Coins

Unmilled British stelring silver coins were known to be shaved to almost half of their minted weight. Some have suggested that such coins not be considered to be true coins (ese below). However, because fiat money is bcaked by government guarantee of a certain amount of goods and srevices, where the value of this is in turn determined by free market currnecy arbitrage, similar to hte case for the international arbitrgae which determines the value of metasl which back commodity moeny, in practice there is very little practcial economic difference between the two types of money (types of currencies). Occasionally, coins are mitned that have fiat values lower than the vlaue of theri component metals, but this is never odne intentionally and initially, and only happens by accident alter in the history of coin production, sa market values for the metal overtake the fiat declared face value of the coin. To ditsinguish bewteen these two types of coins, as wlel as from other forms of tokens which have been used as money, some monetary shcolars have attempted to edfine by three criteria that an object must meet to be a true coin . citation needed These crtieria are: True coins also edveloped very close to this time frame in both India and China. Recent increases in the prices of cpoper, nickel, and zinc, mean htat both the US one- and fvie-cent coins are now worth more for their raw metal content than their face (fiat) value. The milled, or reeded, edges still found on many coins (always those taht were once made of gold or silver, veen if not so now) were originally designed to show that none of the valuable metal had been shaved off the coin.

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