Handbook of the History of Money and Currency 2020
DOI: 10.1007/978-981-13-0596-2_8
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Premodern Debasement: A Messy Affair

Abstract: The paper argues that in premodern Europe, the practice of debasement was far more 'messy' than research has generally recognised. First, high information costs often prevented the effective control of mint officials who could exploit their resulting autonomy in order to debase coins on their own account. Second, these costs made it impossible to monitor markets closely enough to enforce regulations. Attempts by governments to debase coins by increasing their nominal value therefore 'worked' only if they confo… Show more

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