Nicolaus Oresme (1325–1382): The Quality Theory of Money

Jan Greitens ()
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Jan Greitens: Johann Wolfgang Goethe-Universität

Chapter Chapter 5 in Currency and Credit Money, 2026, pp 57-66 from Springer

Abstract: Abstract This chapter analyzes Nicolaus Oresme’s Quality Theory of Money within the context of medieval coin debasement and fiscal pressures. Oresme defines money as a commodity whose value depends on its precious metal content and emphasizes its role as a stable store of value. He argues that coinage belongs to the community, not the ruler, and condemns debasement as unjust and economically harmful. This chapter highlights Oresme’s analysis of distributional effects, trade disruptions, and early insights resembling Gresham’s Law. It concludes that Oresme establishes an early metallist framework focused on monetary stability while neglecting credit instruments.

Date: 2026
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DOI: 10.1007/978-3-032-24113-9_5

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