ABSTRACT
Before proceeding to consider the actual monetary systems adopted by modern or ancient nations, it is desirable to dwell for a short time upon the different meanings which may be attributed to the word money, and upon the natural principles which govern the use and circulation of coins. The expression, standard unit of value, will indeed be almost inevitably misunderstood as implying the existence of something of fixed value. The unit of value was the Saxon pound of standard silver, which was far too large to be coined. There are two ways in which the metallic value of a coin may be reduced below its nominal value, namely, by reducing either the weight or the fineness of the metal. People in general accept coin simply on the ground of its familiar appearance. False coiners having issued plated denarii among the subject Germans, the people appeared to have notched them with files to test their genuineness.
