P R E F A C E T HI S little b ook is founded on an I nt roduc tory A ddres s w hic h I had the hon ou r of delivering s e om e years ago , as fi rst P r s ident of the I nstitute B s o of anker . I t was , however , alm st rewritten last year as a Lectu r e delivered at the London I nstitution . M r Magnus has done me the honou r of sug ges ti ng that it should be i ncluded as one of the i n Hom e a n d Sei wal L ib rar volu mes the y , which n M r M he is ed iti g for urray,“ 2 3 ' i ” The a1 t i i s ) c w T I t d s w second p f . eal ith the w eights of coins ; the adopted ; the means taken from t i me s ecure a satis n d I f e to factory currency ; a , r gret add , those - also perhaps even more numerous — m b y which Kings and Parliaments have attempted to secu re a temporary and dishonou rable advantage , by debasing the standard and reducing the weight of the coins . I n this respect we may f airly clai m that ou r own Sovereigns and Parl iament are able to show V i PRE F A CE (w ith a few exceptio n s) an u n usually honourable c re ord . I n spite of all that has been written on the ' s u b ec t th e u j , principles on which our c rrency is based are very l ittle understood . ’ W e frequently hear Sir Robert Peel s celebrated “ W ? ” question , hat is a Pound put forward as i f i t were some abstruse and mysterious conundrum , instead of having been long ago clearly ans w ered A ct and determ ined by of Parliament . I have also endeavoured to explain ln s rrn ple language the law which regulates the issue of - B ank Notes . I have to thank S ir j ohn E vans M r B arclay M r t Head , and Grueber for much valuable assis M r ance . Grueber has also been so very kind 5 5 1 633 1 55 . C ( ( 3 ( Governor and Court ‘ ( C f t ‘ ‘ D of th e B afn k f of E of irectors f L ngland for some i nteresting particulars “ geari ng on the Evolution L ( i L c J c 0 L v g c c c L B - o t t r s N t g n en t . of the ank e ; i s e( form p L L A E V B U RY . I G E L M s OW H H , D N , KE T F eér u ar 1 02 N , y 9 . PA RT I C HA P . P AGE I T HE I GI O F M E . OR N ON Y I I T HE I G O F B I I . CO NA E R TA N PA RT I I I W I F I . E GHT S O CO N S I I B - B I . AN K NOTES AND ANK N G APPEND I X L I ST O F I LLU ST R AT I O N S 1 -2 C hi n es e P u M on ey - n es e Kni e M one 3 4. Chi f y 5 -6 Lat er Chi nes e Kn ife M on ey 7 -8 C hi n es e Cas h 9 — 1 0 Lydia-B abylonic St at er I I — I z Stat er of Pheidqn 1 3 - 1 4 Gold St at er of Croesu s 1 5-1 6 A D ari c 1 7 - 1 8 Stat er of Sybari s ‘ I o-z o St at er of Ath ens 2 1 -2 2 St at er of C n os s us 2 3 —2 4 Tetradrac h m of Seli n u s 2 5-2 6 Decadrach m of Syracu s e 2 7 -2 8 Didrachm of Metapon tu m 2 9-30 Stat er of Philip 2 9A—3 0A T etradrac hm of C arth age 3 I -3 2 Stater of Al ex an d er - 3 3 34 Tetradrachm of Ly s im ac h u s 3 5-3 6 Tetradrachm of Tyre - 3 7 3 8 Roman o-C ampanian Didrach m 3 9 -4 0 D enarius 4 1 -4 2 J u li us C aesar D en ariu s LI ST O F I LLU STRATIO N S mos S es t er ti u s of V es pas i an S es tertiu s of A n toni n u s Piu s Aureu s of M arc u s Au reli u s Sh ek el Tetradrach m of Sim on B arcochab Dirh em of H aroun al R as c hid A n ci en t Briti s h Stat er A n cien t Briti s h St at er A n ci en t Briti s h Stat er C oi n of Ti n comm i us S tat er of C unob elin e A ngl o-S ax on S ceat Pen ny of O ffa Penny of Alfred P enny of P legrn un d Pen ny of Ca ni n e Pe n n y of Ed w ard the C on fes s or Penn y of William t he C on qu eror n e of w a I V A g l Ed rd . w a I R ose N obl e of Ed rd V . The Firs t Shi ll ing The Firs t Soverei gn n I I I Shillin g of H e ry V . f n I I I Groat o H e ry V . n f w V I Shilli g o Ed ard . — ow n f w a I H alf Cr o Ed rd V . Shilli n g of Philip an d M ary Crow n of Elizabeth n e of C a es I U it h rl . H alf-C row n of Crom w el l u n a of a es I I G i e C h rl . Rupee a of M a ueen of co s Ry l ry , Q S t I Gu n m on e am es I . J , y I ri s h H alfpen ny Ex ch equer Tally A SHO R T HI ST O R Y O F C O I N S A N D C U R R EN C Y PA R T I C H A P T E R I T HE OR I G I N O F M O NEY I N early times the exchange of com m odities was on carri ed by barter . H o m er , i n the seventh book I li ad n of the , m e tio ns that when ' F rom Lem n os s e a n um e ous fl ee h ad c om e I l r t , 2 THE ORI GI N O F MO N EY m uch time and haggling to decide the relative f values of the d i f erent articles . H ence it was gradually fo und that trade would be greatly facilitated b y fixing o n some obj ect o r objects which m ight be used as standards of value , and m ight be accepted , not for use , but to be again exchanged . I n co untries where there w ere no true co ins vario us other things have served as a standard of ’ ’ B a T value . I n the H uds on s y erritory beavers skins have long been used in this manner . I n ancient E urope cattle were the usual m edium of eei mi a exchange , whence the Latin wo rd p (money , ew s . from p , cattle) I n our own language the ” l” word cattle , or chatte , came to i nclude all Z -A property . I n the end vesta the payment of physicians is calculated i n the same way , but . co mparatively few realise that when we pay our D octor his fee we are do ing the same “ ” v i e/z thing , for our word fee is the old word , which i n German still retains the sense of cattle . * w h o H omer laughs at the folly of Glaucus , m exchanged his golden ar our , worth o ne hun D o dred oxen , fo r the bronze armour of i mede , ’ [Zi aa 0 wo rth o nly nine oxen . I n xxiii . 7 3 , Achilles offers as a prize to the conqueror in ’ [Zi aa vi 2 . 34 . tripod which the Greeks valued among them selves at twelve oxen ; and off ers to the lo ser a female slave valued at fo ur oxen . A E I n frica and the ast I ndies shells are , and ‘ We long have been , used for the same purpose . even fi nd i nd icati ons that shells o nce served M B C . as money in hina , for as i ot , in his C C interesting m em oir on hinese urrency , has w pointed out , the o rds deno ting purchase and sale , riches , goods , stores , property , prices , cheap , dear , and m any others referring to money and wealth, contai n the ideographic sign denoting “ d W the word shell .