Archive for July, 2010
ASWN #1548 THE WEALTH OF NATIONS
en.wikisource.org – it is very likely to be on account of its inconveniency; should the gold coin of England come to be received by tale, as it was before the late recoinage, this great company may, perhaps, find that they have upon this, as upon some other occasions, mistaken their own interest not a little. Before the late re-coinage, when the gold currency of England was two per cent below its standard weight, as there was no seignorage, it was two per cent below the value of that quantity of standard gold bullion which it ought to have contained. When this great company, therefore, bought G.ed. p553 The Wealth of Nations Adam Smith gold bullion in order to have it coined, they were obliged to pay for it two per cent more than it was worth after coinage. But if there had been a seignorage of two per cent upon