When gold was embraced the world over as the market’s money, an - TopicsExpress

When gold was embraced the world over as the market’s money, an ounce of gold was an ounce of gold. A private (or State) mint could take an ounce of the yellow metal and stamp it into a coin of a certain shape and with certain markings. But the function of such minting was merely to reassure the public that the object really was an ounce of gold. The stamping process per se did not turn it into money.

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