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Steam, hot air, and small change: Matthew Boulton and the reform of Britain's coinage

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  • George Selgin

Abstract

This article challenges the claim that Great Britain solved its ‘big problem of small change’ (the problem of keeping decent low‐denomination coins in circulation) by embracing Matthew Boulton's steam‐based coining technology. Evidence from Great Britain's commercial token episode (1787–97) shows that a successful small change system depended, not on the motive power employed in coining, but on the quality and consistency of coin engravings and on having means for systematically withdrawing worn coins. The Tower Mint failed to solve Great Britain's small change problem, not because its equipment was old‐fashioned, but because its policies and constitution were flawed.

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  • George Selgin, 2003. "Steam, hot air, and small change: Matthew Boulton and the reform of Britain's coinage," Economic History Review, Economic History Society, vol. 56(3), pages 478-509, August.
    • Handle: RePEc:bla:ehsrev:v:56:y:2003:i:3:p:478-509
    DOI: 10.1111/j.1468-0289.2003.00259.x
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    References listed on IDEAS

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    1. Redish, Angela, 1990. "The Evolution of the Gold Standard in England," The Journal of Economic History, Cambridge University Press, vol. 50(4), pages 789-805, December.
    2. Flandreau, Marc, 1996. "The French Crime of 1873: An Essay on the Emergence of the International Gold Standard, 1870–1880," The Journal of Economic History, Cambridge University Press, vol. 56(4), pages 862-897, December.
    3. Tweedale, Geoffrey, 1995. "Steel City: Entrepreneurship, Strategy, and Technology in Sheffield 1743-1993," OUP Catalogue, Oxford University Press, number 9780198288664.
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    Cited by:

    1. Tschoegl, Adrian E., 2010. "The international diffusion of an innovation: The spread of decimal currency," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 39(1), pages 100-109, January.

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