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.

APPENDIX II THE GOLD STAND R?D IN ENGLAND BEFORE THE 7 7 TormrER 1025 A COUNTRY is on the gold standard when it uses a monetary unit of account which varies in value almost exactly with the value of gold bullion in the world market. The English monetary unit has for many centuries been the ‘ pound,” often called, to distinguish it from other pounds, the ‘ pound sterling.” Shillings and pence, also used in accounts, are merely names for the twentieth and the two-hundred-and-fortieth parts of a pound. Before the war the currency of England and Wales consisted of bronze coins for a penny, halfpenny and farthing, silver coins for various sums from 3d. to 5s., gold coins for £1 and 10s. called sovereigns and half- sovereigns, and lastly, Bank of England notes for £35, £10 and larger (always round) sums. There were also a few country bank-notes, but as these died out altogether before 1925 we may ignore them. The bronze and silver coinages formed a purely “managed ”’ currency. They were kept at par with the rest of the currency by the policy of the Mint, which was to coin as much as and not more than could circulate comfortably at the appropriate rate. Of course occa- sionally a withdrawal of such subsidiary coinage may be required by a fall in the demand for it, but since 1816, when the policy was first adopted in regard to silver, there had been no instance of a considerable decline in the demand for bronze or silver coins, so that the amount in circulation had been sufficiently regulated 118

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