Last week I noted that I couldn't find Bloom's Law in his book, Money of Their Own.
Bob Leonard writes:
It's a footnote on p. 65 of the 1957 (1st?) edition: "Once the Philadelphia Mint ...
makes us richer. This is now known as Bloom's Law on the Profitable Inertia of Gold."
Thanks! -Editor
François R. Velde writes:
Regarding Bloom's Law, the figure of $5 per $1m or 5 parts per million (ppm) lost by
abrasion in one manipulation is in line with other estimates. In the 1830s the French government
sorted by year and individually weighed 400,000 silver pieces, to measure wear. They noticed that
the coins, after the manipulations were done, had lost in aggregate 16 ppm. The annual loss on gold
coins in the 19th c. ranged from 100 to 1000 ppm depending on country and denomination.
To read the earlier E-Sylum article, see:
BLOOM'S LAW OF THE PROFITABLE INERTIA
OF GOLD (www.coinbooks.org/esylum_v17n43a15.html)
Wayne Homren, Editor
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