Studies in Currency, 1898
by Thomas Henry Farrer Farrer (9780217561914)

Studies in Currency, 1898
Thomas Henry Farrer Farrer
Release Date: 10 December 0140
Format: Paperback
Pages: 108
ISBN: 9780217561914
ISBN-10: 0217561918

Purchase of this book includes free trial access to where you can read more than a million books for free. This is an OCR edition with typos. Excerpt from book: II ENGLAND'S ADOPTION OF THE GOLD STANDARD1 Written for the Gold Standard Defence Association, 1895. 1. The character and operation of our present metallic currency have been explained in Leaflet No. 7 (No. 1 above). The following is an account of the steps by which we arrived at our present Gold Standard. The story begins with the coinage of the guinea in the second half of the seventeenth century. Previous to that time the history of English coinage is a record of arbitrary changes made by kings and governments in the weight and fineness of the coins, or in their relation to one another, or in the rate at which they were to be received in payment: changes made for various purposes, e.g. to cheat creditors; to provide sufficient currency;or to meet and counteract the constant fluctuations in the relative outside or market values of gold and silver.1 1 For the facts and extracts given I am indebted to Lord Liverpool's letter on the Coins of the Realm, ed. 1880; to the Appendix to Dana Horton's Silver Pound; to the Appendix to Gibbs' Colloquy on Currency; to Shaw's History of Currency, 1895; and to Kalkman's England's Vbergang zur Gold wahrung im 1 %th Jahrhundert, Strass- burg, 1895. I am also indebted to Mr. Edward Rigg, of the Royal Mint, for the figures relating to coinage, and for valuable criticisms. 2. Subsequently to the coinage of the guinea wiser counsels prevailed under the advice of Locke and others, and no arbitrary change in the weight of the guinea was made from 1670 until the guinea was replaced by the sovereign in 1816. When that was done, the sovereign, or sterling?which, as the unit of account, had long been f of a guinea?was coined so as to contain ff weight of the gold which a guinea had previously contained. The guinea is therefore the f...

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