The physics of money: From shells to quantum states

Quantum computing poses new risks for the financial system by undermining traditional cryptography — but it can also enable impossible-to-counterfeit quantum cash.

Isaac Newton, the founder of modern physics, spent nearly as much of his career as a money manufacturer as he did as a professor at the University of Cambridge. Newton was appointed professor of mathematics at Cambridge in 1669, but moved to London in 1696 to assume the role of warden of the Royal Mint, then housed in the Tower of London. Three years later, he was promoted to Master of the Mint, a position he held until his death in 1727.

During his tenure, Newton oversaw the “Great Recoinage” of England’s currency. An issue that particularly drew his attention was counterfeiting. He estimated that as many as 20% of the coins collected during the recoinage were counterfeit. In response, he devoted considerable effort to combating forgery and improving the quality and security of coin production.

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Author

  • Thomas Moser is an alternate member of the Governing Board of the Swiss National Bank and a visiting professor at the University of Lucerne. Before joining the Swiss National Bank, he was an executive director at the International Monetary Fund. He holds a master’s degree and a doctorate in economics from the University of Zurich.

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