Re:Why Henry III's gold penny failed
by JoeAltmaier on Monday January 31, 2022 @04:46PM
(#30154932)
Coins are a sort of niche in that space. They were supposed to have intrinsic value, so arbitrage and the market would kick in as described.
Today our coins are all base metal, worthless except for the face value. Essentially the same as paper money, but smaller and more durable. And we have a different sensibility about them: we don't even consider melting them down (well, not usually) since they are a symbol, not intrinsically valuable.
Today our coins are all base metal, worthless except for the face value. Essentially the same as paper money, but smaller and more durable. And we have a different sensibility about them: we don't even consider melting them down (well, not usually) since they are a symbol, not intrinsically valuable.