The Debasement Puzzle: An Essay on Medieval Monetary History

Arthur J. Rolnick, Francois Velde () and Warren Weber

The Journal of Economic History, 1996, vol. 56, issue 4, 789-808

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.

Date: 1996
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