When the Marksmen held a dice game for beads, wampum, small coins and kisses several years ago at Cherry Valley, little did we know it was the genesis of a re-enacted 18th century śconomy. At that time, coinage was used to pay for hair dressing and little else. However, the game ended up with a number of people having gambled beyond their means. In order to cover their losses, a bank was formed on the spot. “The Bank of Corporal Cole” was able to extend the loans to those in need, charging a reasonable rate of interest for the service.
The bank was an instant success, as members of the company who did not have cash at hand suddenly had access to a source of period coinage to use for various period activities, particularly gambling. Although it was originally intended as a way to supplement the already substantial fortunes of the aforementioned Corporal, members of the company almost immediately starting using the bank for services. Making change or loans at the beginning, then deposits started coming in, as people found it useful to have their money available without having to carry it with them at all times.
The supplementing of people’s purses by recruitment bonuses, company pay parades, and income from gambling with people beyond the bank soon had a substantial amount of cash moving in the company śconomy. But it soon became apparent that there were a number of problems were attendant with this.
First and foremost was the regulation of the coinage coming into the bank. Those who have read “The Coins of the British Private Soldier in the American Revolution” will know that that many of the coins readily available at the sutlers were rare or almost non-existent in North America. The related problem is that high value coins such as English Crowns and Spanish Dollars are relatively cheap compared to half-pennies and farthings.
The first problem is relatively easy to solve, as the bank serves as a filter, reducing the amount of rare coinage in circulation by simply holding them back. However, the related problem is more difficult. Any private soldier can go out to the sutlers and buy a relative fortune for twenty dollars. The only solution to this has been to be hard-nosed. If the source of the coinage is something other than a company pay parade or gambling, the bank only accepts a one time deposit of coinage equaling a week’s pay. Coins that should be rare, like reproduction English silver, are discounted on deposit to make them less desirable. Coins that are simply not up to standards, such as pewter half-pennies or 19th century pennies, are simply not accepted. On the flip side, ensuring there is sufficient small copper coinage is a constant struggle, and as such the bank allows unlimited deposits of period copper coinage.
A number of benefits have derived from the foundation of the bank. First, it eases running of company pay parades. A ready reserve of cash at hand provides the bulk of the necessary coinage. In addition, the ability to pay a soldier in full without disbursing the entire amount in coin reduces the capital costs of holding a pay parade.
Second, the bank allows money to be redistributed between events. By having the withdrawal and deposit of money as part of an event’s activities, the money is kept in circulation rather than being trapped in a few purses. This is particularly important as attendance can vary dramatically between events.
“Down Time” is often the bane of many units as their members find themselves at a loss for what to do. The ready supply of coinage means that there is a source of coin for gambling, sale of goods such as rum, broadsides, and the like. In addition, the operation of the bank itself provides an excellent opportunity for interpretation and entertainment. The denouncing of debtors, dispatching of tipstaffs, and the theatre of the inevitable financial disputes that are entailed upon an śconomy provide for endless diversion.
The physical tools required to run the bank are limited. A book and pencil provide the necessary record keeping, and a pouch will hold the coin. The skills and commitment are more demanding. The banker needs to be willing to lug a weighty purse in addition to his kit, committed enough to attend the majority of events or arrange for the attendance of the bank, and spend the time running the bank. An element of salesmanship is essential, as people need to be convinced of the value of depositing their coinage in the bank. Showmanship also helps keep interest high, and the bank often plays a role in arranging activities that allow people to have fun gambling their money away.
And what was born in fun remains so several years down the road. The bank, now matured as the “Grenadier Bank of Quebec,” is an integral part of the culture and camp life of the Company of Select Marksmen. Hopefully our experience will serve as a model for others to build their own banks, and expand the practice in the hobby. After all, the wider the śconomy, the easier it is to organize social activities beyond unit lines (beyond Saturday night drinking, of course).
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