
Submitted by: Andrew Hill
Federal Reserve Bank of Philadelphia