Nicolaus Copernicus (1473–1543): The Dignity of the Coin

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

Chapter Chapter 7 in Currency and Credit Money, 2026, pp 75-87 from Springer

Abstract: Abstract This chapter examines Copernicus’s monetary theory, focusing on his distinction between intrinsic and extrinsic value. He analyzes currency debasement as a major threat to economic stability and introduces an early formulation of Gresham’s law. Copernicus combines metallist and proto-nominalist elements by acknowledging both metal content and quantity effects on prices. He develops a framework in which over-minting reduces purchasing power, linking monetary expansion to price changes. This chapter highlights his contribution to early quantity theory and monetary policy reform, emphasizing the need for stable coinage and centralized control of minting. Copernicus thus bridges medieval and early modern monetary thought.

Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:spr:spshcp:978-3-032-24113-9_7

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DOI: 10.1007/978-3-032-24113-9_7

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