Ornamental money

In monetary psychology and monetary sociology, the term for the fact that money of any form can also be regarded as jewelry or as a means of expressing the social rank of the bearer. Until the 20th century, for example, coins in French colonial areas were circulated with a hole in the middle, because many money owners hung these pieces around their necks. In many places in Germany, too, rich citizens and peasants wore buttons made of gold or silver coins on their holiday clothes.

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