Money

Bibliographic data

Monograph

Identifikator:: 1819853969

URN:: urn:nbn:de:zbw-retromon-207464

Document type:: Monograph

Author:: Cannan, Edwin http://d-nb.info/gnd/118666916

Title:: Money

Edition:: 6. ed.

Place of publication:: [London]

Publisher:: King

Year of publication:: 1929

Scope:: XII, 120 Seiten

Digitisation:: 2022

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

£0 MONEY “DEI GRA: BRITT: OMN: REX FID: DEF: IND: IMP : ” round .the King’s head on our coins. Pro- vided the paper will be taken for the amount printed conspicuously on its face, wherever we are likely to offer it, we do not trouble ourselves whether, like a bank-note, it carries the promise of some person or institution to pay that sum at a particular place on demand (scl. in business hours), or, like a currency note, says that it is legal tender (i.e. that we can compel any one to whom we owe the sum to choose between accepting the paper in discharge of the debt and going without payment altogether). How such “ notes ” first got into circulation along with coins in various countries and at different times is an interesting historical question well worth studying. But the answer is lengthy and not material to our present purpose. It will suffice to suggest a few of the reasons why a demand arose for such a currency. Sometimes the demand arose from the bad state of the coinage. When base coin was common and originally good coins were liable to be much clipped without immediately being rejected by the next person to whom they were offered, and when all sorts of good and bad foreign coins found their way into each country, the inexpert person never knew what he would actually get if he accepted say £50 or £100 tendered to him by a buyer or a debtor, and even an expert would take some time examining, weighing, and perhaps assaying some of the coins. What more natural in such circumstances than that a person, having once got a quantity of coin, should hand it over to some expert man or institution with a reputation for honesty to be examined and certified as amounting to a certain sum? And then what more natural than that having got the certificate he should use it instead of the coin itself to make his next big payment with? Instead of offering a

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