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Classroom Lesson: Benjamin Franklin and the Birth of a Paper Money Economy

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Classroom Lesson: Benjamin Franklin and the Birth of a Paper Money Economy

OVERVIEW: 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.

KEY TOPICS: characteristics and functions of money, coincidence of wants, inflation, medium of exchange, store of value, unit of account, history

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NOTE: Permission is granted to reprint or photocopy this lesson in its entirety for educational purposes, provided the user credits the Federal Reserve Bank of Philadelphia

This lesson aligns with National Standards in Economics: Standard 11, Role of Money (Benchmark 1, and 2, Grade 4; Benchmark 1 and 2, Grade 8); and Standard 19, Unemployment and Inflation (Benchmark 1, Grade 4; Benchmark 3 and 4, Grade 8)

This lesson aligns with National Standards for History: Era 2, Colonization and Settlement (Standard 3, Grades 9-12); Era 3, Revolution and the New Nation (Standard 2 Grades 9-12)

This lesson aligns with National Council for the Social Studies Strands time, continuity, and change; power, authority, and governance; and production, distribution, and consumption

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DIGITAL COPY SOURCE: Federal Reserve Bank of Philadelphia

RIGHTS: In Copyright (InC)