ABSTRACT
I N the eighteenth century the unit of account in England was(as it is today) the pound sterling. From the time of QueenElizabeth this had been identified with a fixed quantity of silver, which was hence said to be the standard of value. The coins in circulation consisted of a variety of pieces of money, made of silver, gold or copper, which were supplied without charge to those who presented bullion for coining. In spite, however, of the absence of seigniorage the supply of legal money was far from adequate to the needs of an expanding economy, and much inconvenience and social disharmony arose from a shortage of coins of a kind suitable for the payment of wages and for retail transactions.
