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Coin Books -> History
The Big Problem of Small Change (Princeton Economic History of the Western World)
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by:
Sargent, Thomas J.
Velde, Francois R.
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Publisher:
Princeton Univ Pr
Published: January 2002
ISBN: 0691029326
Format:Hardcover
Pages:432
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Read More, Buy It
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Book Description
From Publishers Weekly
From Charlemagne's introduction of the silver penny in 800 AD to about the middle of the 19th century, small denomination coins were a headache for governments (due to production costs and constant shortages and depreciations); it
was often more profitable for owners to melt down the small coins to make larger denominations. In The Big Problem of Small Change, Stanford University economics professor Thomas J. Sargent and Federal Reserve Bank economist Franeois R. Velde describe
how economists finally solved this problem by introducing fiat money (coins whose value was symbolic), paving the way for modern forms of currency and credit. This elegantly written, scholarly work will appeal to those interested in financial history or
monetary theory.
Copyright 2002 Cahners Business Information, Inc.
Publishers Weekly
This elegantly written, scholarly work will appeal to those interested in financial history or monetary theory.
Read More, Buy It
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