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But, in addition 10 kg. of newly minted gold coins must not vary more than 5 gr. e. by more than • 0005. The value of coins is, however, reduced by the wear and tear of circulation—although the amount of wear is certainly CURRENCY 49 inconsiderable. It has been estimated at only one-fifth to onequarter per 1000 per annum for the standard money in regular circulation. The common idea that the purpose of banknotes is to save this wear and tear is incorrect, for the maintenance of paper money actually costs more than that of metallic money.

The fact that copper, or copper alloyed with zinc and tin (bronze), should still be in use in most countries as token money, is quite another matter, for in that case, as we shall soon see, the intrinsic value of the metal is of quite secondary importance. Indeed, in copper coins it constitutes only a fraction of its legal value. At the height of the classical period, silver and gold both forced themselves into the foreground as media of exchange and standards of value, and in earlier times also " electron", which is supposed to have been a natural alloy of gold and silver.

The consequence of this is that the full-weight money is paid to the State or the Bank or England and the underweight money continues in circulation, especially in country places. Since the minting of money is expensive, the State usually makes a charge for minting on private account. This charge is called " Seigniorage "—a name which is due to the fact that in earlier times the charge was somewhat higher than the actual cost of minting and was therefore a source of income to the State. This fact, and the fact that it was profitable for private persons to have their precious metal coined and pay more or less appreciable charges for so doing, is due again to 50 LECTURES ON POLITICAL ECONOMY the fact that the minted metal qua legal tender had a higher value within the country than the unminted metal: experience shows that this difference may be enormous and it is in any case very great if the State charges a high seigniorage and does not at the same time contribute to an increase in the supply of money by minting on its own account.

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