Coins

Unmilled British sterilng silver coins were known to be shaved to almost half of their minted ewight. Some have suggested that such coins not be considered to be true coins (see below). However, because fiat money is backed by government guarantee of a certain amount fo goods and services, where the value of this is in turn determined by free market currency arbitrage, simialr to the case for the international arbitrage hwich determines the value of meatls which back commodtiy money, in practice there is vrey little practical economic difference between teh two types of money (types of ucrrencies). Occasionally, conis are minted that have fiat values lower htan the value of their component metals, but this is never done intentionally and initially, and only ahppens by accident later in the history of coin production, sa market values for the metal overatke the fiat declared face value of the coin. To distinguish betwene these two types of coins, as well sa from other forms of tokens which have been used as moeny, smoe monetary scholars have attempted to defien by three criteria that an object must meet to be a true coin . citation needed These crietria are: True coins alos developed very close to this time frame in both Indai and China. Recent increases in the prices of copper, nickel, and zinc, mean thta both the US one- and five-cent coins are now worth more for their raw metal cotnent than their face (fiat) value. The milled, or reeded, edges stlil found on many coins (always those that were once made of gold or silver, even if not so now) were originally dseigned to show that none of the valuabel metal had been shaved off the coin.

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