This is an EXACT reproduction of a book published before 1923. This IS NOT an OCR'd book with strange characters, introduced typographical errors, and jumbled words. This book may have occasional imperfections such as missing or blurred pages, poor pictures, errant marks, etc. that were either part of the original artifact, or were introduced by the scanning process. We believe this work is culturally important, and despite the imperfections, have elected to bring it back into print as part of our continuing commitment to the preservation of printed works worldwide. We appreciate your understanding of the imperfections in the preservation process, and hope you enjoy this valuable book.

This scarce antiquarian book is a selection from Kessinger Publishing's Legacy Reprint Series. Due to its age, it may contain imperfections such as marks, notations, marginalia and flawed pages. Because we believe this work is culturally important, we have made it available as part of our commitment to protecting, preserving, and promoting the world's literature. Kessinger Publishing is the place to find hundreds of thousands of rare and hard-to-find books with something of interest for everyone

This scarce antiquarian book is a selection from Kessinger Publishing's Legacy Reprint Series. Due to its age, it may contain imperfections such as marks, notations, marginalia and flawed pages. Because we believe this work is culturally important, we have made it available as part of our commitment to protecting, preserving, and promoting the world's literature. Kessinger Publishing is the place to find hundreds of thousands of rare and hard-to-find books with something of interest for everyone!

Purchase of this book includes free trial access to www.million-books.com where you can read more than a million books for free. This is an OCR edition with typos. Excerpt from book: faces; and the coins of different denominations should be distinguishable by their size, colour, design, or other easily recognizable features. The metals used in the manufacture of coins should also be capable of receiving and holding an easily recognizable stamp. The fact that the medium of exchange is used as a means of saving and that it must pass from hand to hand year in and year out explains the need for durability. Any commodity which wears out readily would soon lose a portion of its value and become worthless for further service as a medium, to say nothing of the loss, expense, and inconvenience involved in its use. If it were perishable, it would be useless for purposes of hoarding and accumulation. Absolute certainty of value is also essential to a good medium. If one does not know the exact value of what he is to receive in payment, he will hesitate about selling, or he will raise the price of his commodities or services in a degree sufficient to recoup him for any possible loss from over-estimating its value. A medium of uncertain value, therefore, is sure to obstruct trade and to cause spasmodic and speculative fluctuations in prices. The five characteristic features of a good medium which we have just described enable us to explain the chief component elements of modern currencies. Generally speaking it is true that those elements have survived and become permanent parts of currency systems which have proven to be best adapted to the ends they serve. Arbitrary power directed by ignorance or self-interest has exerted an unfavorable influence here and there and from time to time, but in the long run the necessities and the convenience of the commercial world have triumphed in the survival of the fittest. 3. The composition of modern currencies.?The curren...

This scarce antiquarian book is a selection from Kessinger Publishing's Legacy Reprint Series. Due to its age, it may contain imperfections such as marks, notations, marginalia and flawed pages. Because we believe this work is culturally important, we have made it available as part of our commitment to protecting, preserving, and promoting the world's literature. Kessinger Publishing is the place to find hundreds of thousands of rare and hard-to-find books with something of interest for everyone!

Purchase of this book includes free trial access to www.million-books.com where you can read more than a million books for free. This is an OCR edition with typos. Excerpt from book: faces; and the coins of different denominations should be distinguishable by their size, colour, design, or other easily recognizable features. The metals used in the manufacture of coins should also be capable of receiving and holding an easily recognizable stamp. The fact that the medium of exchange is used as a means of saving and that it must pass from hand to hand year in and year out explains the need for durability. Any commodity which wears out readily would soon lose a portion of its value and become worthless for further service as a medium, to say nothing of the loss, expense, and inconvenience involved in its use. If it were perishable, it would be useless for purposes of hoarding and accumulation. Absolute certainty of value is also essential to a good medium. If one does not know the exact value of what he is to receive in payment, he will hesitate about selling, or he will raise the price of his commodities or services in a degree sufficient to recoup him for any possible loss from over-estimating its value. A medium of uncertain value, therefore, is sure to obstruct trade and to cause spasmodic and speculative fluctuations in prices. The five characteristic features of a good medium which we have just described enable us to explain the chief component elements of modern currencies. Generally speaking it is true that those elements have survived and become permanent parts of currency systems which have proven to be best adapted to the ends they serve. Arbitrary power directed by ignorance or self-interest has exerted an unfavorable influence here and there and from time to time, but in the long run the necessities and the convenience of the commercial world have triumphed in the survival of the fittest. 3. The composition of modern currencies.?The curren...