Nobody downloaded yet

The debasement of the coinage - Research Paper Example

Comments (0) Cite this document
Summary
Coins have been used as collectors’ items and mediums of expression, but largely used as currency since historical times. Historical minting techniques are still being used, though nowadays people leverage on technology for efficiency…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER98.7% of users find it useful
The debasement of the coinage
Read TextPreview

Extract of sample "The debasement of the coinage"

Download file to see previous pages Coins have been used as collectors’ items and mediums of expression, but largely used as currency since historical times. Historical minting techniques are still being used, though nowadays people leverage on technology for efficiency. Precious metals and mints require techniques used to ensure that the value of the constituent precious metal does not exceed the face value of the coin. Understanding these techniques plays a critical role in understanding inflation control. Introduction The use of precious metals as a medium of exchange is said to have began in Egypt, though this took the form of rings, wafers and bars.According to Vincent Lannoye, Lydia, nowadays referred to as Turkey, was the first smelter of small ingots having a royal seal to certify legality and weight (19). Rulers quickly integrated these micro-ingots into their economies. The Lydian people accepted payments in electrum metal, which is an alloy of gold and natural silver. These micro-ingots developed into coins that were minted by masculine men who could strike blank discs to leave engravings that certified the origin of the coins. Through the centuries, coin making, referred to as coinage, improved fast. More regular coins became available through the replacement of the bank discs with regular laminated metal plates. Later, quasi-uniform coins came into existence with the replacement of the hammer with the screw-press and furthered the adoption of the rolling-press, which was rotated by horse power. Minting Minting of coins has been a precise and well-guarded function of selected mints commissioned and governed by respective authorities in various countries. From the outset, the minting procedure involved producing precise blanks with defined weights and composition and producing coin-striking tools. Principally, these requirements still hold from historical times, as observed by the Marshall Cavendish Corporation, only that the methods have been improving with technical progress and industrialization (507). Historically, the Lydian people poured the molten electrum into suitable forms, starting from simple moulds to more complicated ones. In the 16th Century, the thickness of metal sheets was reduced through hammering with the blanks cut out using shears, then filed and hammered to the desired thickness and weight. The period about 1550 saw a German silversmith, known as Marx Schwab, invent screw pressing. This involved two heavy iron screws pressing the coin metal so as to achieve the desired thickness. Roller-mills facilitated the production of uniform metal strips from which metal punches cut the blanks (Christopher Howgego 76). The mechanized form of this technique still finds application in modern coin minting. The Industrial Age discovery since 1830 allowed hundreds of circulation coins to be produced in a minute, with modern mechanical mints adopting even faster speeds. Therefore, the United States Mint, the manufacturer and distributor of American coins, has its modern process borrowed from this history. The mint punches blanks from coiled metal strips, referred to as blanking. This would then be softened through heating in an annealing furnace, and then taken through a washer and dryer. The blanks then pass through an upsetting mill onto a coining press that stamps the inscriptions and designs to guarantee genuineness. The resultant coins would then be inspected for quality, counted and bagged. Governments have throughout the history supplied more coins than would be possible if the coins were made of pure precious metals. Normally, some portion of the precious metal used to make the coin would be replaced by a base metal. Howgego states that copper and nickel are some of the commonly used base metals (43). This in turn reduces the intrinsic value of the coin, referred to as “debasing.” This way, authorities produce a lot more coins that it would have been otherwise possible. C. E. Challis observes that the coins in circulation could have fiat values lower than the ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“The debasement of the coinage Research Paper Example | Topics and Well Written Essays - 1000 words”, n.d.)
The debasement of the coinage Research Paper Example | Topics and Well Written Essays - 1000 words. Retrieved from https://studentshare.org/english/1489351-the-debasement-of-the-coinage
(The Debasement of the Coinage Research Paper Example | Topics and Well Written Essays - 1000 Words)
The Debasement of the Coinage Research Paper Example | Topics and Well Written Essays - 1000 Words. https://studentshare.org/english/1489351-the-debasement-of-the-coinage.
“The Debasement of the Coinage Research Paper Example | Topics and Well Written Essays - 1000 Words”, n.d. https://studentshare.org/english/1489351-the-debasement-of-the-coinage.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF The debasement of the coinage

The Rise and Fall of the Roman Empire and How It Mirrors the United States

...whereas people of America, in turn, do not have any control over public servants. By 250 AD, monetary system in Roman empire was on the verge of collapse. Debasement of the coinage in the Roman Empire had a toll on the empire itself. It is this coinage crisis that precipitated the fall of empire. Similar analogy could be drawn with the American Empire. The twentieth century too saw the removal of silver coins from the economy and America opted for paper money. It had disastrous impact on the economy. Inflation rate climbed high and the living standards of the citizens deteriorated. Ironically, American economic power is not derived from the domination of markets or the superiority of...
7 Pages(1750 words)Essay

Byzantine Coinage: Constantinople's Commemoratives

...? Byzantine Coinage: Constantinople's Commemoratives Byzantine Coinage: Constantinople's Commemoratives I. Introduction Byzantine coins are the most collected coins of the past and perhaps this could be attributed to the relative availability of the coin due to the long existence of the Byzantine empire which minted the coin. In addition, the range of the variety of the coins can be considered wider compared to other types of coin in the past such as those coinage used by the Persians and Sassanids whereby many still survived and even can be purchased to this date. Such, it would be an interesting exploration to know the various coinage that was minted with the different...
4 Pages(1000 words)Research Paper

Our foolish thoughts

...?Abdulwahab Al Thahir Boyed ENWR 1101.23S 4 December, Our Foolish Thoughts No one can deny the power of public speeches and patriotic slogans, especially their impact on people. This power stands behind words used in public speeches and patriotic slogans, which lead people to the way that people in power want. Therefore, Susan Jacoby in her essay “Just Us Folks" argues about the debasement of the language which is one of the most important American values, in today's public speeches and the way media spread that plague to American people through radio talk shows and television anchors. On the other hand, Gray Sloan in his essay "Sleuthing Patriotic Slogans" argues in satirical way about the words used in patriotic...
4 Pages(1000 words)Essay

Coinage

...Q1: What is the concept of mint products Q2: Explain the criteria, which mint will need to take into account when it designs its new coinage. CoinsWe believe that what is a good design for the blind and partially sighted is a good design for everybody. It is not surprising, therefore, that we paid particular care to the design of the eight euro coins, which incorporate the following features: Different coin shapes, colours and edges. The weight of each coin is different - the heavier the coin, the higher the value (except for the 1 coin). The thickness of each coin varies according to value - the thicker the coin, the higher the value (except for the 1 and 2 coins). The values are prominently displayed on the European face... of the...
10 Pages(2500 words)Assignment

Royal Mint Production Management

...of each currency. This is the product form concept. Some of the concepts applied in Mint's Products are: Economies of Scale The Objective of Royal Mint is to provide the Government with coinage at a competitive price. It is clear that Royal Mint wants to establish itself as a low cost producer through economies of scales i.e. Mass Production at a reduced cost. Forecasting Demand Companies plan and forecast the demand according to the future needs of the market. Forecasting demand assists in decision making with respect to investment in plant and machinery, market planning and future sales. Some of the popular forecasting methods include Time series methods Judgmental Techniques Causal methods (Econometric...
12 Pages(3000 words)Case Study

What Factors lead to hyperinflations and what can be done to eliminate them

...expensive to bear. In such cases, monetization of budget deficit is a common practice to follow suit. The central bank simply prints currencies and circulates the in the economy. It is not possible to provide any straightforward answer regarding the causes of hyperinflation, as it is multidimensional in approach. Even between loss of confidence and seignorage, which is the cause and what is the effect cannot be told without ambiguity. However, irrespective of their chronological order, one sets other into motion and both combined, leads to hyperinflation. Hyperinflation is often led by debasement of the coinage. The quality of metal used in the coin signifies the economic condition of a nation....
7 Pages(1750 words)Essay

Econ

...The concerns and economic thought of Sir William Petty and Sir Thomas Smith Sir William Petty (27th May 1623 – 16thDecember 1687)) was a strong mercantilist often credited for the first use of empirical analysis to study the economy. He wrote a number of books, the main one being Discourses on Political Arithmetic and A treasure of taxes and Contributions. He held the belief that taxes were the backbone of national wealth and that labor was an active principle for this as well. Sir Thomas Smith (23rd December 1513 – 12th August 1577) was a bitter critic of debasement and due to this he became a renown vocal opponent of Lord Somerset, his mentor, on his policy of repeated debasement for attaining of...
2 Pages(500 words)Essay

The history of Money

... The History of Money The idea of metal coinage spread rapidly in the ancient Greece. Each Greek had created its own metal coinage by 2,500 years ago. Banking system also developed during that period where traders exchanged their coins for Greek coins. Greek coins were used for buying and selling, in the great Greek marketplace (Davies & Bank 8). Local trade between urban center and countryside and on the retail level within the cities significantly increased the spread of coinage throughout Greek and other parts of the world like Rome. Coins eased the way of conducting trade more than the earlier batter trade system. This is because it made the quantifying of value of goods and services easier. Traders required coins for buying... and...
1 Pages(250 words)Assignment

Cigerate money in POW camp

...as a standard of deferred payment. Some buyers took commodities on credit with a promise of paying an agreed number of cigarettes in the future. Just like modern currency, cigarette money acted as a store of value so that buyers could keep their extra purchasing power for use when the Red Cross issue arrived. Traders accumulated cigarette money to help them purchase more stock when commodities arrived (Radford 5). Factors for debasement of cigarette money The fact that cigarettes served both as money and as a smoke was a factor that led to the debasement of cigarette money. Buyers in the P.O.W camp savoured high quality cigarettes for smoking and only used those that were of low quality for trading....
2 Pages(500 words)Essay

Why were the indigenous people not engaging in money lending

... around the law by delaying payments. How did legislation help with the masses ? 76 Different laws applied to the borrowers… Were the masses able to access legal redress in the courts ? 77 Banking had never before been subjected to the law. Did the new legislation help or hamper the banking business ? 77 In the case of the Tudors debasement was just as much an issue as usury ? Was usury as much a deutronomical sin as usury ? 78 The Tudors were well known for their debasement of currency. How did the church and their debasement to the monarchy and the debasement of currency ?... Early lenders were whether they were Jews Lombards, Cohors or the Templars realized that their financial expertise and foreign status made them objects ...
6 Pages(1500 words)Book Report/Review
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Research Paper on topic The debasement of the coinage for FREE!

Contact Us