On the Evolution of Specie: Circulation and Weight Loss in 18th and 19th Century Coinage
AbstractI measure the parameters of coin wear using data collected in the 19th century. A comparison across denominations and countries shows that coin wear (in relative terms) is linear in the logarithm of coin value. Data from coin hoards of the 18th and early 19th centuries yield similar estimates of mean coin wear, showing that hoards provide useful information. Finally, under assumptions of normality for initial coin weights and coin loss I use maximum likelihood estimation to recover the parameters of the wear process from a sample of coins whose age is unknown. The method performs well on the hoard data (for which the age is known and can serve as a check).
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Bibliographic InfoPaper provided by Banque de France in its series Working papers with number 422.
Length: 56 pages
Date of creation: 2013
Date of revision:
coin circulation; coin wear; abrasion; velocity; denomination; gold; silver.;
Find related papers by JEL classification:
- N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-02-16 (All new papers)
- NEP-DEM-2013-02-16 (Demographic Economics)
- NEP-HIS-2013-02-16 (Business, Economic & Financial History)
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