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Principles of Economics Volume 1

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1921 Excerpt: ...an artificial value due to limitation of quantity--was followed, or attempted to be followed, in the "billon" coins common in Europe from the Middle Ages until the first part of the nineteenth century. These were pieces in denominations for small transactions, having some percentage of silver, but chiefly alloy, issued by kings and princes primarily for profit and given a circulation within their territories. The issues were often excessive; the opportunity for profit was abused. In this respect, as in so many others, coinage practise during the nineteenth century was greatly improved, and now is well-nigh perfected. No state now coins subsidiary pieces, whether silver or nickel or copper, with a view primarily to profit. The profit accrues because it is incident to the best method of providing a convenient medium for small transactions. The regulation of subsidiary coin is carried on with variations of detail in different countries. The quantity coined is sometimes fixed at so much per head of population. Thus in Germany subsidiary silver was minted in 1910 at the rate of 15 marks (formerly 10 marks) per head of population; in France at the rate of 7 francs (formerly 6 francs) per head. In Great Britain no specific limit is set; the Bank of England arranges for the coinage of such amounts as experience from time to time shows to be needed. In the United States, also, no limit is set. To prevent any possible depreciation of the subsidiary coin, it is usually redeemable at its face value by the government treasuries when presented in reasonable amounts. In the United States, for example, subsidiary silver coins are redeemable when presented in sums of $20, in Germany when presented in sums of 200 marks. The same object is accomplished by receiving ...
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Product Details

  • ISBN-13: 9781150694943
  • Publisher: General Books LLC
  • Publication date: 5/28/2012
  • Pages: 188
  • Product dimensions: 7.44 (w) x 9.69 (h) x 0.40 (d)

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