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The Bauer’s goldsmith in Frankfurt was one of the first to start issuing more Notes than they had gold. Because they were holding many client’s gold, the Bauer’s assumed that they could lend out Notes representing gold that was not theirs. The Bauer’s changed their name to Rothschild, reflecting the red shied above the door to their goldsmith store in Frankfurt.

Mayer Amschel Rothschild 1743-1812 sent his five sons to the major markets in Europe: Nathan to London; Amschel in Frankfort; Salomon to Vienna; Carl to Napoli; James to Prague