Except we do not have a monetary system based upon cash anymore and the major currencies are created by the commercial banks under fractional reserve banking.
So the concept has been altered from what you describe.
Except we do not have a monetary system based upon cash anymore and the major currencies are created by the commercial banks under fractional reserve banking.
So the concept has been altered from what you describe.
RE: Seigniorage (and the impact of holding physical cash)