Money & the Mechanism of Exchange

Money & the Mechanism of Exchange

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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. 1883 edition. Excerpt: ...establishment. At present the price of silver is not above four shillings ten pence per ounce, so that the seignorage is about twelve per cent., and the profit on coining silver proportionately greater. We may look at this matter in another way, by regarding the seignorage as so much money funded to bear interest, to meet the cost of withdrawing the coin, when worn out, say thirty years subsequently. Now a pound bearing three and one-fourth per cent. compound interest, becomes in thirty years 2 61 pounds, so that the nine per cent, of seignorage will have multiplied to 23'5 per cent. But the actual deficiency of weight of the silver coin withdrawn is, on the average, only sixteen and one-half per cent., so that, without taking into account the considerable mumber of coins which must be lost, exported, melted, hoarded, sunk in the sea, or otherwise finally withdrawn from circulation, there is a profit on the issue of the silver coin unaer the present regulations. In the issue of bronze money there has been, as before stated, a profit of, 270,000, against which must be set off the possible, but uncertain cost of recoining a light token currency at some future time. The cost of the currency is made up of four principal items: the loss of interest upon the capital invested in the money, the loss by the abrasion of gold coins, the expenses of the mint, and lastly the casual loss of coins. The last item is of wholly unknown amount; the other items may be estimated as follows. We may, roughly speaking, assume thi gold currency of the king dom to consist of 84,000,000 of sovereigns and 32,000,000 of half-sovereigns, the total value being 100,000,000 sterling. The sovereigns lose annually on the average o 043 grain each, giving an annual loss of...
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Product details

  • Paperback | 80 pages
  • 189 x 246 x 4mm | 159g
  • Miami Fl, United States
  • English
  • black & white illustrations
  • 1236563735
  • 9781236563736