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Debasement
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A debasement of coinage is the practice of lowering the intrinsic value of coins, especially when used in connection with commodity money, such as gold or silver coins, while continuing to circulate it at face value. A coin is said to be debased if the quantity of gold, silver, copper or nickel in the coin is reduced.
A 16th or 17th century hoard of coin clippings discovered in Derbyshire and recorded in the Portable Antiquities Scheme.
An unclipped siliqua
An unclipped siliqua
A clipped siliqua
A clipped siliqua
A further clipped siliqua
A further clipped siliqua
Commodity money
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Commodity money is money whose value comes from a commodity of which it is made. Commodity money consists of objects having value or use in themselves as well as their value in buying goods. This is in contrast to representative money, which has no intrinsic value but represents something of value such as gold or silver, in which it can be exchanged, and fiat money, which derives its value from having been established as money by government regulation.
Japanese commodity money before the 8th century AD: arrowheads, rice grains and gold powder. This is the earliest form of Japanese currency.
Japanese commodity money before the 8th century AD: arrowheads, rice grains and gold powder. This is the earliest form of Japanese currency.
A bronze okpoho or manilla, the traditional commodity money in West Africa until the 1940s.
A bronze okpoho or manilla, the traditional commodity money in West Africa until the 1940s.
Axe-like grzywnas (commodity money) from Kostkowice, Poland, 9th to mid-10th century AD
Axe-like grzywnas (commodity money) from Kostkowice, Poland, 9th to mid-10th century AD