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The Evolution of Modern Money

The Evolution of Modern Money


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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.1901 Excerpt: ... APPENDIX B THE REDUCTION OF THE AS Since Mommsen's book was written two facts that are inconsistent with his theory of the reduction of the as, at all events in the precise form in which he states it, appear to have been definitely established by numismatic evidence which there is no gainsaying. The first is the fact that the as libralis was not a coin of ten ounces in weight, but one of twelve; the second is the fact that by 268 B.C., when silver was first issued in Rome, the as had already come down to close upon two ounces in weight, not to four only, as Mommsen supposes. It was at seven and a half ounces in 300 B.C., so that the fall was more or less gradual. The truth is, I think, that Mommsen creates unnecessary difficulties for himself by starting with the assumption that copper must have been at its intrinsic value when the denarius was issued. He is very much alive to the effect likely to be produced by the introduction of a dearer metal into the monetary system of a country, in tending to make the cheaper metal circulate at a conventional value. That, indeed, 1 G. F. Hill, Handbook of Greek and Roman Coins, p. 47. A A is the central idea in his interpretation both of the transition from copper to silver, and of the subsequent transition from silver to gold, as standard money in Rome. He does not, however, seem to have fully realized the facts that the dearer metal may be, to all intents and purposes, introduced into the monetary system of a country long before it has been coined by the government of that country, and that its circulation as foreign coin may produce every one of those effects which would naturally follow from its circulation as national coin. Indeed, the rigid distinction between national and foreign coin is a comparatively modern ...


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Product Details
  • ISBN-13: 9781150512599
  • Publisher: General Books
  • Publisher Imprint: General Books
  • Height: 246 mm
  • No of Pages: 76
  • Spine Width: 4 mm
  • Width: 189 mm
  • ISBN-10: 1150512598
  • Publisher Date: 01 Feb 2012
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Weight: 154 gr

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