Modernising currency management
Central banks strive to optimise currency operations, even as relative importance of cash drops
On July 10, 1976, a five-block route in the US city of Philadelphia from 925 Chestnut Street to Independence Mall was lined with 100 police officers, numerous security guards, rooftop snipers, and an escort of 24 secret service agents with firearms drawn, with a helicopter overhead. Minutes after midnight, the first convoy of heavily armoured trucks moved along the route, transporting several billions of dollars in cash: the Federal Reserve was embarking on a new era of currency management.
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