Jevons. in Money and the Mechanism of Exchanges. says: Though the public generally do not dis.riminate between coins and coins. provided there is an apparent similarity. a small class of money changers. bullion dealers. bankers. or goldsmiths make it their business to be acquainted with such differences. and know how to derive a profit from them. These are the people who frequently uncoin money. either by melting it or by exporting it to countries where it is sooner or later melted. Some coins are sunk in the sea and lost. and some are carried abroad by emigrants and travelers who do not look closely to the metallic value of the money. But by far the greatest part of the standard coinage is removed from circulation by people who know that they shall gain by choosing for this purpose the new heavy coins most recently issued from the mint. Hence arises the practice extensively carried on in the present day in England. of picking and culling. or. as another technical expression is. garbling the coinage. devoting the good coins to the meltingpot and passing the old worn coins Into circulation on every suitable opportunity.
Keywords matched
emigrants