Nicholas Barbon, A Discourse of Trade [1690]

http://oll.libertyfund.org/titles/ba...ourse-of-trade

Of Mony, Credit and Interest.?

MOny is a Value made by a Law; And the Difference of its Value is known by the Stamp, and Size of the Piece. |21|*

One Use of MONY is, It is the Measure of Value, By which the Value of all other things are reckoned; as when the Value of any thing is expressed, its said, It's worth so many shillings, or so many Pounds: Another Use of Mony is; It is a Change or Pawn for the Value of all other Things: For this Reason, the Value of Mony must be made certain by Law, or else it could not be made a certain Measure, nor an Exchange for the Value of all things.

It is not absolutely necessary, Mony should be made of Gold or Silver; for having its sole Value from the Law, it is not Material upon what Metal the Stamp be set. Mony hath the [17] same Value, and performs the same Uses, if it be made of Brass, Copper, Tin, or any thing else. The Brass Mony of Spain, the Copper Mony of Sweeden, and Tin |22| Farthings of England, have the same Value in Exchange, according to the Rate they are set at and perform the same Uses, to Cast up the Value of things, as the Gold and Silver Mony does; Six Pence in Farthings will buy the same thing as Six Pence in Silver; and the Value of a thing is well understood by saying, It is worth Eight Farthings, as that it is worth Two Pence: Gold and Silver, as well as Brass, Copper and Tin Mony, change their Value in those Countries, where the Law has no Force, and yield no more than the Price of the Metal that bears the STAMP: Therefore, all Foreign Coins go by Weight, and are of no certain Value, but rise and fall with the Price of the Metal.