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First imagine a world without any coinage, where all purchases and sales must be achieved through barter. Further imagine that there are well accepted equivalencies, between all goods so that an average ox is understood to be worth 10 average sheep, 8 average goats, etc. Three of those goods will of course be copper, silver and gold, so that there will be ...


Let's look at inflation first. "when the coins are too much altered, the result is inflation." When coins are altered, they are almost always debased - other metals are mixed with silver to allow the government to mint more coins with the same amount of specie. So if I have enough silver to produce 1000 coins, and I mix in 50% tin, I can now ...

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