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The Debasement Puzzle: An Essay on Medieval Monetary History

Author

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  • Rolnick, Arthur J.
  • Velde, François R.
  • Weber, Warren E.

Abstract

We establish several facts about medieval monetary debasements: they were followed by unusually large minting volumes and by increased seigniorage; old and new coins circulated concurrently; and, at least some of the time, coins were valued by weight. These facts constitute a puzzle because debasements provide no additional inducements to bring coins to the mint. On theoretical and empirical grounds, we reject explanations based on by-tale circulation, nominal contracts, and sluggish price adjustment. We conclude that debasements pose a challenge to monetary economics.

Suggested Citation

  • Rolnick, Arthur J. & Velde, François R. & Weber, Warren E., 1996. "The Debasement Puzzle: An Essay on Medieval Monetary History," The Journal of Economic History, Cambridge University Press, vol. 56(4), pages 789-808, December.
    • Handle: RePEc:cup:jechis:v:56:y:1996:i:04:p:789-808_01
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