Money

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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.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Part I. General principles

Collection:: Economics Books

VALUE OF A LIMITED COIN ~ 31 rate of 960 farthings, 480 halfpence and 240 pennies to the pound sterling. Even when the whole coinage was remodelled in 1816 no one seems to have thought of applying the same simple plan to the silver coinage, but it was actually applied in consequence of what seems to have been merely a happy accident. It was intended to continue * free” coinage of silver, but to make it, as Adam Smith had recommended forty years before, subject to a seignorage of 4s. per lb. troy weight (the Mint price being fixed at 62s. for the lb., which was coined into 66s.). But for some reason or other free coinage was only to begin after the issue of a proclamation about it, and the issue of this proclama- tion was delayed. Meantime the Mint bought silver at the market price, coined it, and sold the coins to those who wanted them at the rates of 8 half-crowns, 20 shillings and so on to the pound. This method being found profitable to the Mint and satisfactory to every one else, no one troubled about the pro- clamation, and it was never issued. It was only in 1870 that the provision for free coinage after the issue of the proclamation was struck out of the Statute-book, and even then the importance of the change made by the disappearance of free coinage of silver does not seem to have been recognized. The usual belief seems to have been the very extraordinary ong that the silver coins were kept in their proper relation to the sovereign by not being legal tender for more than £2, as if a disability of this kind could possibly have either kept the value of the coin above that of the metal of which it was composed or have kept it in circulation if the value of the metal was greater than the value at which the coin would circu- late. The {ac that silver coins are legal tender up to and not beyond £2 and that bronze coins are legal tender uo to and not beyond £o0°05 (a shilling)

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