To analyze rent of land, Smith needs to abandon his previous theory of value. Rent is not determined by cost but by how much the landlord can get after all costs are paid. This will depend on how feasible it is to produce more of what it is in demand. Payment of rent will vary, in real terms, depending on the terms of the lease, which opens a digression on the price of silver. Looking at nominal prices only is misleading because nominal prices depend on the quantity of money, on the quantity of goods, and on their demand. We should look at relative prices instead.