The E-Sylum:  Volume 10, Number 4, January 28, 2007, Article 13

THE EVOLUTION OF SMALL CHANGE

Dick Johnson writes: "Here is the full text of a "working paper" titled
"The Evolution of Small Change," by Thomas J. Sargent and François R.
Velde, published December 1997. The authors studied monetary systems
in Western Europe from 14th to 19th centuries, noting coin shortages.
Interestingly, minting techniques had an influence on these, in addition
to monetary policy. This work is in the news recently because of the
authors' statements on revaluating the U.S. cent (see item above).

"Note well the bibliography.  Of the total of 111 references listed,
more than 25% of which are numismatic books! Francois Velde comments
that as a professional economist, "One of the nice things about economics
is that I am able to explore my interests in, say ... numismatics."

"After their 1997 work the authors went on to write the book "The Big
Problem of Small Change" published by Princeton University Press in
2002 on the same subject."

Full Story "

  Wayne Homren, Editor

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