On. Yu. Mamedov. Modern economics (№ 464842)

Even in the ancient world, states mastered their most favorite pastime - making what only they were allowed to do: money. And nothing could stop them. It would seem that gold money (where was paper money before it!) should have objectively calmed down the money-creative activity of the state - not at all: through manipulations with the hallmark of gold coins, the state always had additional money. The people called some of the crown bearers that way: for example, Philip IV the Counterfeiter.